After the US military intervention in Venezuela, three major factors drove Bitcoin to break through $93,000. Following the US military action against Venezuela and the arrest of President Nicolás Maduro, Bitcoin prices surged rapidly, once surpassing the $93,000 mark, attracting significant market attention. Many institutions believe that this rally is not accidental but the result of a resonance of macroeconomic, capital structure, and technical factors. Matrixport summarized three core reasons behind the Bitcoin price rebound.

First is the completion of a "zero-reset" in the market. Matrixport pointed out that since Q4 2025, the leverage in Bitcoin and Ethereum futures markets has decreased by nearly $30 billion. A large number of cautious or hesitant traders chose to exit at the beginning of the new year, causing a clear cooling of market positions. In a context of light positions and low leverage, Bitcoin prices are more likely to follow natural trends, opening space for an increase in 2026. This de-speculation process is seen as an important foundation for the current Bitcoin market.

The second key variable comes from Venezuela's potential "shadow Bitcoin reserves." Market intelligence indicates that Venezuela may have accumulated up to 600,000 Bitcoins by circumventing sanctions, a scale close to some large institutional holdings. With Maduro's arrest, the ownership of these assets has become a focal point. If these Bitcoins are seized and frozen by the US, or even incorporated into the US strategic Bitcoin reserves, it would directly reduce the market's circulating supply, creating medium- to long-term bullish expectations for Bitcoin prices.

Third, Bitcoin has experienced a key technical breakthrough. The price has not only regained the 50-day and 200-day moving averages on the 4-hour chart and the 200-day exponential moving average, but also the 24-hour trading volume has increased by over 40%, indicating active capital inflow. Analysts believe that as long as Bitcoin maintains its current range and continues to challenge the $94,000 resistance level, the short- to medium-term upward trend still has room to continue.

Overall, geopolitical conflicts, changes in supply expectations, and improvements in technical structure have jointly driven this round of Bitcoin rally, reinforcing its role as a safe-haven and strategic asset in an uncertain global environment. #加密市场开年反弹