Bitcoin Stalls Near $97K, ADA Emerges as Top Performer Among Majors Pre-FOMC

Bitcoin Dips After Brief Surge to $97K as Geopolitical Risk and Trade Concerns Shake Markets

A confluence of rising geopolitical risk and fragile macroeconomic sentiment rattled global markets on Wednesday, as Bitcoin briefly touched $97,000 before retreating to $96,500 during early Asian trading.

The volatility followed reports of Indian airstrikes in Pakistan-controlled territory, part of a military initiative identified as “Operation Sindoor.” The development marks a serious escalation in regional tensions that have been simmering for weeks and prompted a swift shift in investor risk posture.

Markets had initially rallied following news that the U.S. and China were planning high-level talks to revisit trade tariffs. However, those gains quickly unwound after military headlines emerged overnight, underscoring the market’s sensitivity to geopolitical developments.

“Bitcoin’s price action reflects the global uncertainty,” said Nick Ruck, director at LVRG Research, in a note to CoinDesk. “The asset is responding not just to regional conflict but also to the broader backdrop of trade instability and looming Fed policy action. The flight to safety narrative around Bitcoin is re-emerging.”

Altcoins posted mixed results. Cardano’s ADA stood out, notching a 3% daily gain, while ETH, BNB, XRP, and DOGE logged smaller advances. Bitcoin Cash (BCH) and Litecoin (LTC) posted the strongest moves, each gaining as much as 10% amid renewed retail interest in legacy coins.

The CoinDesk 20 Index, a benchmark tracking top digital assets by liquidity and market cap, rose 1.9%.

Underlying metrics also paint a picture of heightened engagement: Bitcoin active addresses climbed to their highest levels in six months, suggesting expanding participation.

“Demand is ticking up again,” said Ryan Lee, chief analyst at Bitget Research. “Network activity is aligning with price momentum, and if these trends persist, we could see a push toward $100K. That said, confirmation requires broader indicator alignment.”

Lee cautioned that while Bitcoin dominance is on the rise — approaching 55% — Ethereum remains range-bound between $1,600 and $1,900, lacking the upside catalysts currently fueling BTC.

“Capital rotation remains selective,” he added, “and until macro signals stabilize, altcoin momentum may stay constrained.”