Bitcoin staged a sharp rebound on Tuesday, climbing above $94,000 after hovering near $90,000 earlier in the day. The largest cryptocurrency added more than $3,000 in under an hour, marking a 4% gain over the past 24 hours, a notable shift from the usual bearish U.S. session pattern that has dominated recent weeks. Analysts suggest the move could indicate seller exhaustion.

The surge coincided with silver hitting record highs above $60 per ounce. While broader equities remained largely flat, crypto-related stocks followed bitcoin higher. Galaxy Digital (GLXY) and bitcoin miner CleanSpark (CLSK) led with gains exceeding 10%, while Coinbase (COIN), MicroStrategy (MSTR), and BitMine (BMNR) rose 4%-6%.

No single catalyst was immediately apparent for bitcoin’s rapid rise, but the departure from weeks of U.S. session selling suggests that bearish pressure may be waning. Vetle Lunde, lead analyst at K33 Research, noted “deeply defensive” positioning in crypto derivatives and crowded trades that may have contributed to the swift rebound.

Additional signs of bear market capitulation emerged Tuesday, with Standard Chartered bull Geoff Kendrick sharply lowering his multi-year bitcoin forecasts. Meanwhile, the Coinbase bitcoin premium — the spread between BTC prices on U.S.-based Coinbase and offshore Binance — has turned positive in recent days, signaling renewed U.S. investor demand.

Examining market structure, BTC’s daily price gain outpaced open interest growth in derivatives, indicating the rally is being driven by spot demand rather than leveraged positions.

Looking ahead, the Federal Reserve is expected to cut benchmark interest rates by 25 basis points at its two-day meeting concluding Wednesday. While largely anticipated, a rate reduction could further support risk appetite in markets, particularly given a resilient U.S. economy.