Bitcoin Taps $93K as Bulls Knock on the Door of a Major Breakout

Bitcoin price surged beyond $93,000 on January 5, 2026, indicating a possible breakout as bulls continue to push higher. The cryptocurrency has been trading above $92,000 and the 100-hourly simple moving average. A key bullish trend line is forming with support at $91,500 on the hourly chart of the BTC/USD pair according to TradingView analysis.

The price of Stacks (STX) is near $0.3500, struggling to break past a resistance trendline. Despite the resistance, Total Value Locked (TVL) on Stacks is increasing, indicating a rise in on-chain activity. Stacks TVL is now at $129.73 million, up from $116.62 million last week according to FXStreet data.

María Corina Machado, a Bitcoin advocate and Nobel Peace Prize winner, is gaining support as a potential leader in Venezuela. Predictions market Kalshi shows Machado with a 28% chance of leading Venezuela by the end of 2026, following the arrest of President Nicolás Maduro according to Cointelegraph reporting.

Bitcoin Spot ETFs continued to see net outflows for a third consecutive week. Institutional demand for Bitcoin has softened, with ETFs recording a net total outflow of $12.37 million by Thursday according to FXStreet analysis.

January's token unlocks could impact market sentiment. Over $5.5 billion in cryptocurrencies are scheduled to unlock this month, with ONDO, BGB, HYPE, and TRUMP tokens accounting for some of the largest releases. These include 1.9 billion tokens unlocking for Ondo (ONDO) on Jan. 19 according to Cointelegraph coverage.

Why Did This Happen?

The increase in TVL on the Stacks platform suggests growing on-chain demand. DeFiLlama data indicates that Bitcoin's TVL is at $7.176 billion, up from $6.728 billion last week. This aligns with the ongoing US-Venezuelan crisis, which could reduce BTC's supply according to FXStreet analysis.

The Stacks futures Open Interest (OI) has increased to $27.79 million, rising from $16.49 million on Thursday. This suggests a capital inflow driven by renewed risk-on sentiment among traders according to FXStreet data.

How Did Markets React?

Bitcoin's price action indicates a bullish trend, with the price hovering around $89,000. The cryptocurrency has been consolidating between $85,500 and $90,000 for nearly three weeks, showing indecision among market participants according to FXStreet analysis.

The altcoin market is showing signs of recovery. The Total3 market cap, excluding Bitcoin and Ethereum, is trading above critical support levels. Analysts suggest that the market could rally toward its previous all-time high of $1.2 trillion according to Cointelegraph analysis.

What Are Analysts Watching Next?

Technical indicators suggest that Bitcoin could break above $94,000 if it remains stable above $91,500. Immediate resistance is near the $93,200 level, with the next resistance at $94,000 according to TradingView analysis.

Stacks faces key resistance at $0.3500. A daily close above this level could target the supply zone near $0.5000. The Relative Strength Index (RSI) on the daily chart is at 69, indicating heightened buying pressure according to FXStreet data.

Market analysts are also watching the impact of token unlocks in January. Large releases could influence price dynamics, especially if market liquidity is thin. Investors should monitor the performance of ONDO, BGB, HYPE, and TRUMP tokens according to Cointelegraph reporting.