$94K Bitcoin : Strong Breakout Or False Hope ?

Bitcoin reaches 94,000 dollars, driven by the momentum of financial markets. The movement, clear and rapid, suggests a renewed confidence. However, fundamentals struggle to keep up. Volumes collapse, liquidity remains low. This rise intrigues as much as it reassures.

Bitcoin resumes its assault : a push fueled by global markets

While bitcoin becomes more stable than most tech stocks, it reached this Monday, January 5, 2026, a new annual high of $94,026 on Bitstamp, according to TradingView data.

This is its highest level since December 11, 2025. This performance fits into a broader recovery movement of financial assets, against the backdrop of a US military operation in Venezuela. Such a geopolitical context seems to favor both risk assets and safe havens. Here are the key points :

• The reaction of global markets : the S&P 500 and Nasdaq each posted a 1 % gain, while the price of gold climbed over 2.5 %, crossing $4,455 an ounce ;

• A coordinated rally of assets : “asset holders continue to profit”, comments The Kobeissi Letter on X, highlighting the bullish correlation effect between traditional markets and cryptos ;

• Key technical thresholds crossed : BTC surpassed its 50-day exponential moving average. It also broke above the opening level for 2025, at $93,500.

“Retesting the 2025 annual opening level is significant. A breakout and hold above 94K could open the way to 100K“, said Max Rager on X.

“I do not expect an immediate breakout, but I think it will happen within the week. The year has started bullishly“, observes analyst and entrepreneur Michaël van de Poppe.

According to trader Exitpump, the rally was initiated by the removal of large sell orders from the order book, triggering buying pressure fueled by aggressive purchases : “The continuation will now depend on buyers in the spot market“, he specifies.

Despite this favorable context, some analysts urge caution, emphasizing the fragile nature of a rally largely based on technical signs and short-term geopolitical reactions. The real market depth remains to be confirmed.

A dynamic built on a fragile foundation

Despite this spectacular recovery, several voices highlight the worrying weakness of trading volumes, in total contradiction with the apparent strength of the market.

Spot trading volumes in the crypto market have reached their lowest level since late 2023. A serious warning for market observers who remind that technical rallies not supported by real volumes often accompany sharp reversals. “This type of low-volume pump, typical of post-holiday periods, has often been fully retraced in the past”, warns trader Roman on X.

The lack of liquidity also seems detectable in on-chain data. Market veteran Willy Woo notes a slight rebound in short-term liquidity but points out a structurally bearish trend. While bitcoin currently shows signs of vitality, this situation could mask a lack of true long-term investor commitment, leaving room for movements dominated by algorithms or opportunistic short-term trading.

The bitcoin price continues to climb, but the fragility of volumes fuels caution. Without structural support, the movement remains exposed to sharp reversals.