Bitcoin reached its highest levels in nearly a month during the most recent trading sessions, marking a sig…

Lede

Bitcoin reached its highest levels in nearly a month during the most recent trading sessions, marking a significant recovery in the digital asset market. On Monday, at the start of the Wall Street trading session, Bitcoin hit new 2026 highs, continuing a period of momentum that has seen the asset build on its highest price points since December 11. This recent surge allowed the cryptocurrency to successfully pass several critical technical hurdles that have defined its trading range over the past few weeks. Specifically, Bitcoin moved beyond the 50-day exponential moving average (EMA), a technical level often monitored by traders to identify mid-term trend shifts. In addition to this moving average, the price surpassed the $91,600 mark and successfully reclaimed the 2025 yearly open, which is situated at $93,500.

The crossing of the yearly open is a particularly notable event for market participants, as it often sets the tone for the asset’s performance throughout the calendar year. These price movements occurred rapidly as the market opened for the week, reflecting a renewed interest in risk assets during the early January period. The ability to sustain these levels above the $93,500 threshold is currently a primary focus for those tracking the asset’s trajectory. While the price has shown considerable strength, the move to new year-to-date peaks represents a culmination of recent gains that have pushed the asset back into a range it has not occupied for several weeks. Market data confirmed that these peaks were reached amid concerns regarding the current state of liquidity in the order books.

Context

The upward movement in Bitcoin’s price occurred within a broader environment of gains across various asset classes during the Monday Wall Street open. Traditional markets showed significant strength, with the S&P 500 index increasing by 1% at the time of writing. This positive sentiment was also reflected in the Nasdaq Composite Index, which mirrored the gains seen in the broader equities market. Beyond stocks, precious metals also experienced a substantial rally during the same period. Spot gold added more than 2.5% to its value, reaching new highs of $4,455 per ounce. This synchronized increase in the value of stocks, gold, and Bitcoin suggests a widespread appetite for asset ownership at the start of the week.

Market analysts have observed that asset owners across these different sectors have seen early-year gains as the market reacts to global catalysts. The performance of spot gold, in particular, highlights a significant move into assets that hit multi-year or all-time highs. This macro backdrop provided a supportive foundation for Bitcoin’s move to its new 2026 highs on Monday. The correlation between the 1% rise in the S&P 500 and the multi-percentage gain in gold prices creates a complex market landscape where both traditional and alternative assets are finding favor among investors simultaneously. These developments indicate that the price action in the cryptocurrency sector is not occurring in isolation but is part of a larger trend affecting risk assets and commodities alike.

Impact

The impact of Bitcoin passing the $93,500 yearly open and the 50-day exponential moving average has been a central topic for technical analysts. Michaël van de Poppe, a prominent crypto trader, analyst, and entrepreneur, described the current price level as the final hurdle before Bitcoin can make a move toward the $100,000 milestone. While he noted that a clear-cut and immediate breakout might not be the most likely scenario, he expressed an expectation that such a breakout would occur within the coming week, noting that the year has started on a bullish footing. Another market participant, the trader Max Rager, also commented on the strength shown by Bitcoin as it retested the 2025 yearly open.

Rager identified this as a major level for the price over the past year and indicated that a break and hold above the $94,000 mark could provide the momentum necessary for a push back over $100,000. The consensus among these traders suggests that the current technical setup is pivotal for the asset’s near-term future. The successful breach of the $91,600 level and the subsequent move toward the yearly open have shifted the focus toward whether these new highs can be maintained in the face of thin order books. The interplay between spot buyers and the existing sell orders in the market will likely determine if the bullish momentum can be sustained as the trading week progresses through January.

Outlook

Looking forward, the market faces potential challenges related to liquidity and trading activity despite the recent price strength. The onchain analytics platform Glassnode has reported a significant decline in activity, noting that crypto spot trading volumes have reached their lowest levels since late 2023. Glassnode warned that this weakening demand stands in sharp contrast to the recent upside moves, highlighting that the current price strength is supported by increasingly thin liquidity conditions. This environment of low trading volume is a cause for concern among some market veterans who monitor onchain metrics. They point out that price pumps occurring during periods of low liquidity—such as those following holiday breaks—can sometimes lead to total retracements if the momentum is not sustained.

There are concerns that the current market might resemble a ghost town in terms of transactions and fees, with some analysts noting that mempool size remains low. If the recent price surge is not met with an increase in spot buying and overall market engagement, the sustainability of the move above the 2025 yearly open may be at risk. The contrast between record price highs in 2026 and two-year lows in trading volume creates a divergence that will be closely monitored by participants. Whether the market can attract the necessary liquidity to support a push beyond $94,000 and toward the $100,000 level remains the primary question for the remainder of the month. Market observers will likely be watching to see if the recent lack of engagement shifts toward more robust activity as January progresses.