Bitcoin jumped early Wednesday as U.S. stocks opened, briefly reclaiming $90,000 for the first time since last weekend.

Bitcoin hit an intraday high of $90,336.36 before easing back to around $88,350.

Metals rally and Fed comments

The move came alongside a sharp rally in metals.

Silver rose nearly 5% to a fresh record above $66 per ounce, while gold and copper were each up more than 1%.

Fed Governor Chris Waller, described as a leading contender to be the next Federal Reserve chair, also delivered dovish remarks.

He said the neutral fed funds rate was 50 to 100 basis points below the current level.

Waller added that the U.S. is close to zero jobs growth and that he does not expect inflation to rebound.

Positioning points to short covering

Coinglass data showed open interest falling even as price moved higher, with open interest declining from 669,000 BTC to 665,000 BTC.

Analysts claim this pattern suggests shorts were covering rather than new leverage entering the market.

Tracking the move

Bitcoin’s jump was described as a rare spike higher during the U.S. session, as the BTC price has generally dropped at the start of U.S. sessions.