Bitcoin (CRYTO:BTC) hovered near $90,000 on Wednesday as price action completed a key technical move watched closely since the start of the year.
Market data showed BTC rising 1.1% on the day after briefly sliding to around $87,800, its lowest level since early January.
The dip erased more than $10,000 from January’s month-to-date highs, tempering bullish momentum across the market.
The move confirmed the fill of a long-standing price gap on CME Group’s Bitcoin futures chart from the annual open.
CME gaps are widely tracked by traders, as price often revisits these levels within short timeframes.
With remaining CME gaps now positioned above spot price, sentiment stayed divided on whether Bitcoin can resume a sustained rebound.
A rapid rise is expected.
CW said, adding that the gap-fill was necessary to support a more stable rally structure.
Another trader, Jelle, adopted a more cautious stance after recent price behaviour weakened technical signals.
Higher high immediately followed by a lower low.
Jelle said, pointing to fading momentum after the initial breakout.
CME Gap filled and price retesting the trendline once again - but we can all agree that this ain't looking strong anymore.
Jelle said.
Ahead of the Wall Street open, macroeconomic factors continued to shape crypto market expectations.
In its latest Asia Color update, QCP Capital described Bitcoin as trading like a high-beta risk asset.
The firm highlighted Bitcoin’s sensitivity to interest rates, geopolitical developments, and broader cross-market volatility.
Until clearer policy signals emerge, crypto is likely to stay reactive rather than directional.
QCP Capital said.
The firm added that current conditions favour defensive positioning rather than strong conviction trades.
For now, this is a market focused on capital preservation over conviction, watching closely whether policy missteps turn today’s tremors into something more systemic.
QCP Capital noted.
Outside crypto, traditional safe-haven assets continued to outperform during the session.
Gold climbed to a fresh all-time high near $4,888 per ounce, reinforcing its role as a hedge during periods of uncertainty.
We are all witnessing history right now.
The Kobeissi Letter said.
At the time of reporting, Bitcoin price was $89,270.05.