Bitcoin (BTC) prices surged at the beginning of 2026, supported by improving market optimism and strong inflows into spot exchange-traded funds (ETFs).

Despite escalating geopolitical tensions following a U.S. strike on Venezuela, Bitcoin has continued its upward trajectory.

According to BeInCrypto, the cryptocurrency market has remained resilient, suggesting that investors are prioritizing liquidity trends and institutional demand over short-term macroeconomic uncertainty.

Over the past 24 hours, whale behavior has shifted noticeably. Wallets holding between 10,000 and 100,000 BTC sold approximately 50,000 BTC between December 29 and January 3.

This distribution phase reflected a cautious stance among large holders as Bitcoin consolidated below a key resistance zone.

However, in the last day, those same whale wallets returned to accumulation. They purchased around 10,000 BTC—worth roughly US$912 million—after Bitcoin broke above the US$90,000 level.

This renewed accumulation signals growing confidence among major holders and could help absorb short-term selling pressure.

From a technical perspective, Bitcoin broke out of a descending wedge pattern that had persisted for six weeks within a 24-hour period, trading close to US$92,000 at the time of writing. This technical breakout suggests that bullish momentum is beginning to strengthen.

For the breakout to remain valid, Bitcoin must hold US$92,031 as a support level, which would pave the way for a potential move toward US$95,000.

Further bullish confirmation requires reclaiming key exponential moving averages. The 50-day EMA around US$91,554 and the 365-day EMA near US$97,403 currently act as resistance levels.

If these levels are successfully flipped into support, the likelihood of a trend reversal would increase significantly, improving the chances of Bitcoin reclaiming the US$100,000 mark.

In the near term, risks remain tied to macroeconomic reactions. Global markets are still assessing the implications of U.S. actions in Venezuela.

Should a negative risk-off response emerge, Bitcoin prices could come under pressure, potentially falling back toward US$90,000 or lower, thereby invalidating the near-term bullish outlook.