Bitcoin (BTC) approaches year-to-date highs as the weekly close on Sunday nears, with traders preparing for liquidity maneuvers.
Essential points:
Bitcoin is entering a typical fakeout zone as the weekly close aligns with the recent US-Venezuela developments.
BTC price activity experiences a gain of up to 2% over the weekend, with $92,000 being the next target for bulls.
Critical moments for gold as Bitcoin seeks to make a comeback.
Bitcoin liquidations in sight as weekly close approaches
Data from TradingView indicated BTC price volatility, with BTC/USD remaining above $91,000.
The pair saw a rise of up to 2% over the weekend as crypto markets reacted to the US military action in Venezuela.
As traditional finance markets prepare to reopen, traders focused on exchange order-book liquidity for insights on BTC price direction in the short term.
“The largest liquidity cluster is positioned just below the yearly open around the $88K zone,” Daan Crypto Trades posted in one of his recent X posts based on data from monitoring tool CoinGlass.
“Above, the $92K level is critical, aligning with what has been the range high for quite some time.”
Commentator Exitpump also highlighted that order books showed “thin air” above $95,000, potentially paving the way for a quick retest of the $100,000 level.
$BTC The largest sell walls on spot orderbooks to monitor are located at 92K and 94K – 95K levels.
Thin air above 95K leading to 100K pic.twitter.com/vZjwutyV4l
— exitpump (@exitpumpBTC) January 4, 2026
As reported by Cointelegraph, the recent weekly candle closures have led to BTC price “fakeouts” in both directions, where nearby positions are liquidated without a breakout from its local range.
Indicating a possible change on the horizon, trader Alan Tardigrade noted that BTC/USD has now broken free from a symmetrical triangle formation on two-hour timeframes. The $90,000 level was identified as the key threshold to surpass, as shown in the accompanying chart.
Crypto likely to follow TradFi Venezuela response
In other news, anticipation of volatility across global markets has solidified as futures are set to open.
Related: Bitcoin price returns to $90K: Is the bear market behind us?
Warming readers about upcoming turbulent conditions, trading resource The Kobeissi Letter observed significant implications for oil.
“This weekend’s developments in Venezuela will greatly impact the global economy,” it stated in an X thread.
“The macroeconomy is transforming, and stocks, commodities, bonds, and crypto will all be influenced.”
Kobeissi added that Venezuela’s gold reserves are the largest in Latin America, which puts additional pressure on gold markets that had slumped towards the end of the year while crypto recovered.
While everyone’s attention is on oil:
Venezuela currently possesses 161 metric TONS of gold reserves.
161 metric tons translates to approximately 5.18 million troy ounces, valued at around $22 BILLION at $4,300/oz.
This positions Venezuela as the Latin American nation with the most significant gold holdings.
Every $100 that… pic.twitter.com/pI8DWgt1CB
— The Kobeissi Letter (@KobeissiLetter) January 4, 2026
Commenting on Bitcoin’s outlook compared to the precious metal, crypto trader, analyst, and entrepreneur Michaël van de Poppe expressed optimism.
“$BTC vs. Gold is beginning an upward trend,” he informed his X followers on the day.
“It’s not confirmed yet; ideally, we want to see a higher high established. This would validate the bullish divergence. Other than that, it looks promising in the markets.”
Van de Poppe observed that Bitcoin’s weekly relative strength index (RSI) values have reached their lowest levels since the conclusion of the 2022 bear market.
This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers should conduct their own research. While we aim to offer accurate and timely information, Cointelegraph does not ensure the accuracy, completeness, or reliability of the information herein. This article may include forward-looking statements subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage resulting from reliance on this information.
This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers should conduct their own research. While we aim to offer accurate and timely information, Cointelegraph does not ensure the accuracy, completeness, or reliability of the information herein. This article may include forward-looking statements subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage resulting from reliance on this information.
