The price of Bitcoin (BTC) remained firm at about $90,000, despite geopolitical tensions between the United States and Venezuela reaching a boiling point in the early hours of Saturday morning.
Bitcoin briefly fell below $90,000 on Saturday before climbing back up above the $90,000 level, where it is trading at the time of this writing.
“The US bombed a country and captured its leader, on a weekend no less, and yet Bitcoin has barely moved,” Nic Puckrin, market analyst and founder of the crypto media company Coin Bureau, said in an X post.
BTC is trading above the 21-day moving average, and if it stays above this dynamic, short-term support level, it signals continued price appreciation in January, according to market analyst Michaël van de Poppe.
The price of BTC remaining firm despite the recent geopolitical shock is significant because risk-on assets, including BTC, tend to record sudden declines in response to geopolitical crises or macroeconomic headwinds.
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US President Donald Trump announced airstrikes on Venezuela’s capital city, Caracas, on Saturday, culminating in the capture of Venezuela’s President, Nicolas Maduro.
The announcement drew mixed reactions online, ranging from support to condemnation, but had little impact on financial markets so far.
“There’s a lot of geopolitical tension, and next week the big players will return. So we’ll probably see more volatility in Bitcoin after the weekend,” crypto market analyst and trader Lennaert Snyder said.
Institutional investors in traditional financial markets do not typically operate during weekends, nights, or holidays. These institutional players could still react to the news at the US market open on Monday by dumping assets and heightening market volatility.
This could add to the selling pressure contributing to Bitcoin’s recent price decline, which began following a flash crash in October that derailed Bitcoin’s upward price momentum.
The price of BTC declined by over 30% from an all-time high above $125,000 to a low of about $80,000 in November due to the crash before rebounding to the $90,000 level.
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