Bitcoin hits three-week high amid market rally
Bitcoin (BTC-USD) climbed to a three-week high on Monday, breaking through a key technical level as digital assets began to mirror gains seen in stocks and precious metals.
The largest cryptocurrency rose as much as 2.3% and was trading just below $93,000 as of 6:34 a.m. in New York, News.Az reports, citing Bloomberg.
Ether also edged higher during the session.
Bitcoin’s rally coincided with broader market gains, including gold, silver, and equities, following the ouster of Venezuelan President Nicolás Maduro.
Bitcoin surpassed its 50-day moving average for the first time since a crypto market crash started in early October, one of several indicators suggesting prices are on firmer footing. The token is up about 6% so far this year.
Political uncertainty fanned by Maduro’s capture by US forces late last week has failed to dent investor appetite for riskier assets like technology stocks, while driving fresh gains in gold and silver. US stock futures pushed higher on Monday, led by tech stocks.
Bitcoin has in the past been touted as a haven in times of turmoil, while at other times it has moved more in line with stocks and other risk assets. The token tumbled 24% in the fourth quarter, a sharp break with gold and silver prices.
Its recent gains are being driven by so-called crypto-native firms, those specifically focused on digital assets, and an absence of selling by groups including Bitcoin miners, wealthy family offices and other big investment funds, said Sean McNulty, APAC derivatives trading lead at FalconX.
Bitcoin has been stuck in a tight trading range for weeks, missing out on a stock rally over the Christmas holidays and ending 2025 down 6.5%. It underperformed last year despite a raft of industry-friendly policies in the US pushed through by President Donald Trump.
On Jan. 2, investors poured a combined $471 million into the 12 US-listed Bitcoin exchange-traded funds, the most since Nov. 11, adding to signs of a shift in mood.
Derivatives positioning is also heating up. Bitcoin’s perpetual futures funding rate, which measures the cost of borrowing to fund bullish bets, is at the highest level since Oct. 18, according to data from CryptoQuant.
“This is a market stabilizing, not accelerating,” said Timothy Misir, head of research at crypto firm BRN. “The coming weeks will determine whether fresh capital can translate into durable momentum or whether time remains the dominant force shaping price.”
Traders are now waiting to see whether Bitcoin can make a sustained break through the $94,000 mark, with $88,000 the key downside level to watch, according to McNulty.
Similar news
