TL;DR
- Bitcoin broke above $90,000 at the start of the U.S. session, but pulled back to $87,584 and closed with a daily loss of 0.24%, failing to validate the level.
- Rising metals prices and dovish signals from Chris Waller, pointing to rates sitting 50–100 bps above the neutral level, triggered a technical rebound.
- The rally was driven by short covering, with open interest declining, while ETH, BNB, XRP, SOL, and ADA fell between 2% and 3% and market sentiment remained in extreme fear.
Bitcoin climbed back above $90,000 during the opening of the U.S. trading session, but the move quickly lost momentum. According to the latest CoinMarketCap data, BTC reversed course and is now trading at $87,584, posting a daily loss of 0.24%. The move sent a clear signal: the market reacts quickly to macro developments, but it still fails to sustain upside breakouts.
The initial spike followed a combination of external factors. Metals posted strong gains, with silver reaching record highs above $66 per ounce, while gold and copper also moved higher.
At the same time, Chris Waller, a Federal Reserve governor and the leading contender in prediction markets to chair the Fed, stated that the policy rate stands between 50 and 100 basis points above the neutral level. Waller added that job growth is approaching zero and ruled out a renewed inflation surge. Markets interpreted those remarks as a signal of monetary easing.
Bitcoin Fails to Hold Its Ground
Bitcoin’s rebound did not stem from an aggressive inflow of new capital. Coinglass data shows that open interest declined as prices rose, pointing to short positions being closed rather than long leverage building up. The move played out as a technical deleveraging rally, driven by forced short covering rather than directional conviction.
The subsequent pullback fits that framework. Once Bitcoin’s short pressure was absorbed, price momentum faded and Bitcoin slipped back below $90,000. The retreat to $87,584 confirms that the market has yet to recognize that level as a stable support.
Altcoins Absorb the Pullback
The broader backdrop remains fragile. Sentiment stays locked in extreme fear, spot ETF outflows continue, and implied volatility remains elevated compared with recent monthly averages. Added to that is a macro environment that still sends mixed signals, with Treasury yields oscillating and economic data failing to define a clear direction.
According to CoinMarketCap, Ethereum is trading at $2,980, down 2.6%. BNB stands at $848 after a 3% drop. XRP hovers around $1.89, posting a 2% decline. Solana fell by the same margin and is priced at $126. Cardano slipped 2.7% and is approaching $0.378.
The price action over the past few hours showed that Bitcoin can react to favorable macro signals, but the current structure does not support sustained rallies without a consistent flow of demand. Until the price consolidates above $90,000 with real volume and spot participation, every rebound remains vulnerable to sharp pullbacks like the current one.
