On January 14, the price of the leading cryptocurrency surpassed $96,000, marking its highest level since November. After a week of sideways movement, the coin joined the rally of risk assets and precious metals.
As of this writing, the digital asset is trading at $95,024 (+3.4% in 24 hours).
In a comment to ForkLog, Max Gnatyshin, head of operations at Toobit in the CIS, noted that January began for Bitcoin and Ethereum with "bullish volatility." The primary driver has been demand for spot ETFs.
According to him, Bitcoin is more closely tied to macroeconomic conditions and flows into exchange-traded funds, while Ethereum's dynamics depend more on internal factors: technical upgrades and activity in the DeFi and L2 sectors.
Gnatyshin advised keeping an eye on U.S. monetary policy and regulatory changes, as these factors determine the influx of institutional capital.
"Whether Ethereum can surpass Bitcoin in 2026 depends on the adoption of layer-two solutions, staking dynamics, and the mechanics of fee burning," the expert added.
Analysts at QCP Capital noted that Bitcoin had long lagged behind gold and the stock market. The situation changed with the breakout above $95,000, a barrier that had held back price growth since November.
Experts believe the current price already accounts for major macroeconomic risks, from events in Venezuela and Iran to tariff policies in the U.S. QCP suggested a capital influx into digital assets amid the depreciation of fiat currencies.
"In the absence of new unknown factors, any dips should be seen as buying opportunities," the company stated.
Charles Edwards, founder of Capriole Investments, pointed out an important technical signal: a daily close above the opening price of 2025 ($93,500). This was the first occurrence since January 6.
Strong Bitcoin move! Bitcoin just had its first promising technical move in a while. Closed the daily above $93.5K. Opens up good odds of a trend to $108K from here. Also need to see this weekly close above $93.5K to confirm the downside fakeout (bullish). Now would be a great time… pic.twitter.com/l6XIkjaZue
— Charles Edwards (@caprioleio) January 14, 2026
"This opens up good chances for a move towards $108,000. To confirm the bullish reversal, a weekly close above $93,500 is necessary," Edwards wrote.
A trader known as Jelle also noted the breakout from a descending triangle that had formed since mid-November.
Major $BTC ascending triangle breakout 📈👇 pic.twitter.com/KBIDXJnCie
— Jelle (@CryptoJelleNL) January 14, 2026
However, some experts remain cautious. A trader under the pseudonym Roman described the current dynamics as "textbook bearish" due to rising prices on declining volumes.
$BTC 1W
— Roman (@Roman_Trading) January 13, 2026
This is textbook bearish price action: volume going up — price going down followed by volume going down — price going up/sideways.
Maybe we retest the $100k area but this is nothing to get excited about.
Next time large volume comes in, it’ll likely be a move lower. pic.twitter.com/HGADBWsmW5
He anticipates a drop to $76,000, although he allows for a retest of the $100,000 zone.
Another analyst known as CrypNeuvo warned of strong resistance at the 50-week exponential moving average around $97,650.
$BTC update:
— CrypNuevo 🔨 (@CrypNuevo) January 13, 2026
We've been able to successfully project the exact Price Action for the last 7 days.
Now, I call for caution. This could be a liquidity run towards the 1W50EMA where price could be rejected from.
Breaking above $100k (4% higher) is my invalidation to this idea. pic.twitter.com/kZupjrjAKS
He considers the current rise a "liquidity grab" before a pullback. The negative scenario will only be invalidated by a firm close above $100,000.
Short Sellers' Losses
The price increase triggered a wave of liquidations in the derivatives market. Over the past day, traders lost $588.93 million due to forced closures of short positions, with $292.59 million attributed to Bitcoin.
Source: CoinGlass.
Vincent Liu, investment director at Kronos Research, characterized the situation as a "sharp short squeeze." Optimism was also supported by institutional players: on January 13, the inflow of funds into U.S. spot Bitcoin ETFs reached $753.73 million, marking a record since early October.
Justin d’Anethan, head of research at Arctic Digital, linked the dynamics to a capital shift towards "hard assets." Amid slowing inflation and legal pressure on the Federal Reserve from the U.S. Treasury, investors are seeking alternatives to the dollar.
The technical picture has also improved. Tony Sycamore, an analyst at IG Australia, believes that a firm hold above $95,000 opens the path to $100,000, with the next target being the 200-day moving average at $106,115.
According to Joshua Lima, co-head of FalconX, the macro environment remains favorable for digital assets.
Increase in Bitcoin Reserves
Over the past six months, the amount of the first cryptocurrency on the balances of public and private companies has risen from 854,000 BTC to 1.11 million BTC, according to analysts at Glassnode.
Over the past 6 months, Bitcoin treasuries held by public and private companies have grown from ~854K BTC to ~1.11M BTC.
— glassnode (@glassnode) January 13, 2026
That’s an increase of ~260K BTC, or roughly ~43K BTC per month, highlighting the steady expansion of corporate balance-sheet exposure to Bitcoin.… https://t.co/hHXjcSDDj4 pic.twitter.com/oluVGO2bGD
The total increase amounted to about 260,000 BTC, with an average monthly purchase volume of 43,000 BTC, indicating stable business interest in the digital asset industry.
Experts also commented on the price consolidation in the $80,000-$95,000 range. According to the Short-Term Holder Cost Basis Distribution metric, a high concentration of positions has formed in this zone.
Attempts to rise are being blocked by sales from those who entered the market recently. This keeps prices stable despite renewed demand above $80,000.
It is worth noting that for the first time since mid-2022, the 52-week correlation between Bitcoin and gold has dropped to zero.