Bitcoin (BTC) near year-to-date highs on Sunday as traders prepare to grab liquidity.
Key points:
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Bitcoin is entering classic spoof territory as the weekly close coincides with the fallout from the US and Venezuela news.
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BTC price action is up as much as 2% over the weekend, with $92,000 next on the bulls list.
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Crisis time for gold as Bitcoin tries to make a comeback.
Bitcoin liquidations are predicted as the weekly close approaches
Data from TradingView tracked BTC price volatility as BTC/USD hovered above $91,000.
The pair gained up to 2% over the weekend as crypto markets offered initial reactions to the US military’s move into Venezuela.
Ahead of the TradFi market’s return, traders have been eyeing the liquidity of the exchange’s order book for clues as to where the price of BTC could be headed in the short term.
“The biggest liquidity cluster in the immediate vicinity is below the annual opening around the $88k area,” wrote Daan Crypto Trades in one of his latest X posts with data from the CoinGlass tracking resource.
“Above, the $92,000 level is one to watch, which is also in line with what has been a high range for about that long.”
Commentator Exitpump further noted that order books have “thin air” above $95,000 – potentially providing the basis for a quick retest of the $100,000 mark.
$BTC The biggest selling walls on the spot order books to watch out for are at the 92K and 94K – 95K levels.
Thin air above 95K to 100K pic.twitter.com/vZjwutyV4l
— exit pump (@exitpumpBTC) January 4, 2026
As reported by Cointelegraph, recent weekly candle closes have fueled BTC price “slowing” in both directions, where the market is liquidating nearby positions and failing to break out of its local range.
Foreshadowing the change that is finally coming, trader Alan Tardigrade reported that BTC/USD has now avoided the construction of a symmetrical triangle on the two-hour time frames. $90,000 was a key level to cross, the accompanying chart showed.
Crypto will join the TradFi Venezuela reaction
Elsewhere, expectations of volatility in global markets firmed as futures prepared to open.
Related: Bitcoin price back to $90k: Is the bear market behind us?
Warning readers of tough conditions to come, trade resource The Kobeissi Letter looks at particularly big implications for oil.
“This weekend’s events in Venezuela will have major effects on the global economy,” concludes the X thread.
“The macro economy is changing and stocks, commodities, bonds and crypto will move.”
Kobeissi added that Venezuela’s gold reserves are the largest in Latin America, adding to pressure on gold markets, which declined by the end of the year, while the cryptocurrency recovered.
While everyone is focused on oil:
Venezuela currently has 161 metric TONS of gold reserves.
161 metric tons is roughly 5.18 million troy ounces, worth ~$22 BILLION at $4300/oz.
This makes Venezuela the Latin American country with the largest gold reserves.
Every $100 that… pic.twitter.com/pI8DWgt1CB
— Letter to Kobeissi (@KobeissiLetter) January 4, 2026
Commenting on Bitcoin’s prospects in relation to the precious metal, crypto trader, analyst and entrepreneur Michaël van de Poppe was optimistic.
“$BTC is starting an uptrend against gold,” he said told X followers per day.
“It’s not confirmed yet, preferably you’d like to see a higher high established. That would confirm the bullish divergence. Other than that, it’s looking great in the markets.”
Van de Poppe noted that Bitcoin’s weekly Relative Strength Index (RSI) values have reached their lowest levels since the end of the 2022 bear market.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision. Although we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph shall not be liable for any loss or damage arising from your reliance on this information.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision. Although we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph shall not be liable for any loss or damage arising from your reliance on this information.
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