Bitcoin surged above $94,000 on Tuesday after trading near $90,000 earlier in the day, gaining over $3,000 in under an hour and marking a 4% increase over the past 24 hours. The move contrasts with the typical bearish U.S. session seen in recent weeks, suggesting potential seller exhaustion.
The rally coincided with silver climbing past $60 per ounce, setting new record highs. While broader equities were mostly flat, crypto-focused stocks mirrored bitcoin’s advance. Galaxy Digital (GLXY) and miner CleanSpark (CLSK) led with gains exceeding 10%, while Coinbase (COIN), MicroStrategy (MSTR), and BitMine (BMNR) rose between 4% and 6%.
No single catalyst drove the sudden spike, but analysts point to defensive positioning in crypto derivatives and crowded trades contributing to the sharp rebound. Vetle Lunde of K33 Research noted these factors may have fueled the rapid snapback.
Signs of bear market capitulation also emerged as Standard Chartered’s Geoff Kendrick cut his multi-year BTC forecasts. Meanwhile, the Coinbase bitcoin premium, showing U.S. investor demand versus offshore exchanges, has turned positive in recent days.
BTC’s daily gains outpaced open interest growth in derivatives, indicating spot demand is driving the rally rather than leverage. The Federal Reserve is expected to cut interest rates by 25 basis points at its two-day meeting ending Wednesday, a move that could further boost risk appetite amid a resilient U.S. economy.
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