Behind Bitcoin surpassing $96,000: North America session reverses six months of weakness

【Block Rhythm】Bitcoin briefly touched $96,000 on January 14, and has gained nearly 10% since 2026. The main driving force behind this rebound comes from the North American trading session. According to trading data, Bitcoin’s cumulative return during the North American session reached approximately 8%, significantly exceeding expectations. In comparison, the European trading session only saw about a 3% increase, while the Asian session was a drag; this regional performance divergence is worth noting.

Interestingly, this is the exact opposite of the situation at the end of 2025. Back then, Bitcoin had a cumulative decline of 20% in the North American trading session by the end of November, dropping close to $80,000. Throughout the fourth quarter, the US market opened with selling pressure, and spot Bitcoin ETFs experienced almost daily net outflows. Now, the situation has reversed—shortly after the US market opens, it becomes the time with the strongest gains, which coincides with the worst-performing period over the past six months.

It is important to note that the US trading session does not necessarily equate to active US investors. The price performance during these periods actually reflects the trading results of domestic US platforms and some major overseas exchanges. Therefore, the strong returns during the North American session may also be accompanied by negative premiums on certain compliant platforms, indicating that buying power might come from global participants rather than solely from local US buyers.