Bitcoin bounced back above $93,000 after a drop to $89,000, following a cautious Fed and initial stock market decline. The market stabilizes around $92,000, with no clear sign of a lasting turnaround.
Bitcoin catches its breath
Bitcoin caught its breath Thursday night after a sharp fall following the Fed’s rate cut announcement, climbing back above $93,000 by late evening. A technical rebound rather than a true reversal, with altcoins continuing to absorb the shock. This morning, the market seems to be stabilizing above $92,000, but the digestion phase is far from over.
After sliding to $89,000 on Thursday morning in the wake of the US stock market decline and the cautious Federal Reserve speech, BTC gradually recovered. By the end of the day, it was trading around $93,000, nearly unchanged over 24 hours. A movement that contrasts sharply with the persistent weakness of the rest of the crypto market.
Altcoins struggle to start despite BTC rebound
The recovery of bitcoin did not really carry over to altcoins. ETH struggles to climb 1%, BNB and XRP gain between 1 and 2%, and SOL shows the best performance in the top 15 with over 4% increase: investors are retreating to BTC at the expense of riskier assets.
This internal decoupling comes even as traditional markets showed signs of resilience. The Nasdaq, sharply down at the start of the session, limited losses to close at only -0.25%. The S&P 500 ended slightly in the green, and the Dow Jones rose by 1.3%. Bitcoin followed suit later in the day but did not trigger a broader rally in the crypto market.
Precious metals on fire, dollar weakening
The session was marked by the surge in precious metals. Silver surged by 5% to a new all-time high of $64 per ounce, while gold rose by over 1% to approach $4,300. This rally was supported by a significant weakening of the dollar, with the DXY index hitting its lowest level since mid-October as the euro appreciates.
In this context, Bitcoin did not fully play its role as an alternative asset, reinforcing the idea that the crypto market is going through a transitional phase rather than a mere cyclical low.
Crypto and Stocks: A Growing Decoupling
For Jasper De Maere, a strategist at Wintermute, Thursday’s session confirms a fundamental trend: the gradual decoupling between crypto and stocks, especially during macroeconomic events. Over the past year, only 18% of sessions marked by macro catalysts saw bitcoin outperform the Nasdaq.
Wednesday’s decline, despite a more accommodating Fed, suggests that monetary relaxation is now largely priced in. Markets are beginning to look beyond rates, with concerns about stagflation in 2026 and growing interest in US crypto regulation as a potential next driver.
In short, the crypto market has avoided a capitulation scenario but remains fragile. Bitcoin is currently holding the $90,000 zone, while altcoins struggle to find a floor. A period of waiting sets in, in an environment where macro catalysts are losing their immediate impact.
