Bitcoin price steadied near the $95,000–$96,500 zone on Wednesday, cooling slightly after reaching two-month highs. Despite rising geopolitical tensions and uncertainty around a potential US Supreme Court tariff ruling, crypto markets showed little sign of panic. Traders appear to believe that most macro risks are already reflected in current prices.
As Wall Street prepared to open, Bitcoin remained close to yearly highs, suggesting that investors are now more focused on liquidity conditions and relative asset performance than headline-driven fear. While gold and US equities continue to print record highs, Bitcoin is attempting to regain momentum after weeks of consolidation.
Bitcoin stabilizes after key technical breakout
Data from TradingView showed BTC/USD cooling after a rally toward $96,500, its strongest level in nearly two months. The move followed a crucial daily close above the 2025 yearly open near $93,500, a level that had capped price action since early January.
This technical shift has encouraged short-term optimism, even as volatility risks linger. Market participants noted that Bitcoin briefly lagged behind gold and equities before reclaiming the $95,000 level, signaling renewed strength but not yet a full breakout.
Macro risks remain, but markets look past them
Geopolitical uncertainty remains elevated, with renewed tensions involving the United States and regions such as Venezuela, Iran, and Greenland. At the same time, the increasingly public dispute between the US government and the Federal Reserve has drawn global attention, with central banks voicing support for Fed Chair Jerome Powell.
Despite this backdrop, risk assets continue to climb. S&P 500 futures pushed to fresh all-time highs, while gold surged further into record territory, reaching $4,639 per ounce. Bitcoin, meanwhile, has yet to fully mirror this broader asset rally.
Liquidity and relative value drive Bitcoin sentiment
Crypto trading firm QCP Capital noted that Bitcoin has finally broken above the $95,000 level that capped upside since November. In its latest Asia market update, the firm highlighted improving liquidity conditions as a key driver for risk assets.
According to QCP, continued liquidity injections and concerns over long-term fiat currency debasement in the US have already pushed precious metals higher. Bitcoin, by comparison, still appears relatively undervalued, which could trigger capital rotation into digital assets if momentum builds.
The firm also downplayed fears around a potential US Supreme Court decision on tariffs, even those linked to policies associated with Donald Trump. QCP argued that markets have largely priced in these risks, suggesting that further escalation would likely be treated as a buying opportunity rather than a trend reversal.
Bitcoin price outlook: $100K remains the key level
Optimism was echoed by Charles Edwards, founder of Capriole Investments, who described Bitcoin’s recent move as its strongest technical signal in months. He pointed to the daily close above the yearly open as a potential launchpad for a broader uptrend, with upside targets extending toward $108,000 if momentum holds.
Other traders identified a breakout from a descending triangle pattern that had been in place since mid-November, though not all agreed on the implications. Some warned that the move could still be a relief bounce within a larger corrective structure.
Caution near resistance and liquidity risk
Bearish voices remain active. Trader Roman warned that Bitcoin’s weekly structure still resembles classic bearish price action, with declining momentum despite rising volume earlier in the move. He suggested that even a retest of $100,000 may not signal a sustainable breakout.
Another trader, CrypNeuvo, highlighted the 50-week exponential moving average near $97,650 as a critical resistance level. According to his view, Bitcoin could be entering a short-term liquidity run toward this area, with the risk of rejection unless price convincingly breaks above $100,000.
For now, Bitcoin remains in a tight range, with $100,000 acting as the psychological and technical turning point. Whether BTC joins gold and equities at new all-time highs may depend less on geopolitical headlines and more on liquidity, momentum, and how markets continue to price in macro uncertainty.
