Bitcoin jumped above $94,000 on Tuesday, adding more than $3,000 in less than an hour after hovering around $90,000 earlier in the day. The 4% gain over 24 hours marks a departure from the typical bearish U.S. session seen in recent weeks, hinting at potential seller exhaustion.
The surge coincided with silver climbing past $60 per ounce to new record highs. While broader equities remained mostly flat, crypto stocks tracked bitcoin’s advance. Galaxy Digital (GLXY) and miner CleanSpark (CLSK) led with gains exceeding 10%, while Coinbase (COIN), MicroStrategy (MSTR), and BitMine (BMNR) rose 4%-6%.
Analysts pointed to defensive positioning in crypto derivatives and crowded trades as factors fueling the rapid rebound. Vetle Lunde of K33 Research highlighted these dynamics as supporting the sudden spike.
Additional signs of bear market capitulation came from Standard Chartered’s Geoff Kendrick, who cut his multi-year BTC forecasts. The Coinbase bitcoin premium has also turned positive, reflecting renewed U.S. investor demand.
BTC’s gains outpaced growth in derivatives open interest, suggesting spot buying is driving the rally. The Federal Reserve is expected to cut rates by 25 basis points at its two-day meeting ending Wednesday, a move that could further support risk appetite amid a resilient U.S. economy.
