Bitcoin (CRYPTO:BTC) slipped below the $90,000 level on Saturday as crypto markets reacted to US military action in Venezuela.
BTC briefly traded near $91,000 before reversing lower, pausing what could have been a fresh 2026 high.
Data from TradingView showed Bitcoin topping out at around $90,940 on Bitstamp before momentum faded.
The pullback followed reports of US airstrikes in Caracas, which added a layer of geopolitical uncertainty to weekend trading.
US President Donald Trump later claimed on Truth Social that Venezuela’s president had been captured and removed from the country.
With traditional financial markets closed, Bitcoin traded without guidance from equities and futures markets.
BTC/USD attempted to hold early-year gains as traders waited for CME futures to reopen.
We’re seeing some short-term selling pressure due to the ongoing US action against Venezuela, but I remain bullish in the near term.
Wealthmanager said.
If this situation doesn’t escalate further, I view the move as a temporary pullback, with a recovery likely soon,” Wealthmanager added.
$96,000–$100,000 remains my target for the coming days and weeks,” Wealthmanager stated.
The analyst also noted that CME Group’s Bitcoin futures closed the week above $90,000.
This close could leave a new futures gap, which traders often treat as a potential upside price target.
Market participants widely expect higher volatility once traditional finance players return after the weekend.
There's a lot of geopolitical tension and next week the big players will return.
Lennaert Snyder said.
So we'll probably see more volatility on Bitcoin after the weekend.
Snyder higlighted.
Crypto trader Michaël van de Poppe described the sell-off as a typical reaction to global political shocks.
The direction is clear for January: up we go, as long as Bitcoin remains above the 21-Day MA.
Michaël van de Poppe said.
He pointed to the 21-day simple moving average near $87,850 as a key support level.
Bitcoin bulls also highlighted BTC’s resilience compared with gold over the New Year period.
Gold hit fresh all-time highs near $4,551 per ounce on 26 December before retreating by as much as 6%.
Over the same period, Bitcoin gained roughly 5%, outperforming the precious metal.
An important thing to remember is that the last time Bitcoin started its parabolic rally was after Gold made the top.
Bull Theory said.
So if $4,550 was the top for Gold, this could be the start of money rotation from Gold to BTC.
Bull Theory also stated.
Despite weekend weakness, traders continue to frame the move as a pause rather than a trend reversal.
Analysts say Bitcoin’s ability to stay above key moving averages keeps the broader bullish structure intact.
At the time of reporting, Bitcoin price was $89,777.50.