Bitcoin (BTC $87,977.06) climbed early Wednesday, briefly reclaiming the $90,000 mark for the first time since last weekend, following the U.S. market open.
The rally was supported by continued strength in metals, with silver up roughly 5% to a record above $66 per ounce, while gold and copper each rose more than 1%, providing a broader risk-on backdrop.
Dovish comments from current Federal Reserve Governor Chris Waller, the leading candidate in prediction markets for the next Fed chair, also helped sentiment. Waller said the neutral federal funds rate is 50–100 basis points below current levels, noted near-zero U.S. job growth, and signaled little expectation of an inflation rebound.
Coinglass data showed BTC open interest falling slightly from 669k to 665k, suggesting the move was driven by short-covering rather than fresh leveraged buying—a classic deleveraging rally.
Over the past 24 hours, bitcoin has gained around 3%, a modest increase amid the usual volatility during U.S. trading hours. Meanwhile, major U.S. stock indices were mostly flat, and the 10-year Treasury yield edged down two basis points to 4.15%.
