Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are currently in the green, having recorded excellent gains over the weekend. The leading cryptocurrencies could rally higher in the near term as the bulls take full control of the market.
Financial markets react to the US operations in Venezuela
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The cryptocurrency market has started the new year on a bullish note, with Bitcoin adding over 3% to its value in the last seven days.
The positive performance has seen Bitcoin hit the $93k level a few hours ago and could rally higher in the near term.
The rally comes as the cryptocurrency market reacts to the United States’ operation in Venezuela. While speaking to The Block. Min Jung, research associate of Presto Research, stated that BTC’s performance aligns with the rally recorded by the broader financial markets.
The analyst added that,
“The first week of the new year often sees fresh positioning from investors, and bitcoin is likely being viewed as an attractive entry point at current levels. Traders are also closely monitoring geopolitical developments, which remain a key source of potential volatility across global markets.”
The United States carried out an operation in Venezuela over the weekend, capturing President Nicolás Maduro and his wife. Maduro and his wife were flown to the United States and will appear in federal court at noon later today.
In a press conference on Saturday, President Trump stated that the US would run Venezuela temporarily during the transition, and “get the oil flowing.” He added that the US is now in charge of Venezuela.
Secretary of State Marco Rubio pointed out on Sunday that the US doesn’t plan to directly govern Venezuela.
However, it will continue to enforce an “oil quarantine” as part of a plan to influence policy.
Bitcoin eyes the $95k resistance level
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The BTC/USD 4-hour chart is bullish but inefficient as the cryptocurrency has rallied over the past few days.
BTC’s price closed above the upper consolidation range of $90,000 on Saturday and has surged to tap the $93k level late on Sunday.
This is Bitcoin’s highest level since December 12 and has surged almost 6% in 2026.
At press time, BTC is trading around $92,900 per coin. If the bullish trend continues, BTC could extend the rally toward the next resistance at $94,253, with a liquidity level at $95k also a target.
The Relative Strength Index (RSI) on the 4-hour chart reads 74, above the neutral level of 50, indicating bullish momentum is gaining traction.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover above the neutral level, further supporting the bullish outlook.
However, if the bulls fail to overcome the $94k resistance level, Bitcoin could face a correction and decline toward the key support level at $90,000.