Bitcoin moves closer to $90,000 as Steak ‘n Shake adds $5 million.

Bitcoin rose above $89,000 but remained largely range-bound as investors remained cautious ahead of a key policy decision from the U.S. Federal Reserve scheduled for later today, balancing dollar and gold price weakness.

BTC price It is up more than 1% in the last 24 hours and is trading at $89,080 as of 3:12 AM ET, with an intraday high of $89,394 and trading between $87,300 and $89,500. This surge is consistent with the broader cryptocurrency market, which has seen its market cap increase by more than 1% to $3.1 trillion.

The price-to-volume ratio also surged more than 9% to $44 billion, indicating a recent increase in market activity as interest rates rise.

This interest came from Steak n’ Shake, which added $5 million in Bitcoin tokens to its strategic reserves.

Steak ‘n Shake adds $5 million in Bitcoin to reserves.

Fast food restaurant chain Steak n’ Shake has added $5 million worth of BTC to its strategic Bitcoin reserve, following a commitment to place all sales made in BTC directly into the fund.

After the latest purchase, the company now holds $15 million, equivalent to approximately 167.7 BTC, following the $10 million increase announced on January 18.

Steak n Shake will begin accepting Bitcoin payments at all of its locations starting May 16, making the cryptocurrency available to its more than 100 million customers. The movement has just begun…

—Steak Tosh pic.twitter.com/1SGMifDZep

— Steak & Shake (@SteaknShake) May 9, 2025

However, it is not clear how much BTC the company is holding and whether that amount reflects price increases, customer payments, or additional Treasury purchases.

According to the company, it aims to transform the chain through financial technology by improving food quality to drive same-store sales and, in turn, SBR growth.

This comes as Bitcoin adoption among public companies continues to grow over the past 12 months. According to data from BitcoinTreasuries.Net, approximately 1.13 million BTC is held in treasuries.

Bitcoin Remains Range-Limited Amid Federal Reserve Caution

Bitcoin continues to be supported by broad-based dollar weakness after US President Donald Trump expressed concerns about its decline.

The dollar hit a four-year low, while gold prices hit a record high above $5,200 an ounce, reinforcing demand for alternative stores of value.

Despite these tailwinds, the top cryptocurrency continues to struggle to sustain a decisive breakout, trading in a narrow range between $88,000 and $89,000.

Positioning is still light as a trader. wait Clarity from the Fed, where risk appetite is limited by uncertainty about the near-term path of U.S. interest rates.

As the Federal Reserve’s policy meeting draws to a close this afternoon, investors are closely watching the accompanying statement and Chairman Jerome Powell’s remarks for any signs of when interest rate cuts will begin.

Bitcoin price signals indicate range stabilization below key resistance.

that Bitcoin price It shows signs of near-term stabilization after corrective action, consolidating near the key support zone around $85,000-$86,000.

The daily chart indicates that BTC is trying to build ground after a rejection of the $97,800 area and a strong sell-off that pushed the price below key moving averages.

Multiple bounces from the lower support zone confirm strong buying interest near $84,000-$86,000, while repeated rejections near $93,000-$95,000 indicate that sellers are still operating overhead. This behavior can only occur when the price finds direction.

Key resistance lies in the $93,000-$95,000 area, coinciding with the 0.236 Fibonacci retracement and the declining 50-day SMA ($89,971), adding to the confluence and strengthening this barrier.

A sustained break above this area could move Bitcoin towards the next resistance near $100,000-$103,000, where the 200-day SMA and higher Fibonacci levels come into play.

BTC Investors Remain Cautious Below $90,000

The Relative Strength Index (RSI) on the daily chart is hovering around 45-48, reflecting neutral to bearish momentum. This level means that neither party has firm control consistent with ongoing integration.

Bitcoin price is in an important decision zone, and it is likely that future sessions will determine whether the range will be higher or lower. Investors will not be paying attention to price action around the $89,000-$90,000 area or reaction at the range boundaries for directional clues.

If BTC’s price holds its current support levels and momentum improves, buyers could push it towards the $93,000-$100,000 region, which could become the next resistance level.

However, the main historical data show BTC usually falls after every FOMC meeting, making investors nervous.

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