SKN | BTC, ETH and SOL Edge Higher as Markets Eye Fed, Big Tech Earnings and Weaker Dollar

Key Points

• Bitcoin traded just below $89,000 in Asian hours as markets held a cautious tone ahead of a key Federal Reserve decision.
• A softer U.S. dollar and record-setting global equities, led by technology and AI optimism, have supported risk assets, though crypto continues to lag gold and silver.
• Analysts say bitcoin’s bounce reflects short-term stabilization after leverage was flushed, rather than the start of a new momentum-driven rally.

Crypto Prices Drift Higher Ahead of Macro Catalysts

Bitcoin hovered near $89,000 on Wednesday as global markets extended gains and the U.S. dollar remained under pressure ahead of a closely watched policy decision from the Federal Reserve.

The largest cryptocurrency was trading around $88,800 during Asian hours, posting modest gains after a volatile start to the week. Ether climbed roughly 2% to just under $3,000, while solana and other major tokens also edged higher. Price action remained muted, signaling a market waiting for clarity rather than chasing risk.

Equities Rally While Crypto Lags Metals

The steadier tone in crypto mirrored broader financial markets. Global equities pushed higher, with Asian stocks hitting record levels and U.S. index futures pointing up after the S&P 500 closed at a fresh high. Technology shares led the move as optimism around artificial intelligence spending built ahead of earnings from the so-called Magnificent Seven.

The U.S. dollar stabilized after sliding to its weakest level since early 2022 earlier in the week. A softer greenback has powered sharp rallies in gold and silver, but crypto assets have lagged that trade, suggesting capital remains more comfortable in traditional inflation hedges for now.

Analysts See Stabilization, Not Momentum

Market analysts say bitcoin’s recent rebound owes more to positioning than conviction. The move higher followed a dip into the $86,000–$87,000 zone, where leveraged long positions were likely liquidated, reducing excess leverage and easing short-term downside pressure.

That reset has helped stabilize prices, but it has not yet translated into strong upside momentum. Trading volumes remain restrained, and price action continues to track macro sentiment rather than leading it.

Fed Guidance and Big Tech in Focus

Attention now turns to whether the Fed’s expected pause reinforces the broader bid in risk assets or sparks renewed volatility through its guidance on inflation and rates. At the same time, earnings from major technology companies are set to test confidence in the equity rally that has drawn capital away from crypto over recent months.

For now, bitcoin remains range-bound, holding ground rather than breaking higher. The market appears steady, but cautious, as traders wait to see whether macro signals can provide a clearer directional catalyst.