Bitcoin (BTC) consolidated around $95,000 at Wall Street's open on Wednesday as evaluation dismissed macroeconomic threats.
While geopolitical risks and uncertainty over US trade policy remain in focus, traders seemed to be more influenced by liquidity conditions and the relative performance of assets, with Bitcoin underperforming gold and stocks before reclaiming $95,000.
Key points:
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Bitcoin is preparing for its next move after a key day by day close above the 2025 open.
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Gold and stocks at all-time highs contrast with volatility risk as a result of geopolitical tensions and the US Supreme Court tariff ruling.
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BTC price motion faces several hurdles, with $100,000 representing a turning point.
Bitcoin evaluation: macro risk “already priced in”
Data from TradingView showed that BTC price motion turned cooler again after rising to two-month highs near $96,500.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
This got here as geopolitical tensions between the US increased, including recent possible interventions in Venezuela and Iran and concerns over Greenland.
At the identical time, the dispute between the federal government and the Federal Reserve became increasingly public, and central banks around the globe rallied in support of Fed Chairman Jerome Powell.
S&P 500 futures hit recent record highs ahead of Tuesday's US session, while gold built on existing day by day records to hit $4,639 an oz..
XAU/USD one-hour chart. Source: Cointelegraph/TradingView
There was noticeably high expectation amongst crypto market participants that Bitcoin could finally sustain with the worldwide asset bull run.
“Bitcoin has underperformed the stock market and precious metals rally, but has finally broken through the $95,000 level that has capped the rally since November,” trading resource QCP Capital wrote in its latest “Asia Color” market update.
QCP added one other boost to risk assets to the combo with the Fed's economic liquidity injections.
“Given the potential further devaluation of fiat currency within the US, which has driven precious metals higher, the relative cheapness of Bitcoin in comparison with precious metals at this point could trigger a rotation towards digital assets,” it added.
QCP argued that despite the present implied risks to market stability, traders are already one step ahead. Even the proven fact that President Donald Trump's international trade tariffs have been declared illegal – with alleged multi-trillion dollar impacts – mustn’t disrupt the general trend.
“Risks remain, particularly the pending Supreme Court decision on tariffs and possible escalation in Venezuela or Iran,” the update said.
“Right now, the market continues to maneuver higher given these risks, which leads us to imagine that is already priced in. With no recent unknowns, further escalations must be a possibility to purchase on a decline.”
BTC price faces a “liquidity run”
Others also found recent reasons for optimism, including Charles Edwards, founding father of quantitative Bitcoin and digital asset fund Capriole Investments.
“Strong Bitcoin move! Bitcoin just experienced its first promising technical move in a protracted time,” he told X Followers.
Edwards recorded a day by day close above the 2025 year-opening level at around $93,500 – Bitcoin's first close since January sixth.
“There are good probabilities of trending to $108,000 from here,” he added.
“Also, this weekly close must be above $93.5K to verify the downside (bullish) delusion. Now could be a very good time to show things around!” 
BTC/USD 1-week chart. Source: Charles Edwards/X
Trader Jelle spotted what he called a “major” breakout from a descending triangle pattern that has been in place since mid-November.
As Cointelegraph reported, some observers argued that this pattern was a recovery rally inside a broader downtrend. Trader Roman, who predicted that BTC/USD would reach a goal of $76,000 once the downtrend reappeared, remained bearish.
“This is textbook bearish price motion: volume up – price down, followed by volume down – price up/sideways,” he wrote on the weekly chart.
“We may retest the 100,000 area, but that's nothing to get enthusiastic about. The next time big volume is available in, there’ll likely be a bearish move.” 
BTC/USDT weekly chart. Source: Roman/X
Trader CrypNeuvo, meanwhile, advised caution over a possible resistance fight as Bitcoin's 50-week exponential moving average (EMA) stands at $97,650.
“This might be a liquidity run towards the 1W50EMA where price could face rejection,” he warned of recent gains.
“Breaking above $100,000 (up 4%) is, to me, a refutation of this concept.” 
BTC/USDT one-day chart. Source: CrypNuevo/X
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