In what proved to be a high-velocity opening to the trading week, bitcoin ( BTC) shattered its weekend stagnation. After hovering near the $90,500 mark, the premier digital asset surged past $92,000, successfully reclaiming price levels not seen since the Jan. 7 local peak.
The catalyst for the volatility was a geopolitical bombshell: the U.S. Department of Justice (DOJ) issued a grand jury subpoena against the Federal Reserve, targeting officials over the controversial handling of the central bank’s multi-billion-dollar building renovations.
The news immediately sent shockwaves through global markets. Jerome Powell, the Fed Chairman and frequent target of President Donald Trump, framed the investigation as a “pretext” and political retaliation for the bank’s refusal to pivot on interest rate policy. This unprecedented friction between the White House and the Fed spooked traditional investors, triggering a massive flight to safety.
Gold, the standout performer of 2025, capitalised on the chaos, surging past $4,600 per ounce to set a new all-time high. Silver followed suit with a parallel breakout, while the S&P 500 showed remarkable resilience, rallying to within a few points of the historic 7,000 psychological barrier.
For BTC, however, the initial rally proved fragile. The cryptocurrency nearly erased its morning gains in a sharp mid-morning retracement, plunging to an intraday low of $90,128 by 9:30 a.m. EST. The dip was short-lived; less than three hours later, Bitcoin was back above $92,000 following reports of another aggressive treasury expansion by Michael Saylor’s Strategy.
As reported by Bitcoin.com News, Strategy’s latest acquisition involved a haul of 13,627 BTC purchased for approximately $1.25 billion at an average price of $91,519. This latest “Monday Buy” brings the firm’s total holdings to a staggering 687,410 coins, valued at more than $63 billion.
Despite the billion-dollar show of institutional confidence, Bitcoin struggled to maintain its momentum in the afternoon session, drifting back to consolidate just above $91,000. As of 1:45 p.m. EST, the market appears to be in a “tug-of-war” phase, with BTC trending upward for a third attempt to flip the $92,000 resistance into support.
Read more: Federal Reserve Gets Probed by DOJ, Chair Powell Alleges Fed’s Independence Is at Stake
Meanwhile, technical observers from 10X Research and Fundstrat have reportedly highlighted specific make-or-break zones for the remainder of January. They assert BTC is currently fighting the 20-day exponential moving average (EMA) and a clean breakout and hold” above this level is required to flip the short-term structure from neutral to bullish.
They argue that if $92,000 holds, the cryptocurrency’s next major targets are $94,800 and $98,197. Clearing $98,000 is seen as the final hurdle before a serious test of the $100,000 psychological barrier. On the downside, traders are guarding the $88,000 level. Any dip below this would invalidate the current recovery and likely lead to a retest of the $80,500 December lows.
- Why did Bitcoin surge today? A DOJ subpoena against the Federal Reserve triggered global market volatility.
- How high did BTC go? Bitcoin briefly topped $92,000 before retracing to consolidate near $91,000.
- What was the institutional move? Michael Saylor’s Strategy bought 13,627 BTC worth $1.25B, boosting holdings to 687,410 coins.
- How did other assets react? Gold hit $4,600, silver rallied, and the S&P 500 neared the 7,000 mark.
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