Bitcoin (BTC) is sitting comfortably above $92,000 right now, and the mood in crypto markets has shifted from nervous to cautiously optimistic. Institutional money appears to be flowing back in, and traders are watching closely as the Federal Reserve decision looms.

Here's where the major cryptocurrencies stand:

Market Snapshot:

• According to Coinglass, 106,270 traders got liquidated in the past 24 hours, wiping out $338.43 million in positions.
• Polymarket shows the probability of a 25 basis point Fed rate cut has jumped to 94%, up sharply from earlier estimates.
• The day's top gainers include Ethena, Bitcoin Cash, and Zcash, riding the broader market momentum.

What's Happening in Crypto:

• Former SEC Chair Gary Gensler continues warning that crypto remains "speculative and volatile" even as markets rally.
• Questions are swirling about the UK's crypto stance after seemingly contradictory policy signals about recognition and regulation.
• Binance co-founder Yi He has been named co-CEO following Changpeng Zhao's pardon by President Trump, clearing the way for expansion plans.
• Michael Saylor made waves claiming Bitcoin is now bigger than Google and the U.S. Navy combined by some measures.
• CNBC's Jim Cramer called Saylor "the master poker player" who never reveals his strategy.
• Saylor, El Salvador President Nayib Bukele, and analyst Tom Lee are holding firm despite recent volatility, with several entities aggressively buying the dips in Bitcoin and Ethereum.

What Traders Are Saying:

Altcoin Sherpa noted that Bitcoin is pushing into a major resistance band and approaching the 4-hour 200 EMA, a technical zone that typically produces sharp reactions. It's dangerous territory, but he still sees potential for short-term gains.

Ted Pillows struck a more cautious tone, warning that while the current rally might make traders believe a new all-time high is imminent, the setup eerily mirrors early 2022. Back then, BTC reclaimed the 50-week EMA only to lose it again and crash 50%. Even powerful pumps can be traps without confirmation from higher timeframes, he cautioned.

Eljaboom pointed out that Bitcoin is now retesting the critical weekly 50-period simple moving average, the same level that triggered the last full-blown bear market. A clean breakout above this level would restore the bullish structure, but another rejection could open the door to a drop toward $80,000.

The big question now: Is this rally the real deal, or just another head fake before the next leg down? With Fed policy uncertainty still hanging over markets and technical levels flashing warning signs, the next few weeks could determine whether we're heading back to new highs or setting up for another painful correction.