Bitcoin hovered near $88,000 after the Federal Reserve left rates unchanged, while ether, solana, BNB and dogecoin posted modest gains. Crypto prices stabilized after an early-week dip, underscoring a subdued market tone as macro trades dominated. The backdrop left bitcoin trailing gold and other commodities rather than joining a broader risk-asset rally.
Gold held near record levels and silver and copper stayed elevated as the dollar strengthened, illustrating a macro environment that has overshadowed crypto markets. The dollar index rose sharply, reflecting policy expectations and relative safety demand, which has cooled appetite for risk assets including bitcoin. Traders say bitcoin is not acting as a macro hedge, but rather as a liquidity-sensitive asset that tracks swings in the greenback.
Analysts say bitcoin remains about 30% below its October peak and struggles to clear the $89,000 area, even as metals and equities hit fresh highs. The resistance near $89,000 is reinforced by the 50-day moving average, contributing to a cautious market tone. With the Fed decision out of the way, focus shifted to megacap earnings and potential cross-asset volatility.
Meanwhile, a JPMorgan note argues that dollar weakness is driven by short-term flows and sentiment, not a lasting macro shift, suggesting the currency could stabilize as the U.S. economy strengthens. Because markets do not view the dollar decline as a lasting macro shift, bitcoin is likely to remain a liquidity-sensitive asset rather than a hedge, with gold and emerging markets benefiting from dollar diversification.
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