Bitcoin just jumped $3K in under an hour, climbing back above $94,000 while everyone was supposed to be playing it safe.

The timing? Less than 24 hours before the Fed's rate cut decision. The mood? Cautious optimism mixed with the kind of defensiveness that usually precedes a snapback.

What makes this interesting is what traders are positioned for. Most were bracing for more downside, piling into shorts and hedging against further weakness. Then the market did what it does best and punished the consensus.

The Fear and Greed Index sits at 30, deep in 'Fear' territory. Yet here we are, watching Bitcoin shrug off bearish positioning while $260 million in leveraged shorts got liquidated in just four hours.

So what happens next?