Bitcoin price remained under pressure on Wednesday, failing to hold above the key $90,000 level even as gold surged to a fresh record of $5,300 per ounce ahead of the US Federal Reserve’s FOMC decision. The hesitation disappointed crypto traders who expected Bitcoin to react strongly to falling US dollar strength. At the time of writing, Bitcoin (BTC) is trading near $90,192, which equals approximately PKR 25.2 million, reflecting continued uncertainty in the market.

Global markets opened cautiously as investors awaited the Federal Open Market Committee’s interest-rate decision. While no rate change was expected, traders were focused on Federal Reserve Chair Jerome Powell’s speech for signals on future monetary policy. Historically, such events have triggered sharp volatility across risk assets, including Bitcoin and equities.

Despite favorable macro conditions, Bitcoin failed to mirror gold’s strength. Data from Trading View showed BTC briefly touching $90,500 before pulling back to nearly $88,800. Meanwhile, the US Dollar Index continued to weaken, a move often seen as supportive for crypto markets.

Crypto analyst Michaël van de Poppe commented that markets could see “fireworks” following the Fed’s guidance, hinting that the real move may still be ahead rather than immediate.

Market participants noted that Bitcoin has been stuck in a tight range between $86,000 and $93,000 since November.

Trader EliZ stated that Bitcoin “cannot remain stuck in the middle,” suggesting that liquidity is building for a decisive breakout in either direction.

Analyst Rekt Capital added caution for bulls, explaining that the current rebound from support is weaker than previous rallies. According to him, this could signal a weakening structure that may lead to a larger move if support fails.

While gold benefits from geopolitical tensions and safe-haven demand, Bitcoin continues to behave like a waiting asset, consolidating before a major move. With the US dollar weakening, global uncertainty rising, and FOMC signals approaching, traders believe Bitcoin’s next breakout is inevitable but timing remains uncertain.