Crypto markets cautious as Bitcoin nears $89,000, Ethereum eyes $3,000

The crypto market began the week cautiously, with Bitcoin nearing the $89,000 mark and Ethereum approaching $3,000 on Wednesday. Bitcoin and Ethereum were trading at $88,953 and $2,997, respectively.

Over the past 24 hours, Ethereum and Bitcoin rose by 1.97% and 0.40%, respectively. Among major altcoins, BNB, Solana, Dogecoin, Cardano and Hyperliquid gained up to 28%, while XRP and Tron declined by 0.61% and 0.87%, respectively.

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Riya Sehgal, Research Analyst, Delta Exchange, said both assets bounced from key support zones, $87,000 for BTC and $2,800 for ETH, and signals that buyers are cautiously stepping back in ahead of the Federal Reserve’s rate decision.

Until a clear macro trigger emerges, both BTC and ETH are likely to trade within defined consolidation ranges, balancing recovery optimism against macro caution, Sehgal added.

According to CoinMarketCap, the global crypto market capitalisation went up by 0.6% to $3.01 trillion.

CoinDCX Research Team said that the Bitcoin price consolidation continues as the Prices are hovering around the $89,000 level, accompanied by a sharp decline in volatility.

Over the past week, Ethereum rose 0.64%, while Bitcoin slipped by the same margin. Among major altcoins, BNB and Hyperliquid gained 1.92% and 58.16%, respectively, during the period, while XRP, Solana, Tron, Dogecoin and Cardano edged lower by around 1.6%.

CoinSwitch Markets Desk said BTC edged higher, supported by a softer U.S. dollar and improving short-term market structure and the $88K–$89K range offered limited resistance, allowing price to move higher as short-term momentum improved.

What do other analysts say?

Vikram Subburaj, CEO, Giottus

Bitcoin traded in a tight range and reflected a market caught between lingering macro caution and selective bargain-hunting. It was consolidating after a volatile second half of January that saw repeated failures to sustain moves above the low-$90,000s.

If you are deploying fresh capital, consider staggered entries and keep some dry powder in case volatility spikes around Fed messaging and ETF flow swings.

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Akshat Siddhant, Lead Quant Analyst, Mudrex

The rebound is being reinforced by strong institutional participation, as public companies continue to add digital assets to their balance sheets.

Nischal Shetty, Founder, WazirX

Over the last 24 hours, Bitcoin has shown renewed strength, moving decisively above the $89,000 mark. This price action is a direct reflection of broader macroeconomic shifts.

There is strength across major crypto assets showing long term conviction in the potential and use cases of networks, with Ethereum reclaiming key levels alongside Bitcoin.