Bitcoin (CRYPTO: BTC) surged past its 50-day moving average as improving macro sentiment and potential Venezuela-driven oil supply shifts fuel a risk-on rally, though analysts warn the setup may not yet be “coiled” for a major breakout.
What Happened: CNBC’s MacKenzie Sigalos on Monday attributed the latest crypto rebound to improving macro sentiment.
Traders are betting that political shifts involving Venezuela could boost global oil supply, pushing energy prices lower, easing inflation pressures, and lifting risk assets like crypto.
Bitcoin reclaimed its 50-day moving average, signaling improving short-term momentum, while a weekend rally triggered a wave of short liquidations.
However, trader Altcoin Sherpa cautioned that Bitcoin’s daily exponential moving averages aren’t as tightly compressed as they were before major breakouts in October 2024 and April 2025 — suggesting the market may not be fully “coiled” for a large move yet.
Also Read: Bitcoin Strong Above $93,000 As XRP Leads Ethereum, Dogecoin In Altcoin Rally
Why It Matters: The CNBC discussion revisited Venezuela’s long history of crypto usage amid hyperinflation, both by citizens seeking monetary stability and by the government, which has allegedly relied on USDT and Bitcoin to bypass sanctions.
This raises the question of whether such adoption could act as a tailwind not only for Bitcoin, but also for Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL) and XRP (CRYPTO: XRP).
If these crypto reserves remain largely illiquid, they could add to the structurally bullish backdrop.
More broadly, analysts say the current environment remains risk-on, lifting the entire crypto market.
Strong participation from altcoins — with XRP showing outsized gains — is being viewed as a signal of rising risk appetite.
Intelligence sources highlighted that Venezuela potentially controls a massive Bitcoin shadow reserve of up to 600,000 BTC.
This Bitcoin Chart Signal Has 91% Accuracy, But Here’s Why It Could Be Different This Time $BTCBitcoin$93674.60-0.20%Overview$ETHEthereum$3230.900.18%$SOLSolana$138.880.72%$XRPRipple$2.370.96%Market News and Data brought to you by Benzinga APIs
