Bitcoin briefly traded above $94,000 on Tuesday before slipping back toward $92,500 in Asian morning hours Wednesday, a swing that revived bullish positioning but left the market exposed ahead of one of the most consequential Federal Reserve decisions of the year.

The move came as Asian equities traded mixed, with investors waiting for clarity on the Fed’s policy path and the tone of Chair Jerome Powell’s final press conference of 2025.

Altcoins were mixed. Ether rose 7% in the past 24 hours to trade around $3,320, extending its weekly gain to nearly 10%. Solana added over 5%, while dogecoin advanced 5%. Cardano outperformed with an 8.5% jump on the day and nearly 6% in the week. All tokens pulled back 1-2% in Asian morning hours as traders likely took profits on the move overnight.

XRP added a smaller 2% over 24 hours and remains down 4% on the week, while BNB, USDC and TRX traded flat.

Market depth in smaller tokens remained thin, echoing the uneven liquidity that has characterized December trading so far.

Bitcoin’s rebound was helped by a surge in social sentiment. Blockchain analytics firm Santiment said the level sparked a wave of retail optimism, noting that “traders FOMO back in and expect higher prices” as calls for “higher

But sentiment cooled quickly. BTC slipped back under $93,000 in late Asian trading, prompting renewed debate over whether the move was technically meaningful or simply another stop-hunt inside the broader $86,000–$94,000 range.

Some analysts argued the volatility spike may actually mark exhaustion. CF Benchmarks research analyst Mark Pilipczuk said in an email that bitcoin has posted “a classic volatility spike, with realized volatility rising above implied volatility for the first time in months.”

He noted that historically, this crossover “has occurred eight times, and in six cases it aligned with bitcoin bottoming and the start of a recovery.”

Bitget CEO Gracy Chen added that crypto remains more vulnerable than equities, stating: “Bitcoin’s consolidation in a broad $86,000–$94,000 range shows a market that doesn’t have enough anchors to make a decisive move.”

Meanwhile, in global markets, Chinese stocks fell after fresh data showed inflation ticked higher in November, diminishing prospects for additional domestic easing. Japanese equities edged lower, while South Korea and Taiwan saw modest gains. Silver extended its rally to a record high and the dollar steadied, reflecting a wider market still unsure whether global central banks are comfortable loosening financial conditions into 2026.

With Fed policy, global equity sentiment and crypto-specific flows now intersecting, the next major move will depend less on Tuesday’s breakout and more on whether bitcoin can reclaim the $94,000–$96,000 band after Powell’s remarks — or whether macro caution sends it sliding back toward the mid-$80,000s.