Bitcoin (BTC-USD) rose above $92,000 per token on Monday, signaling that near-term momentum may be shifting after a rough end to 2025.

“Bitcoin has entered a bullish trend,” crypto data firm 10X Research wrote in a note on Sunday.

The firm pointed to a return of more normal trading volumes and early signs of renewed institutional positioning to kick off the new year.

“This is precisely the type of environment where doing nothing feels safe … and turns out to be the real risk,” according to the note.

The token is showing strength by staying above key moving averages, with 10X Research noting that “as long as Bitcoin holds above its 21-day moving average, the near-term bias remains skewed to the upside.”

Another encouraging sign involves how traders are betting on future price movements through option trading.

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“BTC option flows have rotated from selling upside calls to actively buying them, reflecting positioning for a potential move toward the $100,000 level,” per the note.

With momentum building, the research firm signaled $98,197 as the key level the token must clear to make its next meaningful move higher.

Bitcoin prices have rebounded to start 2026 after trading in a tight range in recent weeks following sell-offs in the fourth quarter of last year. Forced liquidations and selling by long-term holders pushed prices down from their October high north of $126,000.

The cryptocurrency has declined for three consecutive months, a pattern historically seen only 15 times and one that has often set the stage for January gains.

Fundstrat strategist Sean Farrell recently forecast that portfolio rebalancing in the coming month could provide a tailwind for prices, helping fuel a near-term bounce.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

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