Bitcoin briefly rises above $94,000 for the first time in four months

Bitcoin price stood just above $93,950 on January 6 (9:45 a.m. IST), representing a gain of 1.33 percent in a day and 7.73 percent in a week. The world’s largest cryptocurrency dipped to the lowest of $93,548 and peaked at $94,757 during the morning session.

“Bitcoin remains on an upward trajectory, trading near $93,800 after testing resistance around $94,700. Institutional participation continues to support the move, with firms like Strategy adding over $116 million worth of BTC. While market setup remains bullish, upcoming macro data like the JOLTS survey and employment report will be key in shaping near-term momentum,” said Akshat Siddhant, Lead Quant Analyst, Mudrex.

The volatility has been observed across other cryptocurrency tokens as well, with ETH up 1.82 percent, ADA up 5.85 percent, SOL up 1.33 percent, XRP up 11.16 percent, and Tether is up 0.05 percent in the past 24 hours.

“Bitcoin holds above $93,600, while Ethereum remains stuck above $3,200. XRP price surged above $2.4, while Solana struggles to reach $140. SUI leads the top gainers with a rise of over 13.71%, followed by Lighter by 12.89% and XRP by 11.54%. IOTA & BTT prices have also surged over 10%. MYX Finance declined 16.67%, followed by Story and Midnight, which each dropped by over 4%, and Canton, which decreased by close to 4%,” said CoinDCX Research Team.

Check out the cryptocurrency prices on January 6, as of 9:15 a.m (IST).

Why is Bitcoin up? 

According to Riya Sehgal, Research Analyst, Delta Exchange, bitcoin climbed above $94,000 for the first time in nearly a month. The total market capitalization rose 1.4% to $3.29 trillion, supported by strong performance across large caps. Traders attributed the rally to early-year repositioning and optimism following US military operations in Venezuela, which analysts say could eventually lower global energy costs and support Bitcoin mining economics.

“Bitcoin’s breakout above its 200-day EMA signals short-term bullish momentum, with resistance seen near $94,500 and support around $91,800. Overall, the market’s tone remains constructive, with institutional activity, regulatory progress, and a broader risk-on environment positioning crypto assets for potential continuation gains through mid-January,” said Sehgal.

What’s happening in the crypto market?

Nischal Shetty, Founder of WazirX, said,  “Over the last 24 hours, macro developments have reinforced crypto’s positioning as a liquidity-sensitive risk asset and strengthened its long-term monetary narrative.

Here’s a rundown on what’s happening in the crypto market, according to Shetty:

• Rising concerns around AI-driven inflation linked to energy-intensive data centres and capital concentration suggest inflation may remain structurally sticky. This raises the risk that central banks delay or recalibrate expected rate cuts, tightening global liquidity.
• For crypto, this increases short-term volatility, as prices remain highly responsive to monetary expectations, while simultaneously reinforcing Bitcoin’s fixed supply thesis in contrast to reactive monetary systems.
• At the same time, global growth projections remain resilient, indicating that the relevance of crypto does not depend on an economic collapse. Instead, crypto benefits in environments where growth persists but confidence in long-term monetary management weakens.
• The resilience of the equity market in Asia, particularly in Japan, highlights the ongoing risk appetite and regional liquidity strength. This matters because crypto continues to track equity sentiment in the short run, with capital flows moving in tandem across risk assets.
• Meanwhile, discussions around capital market reforms and shifting geopolitical structures underscore persistent fragility in traditional financial and political systems.
• Crypto networks, by design, remain borderless and neutral, offering settlement and value transfer independent of institutional reform timelines.