Bitcoin had itself a pretty good Wednesday, pushing toward $97,000 while traditional markets headed the other direction. It's one of those moments where crypto seems to be operating in its own universe, shrugging off the broader market jitters.

Here's how the major cryptocurrencies looked at 8:30 p.m. ET:

Bitcoin Surges as Market Sentiment Shifts to "Greed"

Bitcoin touched a two-month high of $97,860 on Wednesday, extending its 2025 gains past 10%. The timing is interesting: the Senate Banking Committee is about to debate and vote on a cryptocurrency market structure bill that could finally provide some regulatory clarity to an industry that's been operating in a gray zone for years.

While Bitcoin was having its moment, the rest of the major cryptos took a more mixed approach. Ethereum basically treaded water around $3,300, though trading volume did spike 10% over the previous 24 hours. XRP and Dogecoin gave back some of Tuesday's gains, slipping nearly 2% each.

Crypto-adjacent stocks joined the party. Strategy Inc. (MSTR) closed up 3.66%, while Coinbase Global Inc. (COIN) added 1.25%.

Behind the scenes, the derivatives market was getting interesting. Over $380 million in crypto positions got liquidated in the past 24 hours, according to Coinglass, with short sellers taking most of the pain. When shorts are getting squeezed like that, it usually means the move higher caught people off guard.

Bitcoin's open interest climbed 2.76% over the same period, signaling that traders are piling into speculative positions. The Crypto Fear & Greed Index, which does exactly what it sounds like, shifted from "Neutral" to "Greed." That's typically what happens when Bitcoin makes a run like this.

Top Gainers (24 Hours)

The total global cryptocurrency market cap now stands at $3.28 trillion, up 0.75% in the last 24 hours.

Traditional Markets Head South

While crypto was rallying, traditional markets had a rougher day. The Dow Jones Industrial Average slipped 42.36 points, or 0.09%, closing at 49,149.63. The S&P 500 dropped 0.53% to finish at 6,926.60, and the tech-heavy Nasdaq Composite fell 1% to end at 23,471.75.

Part of the uncertainty stems from the Supreme Court postponing its ruling on President Donald Trump's tariffs, leaving investors in limbo about the controversial trade policy.

Oil prices also took a hit, with U.S. West Texas Intermediate falling 2% to $60.66 a barrel. That decline came after Trump said that killings and executions in Iran have "stopped," though he stopped short of ruling out military action entirely. It's one of those geopolitical statements that leaves everyone guessing about what comes next.

Analysts Eye Bitcoin's Path to $100,000

So where does Bitcoin go from here? Arthur Azizov, Founder and Investor at B2 Ventures, thinks the $100,000 level is going to put up a fight.

"A lot of positioning sits there, and the market will likely hesitate on the first test," Azizov said. "But if that ceiling is hit, I may expect the $120,000–130,000 area throughout the year."

Azizov pointed out something worth considering: when risk appetite is limited, as it seems to be now, Bitcoin tends to act like a "shelter" asset. That's a shift from its earlier reputation as purely a risk-on trade.

Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, thinks Bitcoin could hit $100,000 as soon as this week. His reasoning is straightforward: the trend is upward, and momentum is building.

With regulatory clarity potentially on the horizon from the Senate and Bitcoin showing this kind of strength while traditional markets stumble, the next few days could be pretty interesting for crypto watchers.