Bitcoin's price experienced a dip during the U.S. opening on January 15, 2026, leading traders to closely monitor the $94,000 level as a critical support. This development follows a period of Bitcoin showing strength, even climbing above $92,000 amidst earlier volatility in 2026.
The cryptocurrency had briefly tested the $94,000 mark before retracing, causing market participants to question whether this pullback is a temporary correction or the beginning of a more significant decline. Bitcoin's ability to maintain above $94,000 is seen as crucial in determining if the move can extend into a broader breakout. Trader Max Rager noted on X that Bitcoin was retesting the 2025 yearly open and a major level for Bitcoin's price over the past year. Rager expressed a desire to see a break and hold above $94,000, which could then lead to a push back over $100,000.
Other analysts have echoed the sentiment that continued upward movement hinges on participation in the spot market. Market participants have said that the coming days remain critical, especially around U.S. geopolitical developments, which could significantly influence trader sentiment. The best-case scenario involves Bitcoin holding the $93,000 - $94,000 range and gradually testing the $95,000 resistance zone.
On January 6, 2026, Bitcoin climbed to its highest levels in nearly a month, surpassing $94,000 as global risk assets and precious metals increased following geopolitical developments tied to the U.S. operation in Venezuela. This advance occurred despite concerns about thin market liquidity, with on-chain data indicating crypto trading volumes were at their lowest levels since late 2023, creating diverging near-term outlooks among traders.
A trader named Eugene has decided to secure profits on most of his positions, retaining only his core long position in Bitcoin, due to increased uncertainty in Bitcoin's movement before reaching $100,000 within the current price range. Eugene had initially set a target price of $94,000 and stated that he would reassess and increase his involvement if the price effectively surpasses $100,000.
Riya Sehgal, Research Analyst at Delta Exchange, stated that traders attributed the rally to early-year repositioning and optimism following U.S. military operations in Venezuela, which analysts believe could eventually lower global energy costs and support Bitcoin mining economics. The market's tone remains constructive, with institutional activity, regulatory progress, and a broader risk-on environment potentially positioning crypto assets for continued gains through mid-January.
Bitcoin faces stiff resistance at $94,000, reinforced by moving averages and past rally caps. A sustained hold above $90,500 with rising open interest improves odds, but $23.7 billion options expiry introduces volatility.
