Bitcoin jumped above $94,000 on Tuesday, adding more than $3,000 in under an hour after hovering near $90,000 earlier in the day. The 4% gain over 24 hours marks a shift from the usual bearish U.S. session, signaling possible seller exhaustion.
The rally coincided with silver hitting record highs above $60 per ounce. While broader equities were mostly flat, crypto stocks followed bitcoin’s lead. Galaxy Digital (GLXY) and CleanSpark (CLSK) gained over 10%, while Coinbase (COIN), MicroStrategy (MSTR), and BitMine (BMNR) rose 4%-6%.
Analysts highlighted defensive positioning in crypto derivatives and crowded trades as factors behind the sharp rebound. Vetle Lunde of K33 Research noted these dynamics may have fueled the snapback.
Standard Chartered’s Geoff Kendrick also cut multi-year BTC forecasts, signaling ongoing bear market pressure. Meanwhile, the Coinbase bitcoin premium has turned positive, reflecting renewed U.S. demand. BTC’s gains outpaced derivatives open interest, indicating spot buying is driving the rally.
Investors are eyeing the Federal Reserve’s two-day meeting, expected to conclude with a 25-basis-point rate cut, which could further support risk appetite.
