The Bitcoin kicks off the year strongly, briefly surpassing $93,000 and showing a +4% increase for the week, driven by a clear resurgence in risk appetite across the crypto markets.
A Year Start in a Risk-On Climate
Bitcoin briefly crossed the $93,000 threshold on Monday, extending the early-year rally across the crypto market. This surge was accompanied by over $260 million in liquidations in the derivative markets, confirming a strong return of risk appetite after a chaotic end to 2025.
BTC has risen by about 1% in the last 24 hours and nearly 4% for the week, settling around $92,500 after briefly touching $93,000. This increase is part of a classic early-year repositioning flow but also in a macro environment more favorable to risky assets.
ETH was trading around $3,160, also on the rise, while XRP gained about 3% to surpass $2.10. SOL remains above $135, and BNB is getting close to $900. Despite a slight decrease in the session, DOGE remains the best weekly performer among major capitalizations, with a nearly 18% increase over seven days.
Derivatives Amplifying the Movement
The momentum was vastly amplified by positioning in leveraged markets. In the last 24 hours, liquidations exceeded $260 million, with around $200 million in shorts, i.e., selling positions. In just the last four hours, over $121 million in shorts were liquidated, compared to less than $9 million in long positions.
This imbalance shows how bearish bets heavily weighed on the market. Late sellers were forced to buy back urgently, mechanically fueling the rise: the short squeeze. Long liquidations remained limited: the rebound has not yet sparked excessive euphoria.
A Synchronized Rally with Other Markets
The bitcoin uptrend did not occur in isolation. Asian stock markets have set new records, driven by technology stocks and the continued momentum related to artificial intelligence. Commodity prices have also shown a marked uptrend.
Gold has rebounded strongly above $4,400 per ounce, while silver has risen even more sharply. Oil has stabilized its initial losses after major geopolitical developments in Latin America, contributing to reintroducing political risk into prices.
A Geopolitical and Valuation-Friendly Context
The early-year rally could reflect a combination of factors. On one side, position adjustments after year-end sales. On the other, a logic of relative value. Cryptocurrencies remain significantly below their historical peaks, while many traditional asset classes are already at record levels.
This asymmetry makes the crypto market attractive for catch-up strategies. As long as flows remain oriented towards risk-on and shorts continue to be under pressure, Bitcoin could maintain a short-term bullish bias.
However, caution is advised. The movement has been rapid and largely fueled by derivatives. The market’s ability to consolidate above $90,000 without a new wave of liquidations will be crucial to determine whether this rally marks the beginning of a more sustainable trend or simply an early-year excess.
