Bitcoin Reclaims $90,000 Level as Investors Jump In Amid Stock Market Turbulence
In a significant turn of events, Bitcoin has reclaimed the $90,000 level for the first time since March, as investors jumped into the cryptocurrency for a second day amid continued stock market turbulence and a falling dollar. According to Coin Metrics, the price of Bitcoin was last higher by about 4.8% at $91,563.27, bringing its 2-day gain to more than 8%. Earlier, it rose as high as $91,754.28, its highest level since March 6. It’s off its April low now by about 23%.
The big up move this week coincided with yet another sell-off in U.S. equities on Monday, as Trump ratcheted up his pressure campaign on Federal Reserve chair Jerome Powell, demanding he lower rates immediately as the Trump administration explores whether Powell can legally be fired before his term ends in May 2026. On Tuesday, stocks recovered most of the steep declines suffered in the previous session. As reported by CNBC, "U.S. ETFs that track the price of spot bitcoin logged $381.4 million in inflows on Monday. That was their biggest daily inflow since Jan. 30, when they posted $588.2 million, and their fourth day of inflows in the past five trading sessions."
The cryptocurrency was highly vulnerable to stocks’ tariff-fueled volatility earlier this month but has been decoupling from risk assets in the past week or so. As of Tuesday, it’s up more than 10% in April, surpassing gold’s 8% gain in the same period. The S&P 500 and U.S. dollar index have each lost 5% month to date. According to Ed Engel, an analyst at Compass Point, "Bitcoin continues showing signs of resilience. Bitcoin’s correlation with equities historically approaches 1.0 during macro sell-offs; however, its 30-day correlation with the S&P is just 0.65." CNBC reports that Engel added, "While we’re constructive on bitcoin’s recent decoupling, recent strength comes alongside light trading volumes. This lowers our conviction that bitcoin can break above the $93,000 resistance level without a significant catalyst like Fed easing or tariff deals."
Katie Stockton of Fairlead Strategies noted that the $88,000 level marks key resistance for the cryptocurrency. If cleared successfully, it would be a positive near-term development for Bitcoin, putting its next resistance near $95,900, Stockton said. As quoted by CNBC, "Bitcoin’s long-term holders remain steadfast and buying from Strategy is picking up as bitcoin’s liquidity declines … these factors can support further resiliency amid equity and fixed income volatility."
The recent surge in Bitcoin’s price has sparked optimism among investors, with many analysts attributing the gains to the cryptocurrency’s decoupling from risk assets. As reported by CNBC, Ed Engel noted that "Bitcoin’s long-term holders remain steadfast and buying from Strategy is picking up as bitcoin’s liquidity declines … these factors can support further resiliency amid equity and fixed income volatility." The ongoing developments in the cryptocurrency market are being closely watched by investors, with many eagerly awaiting the next move.
In related news, investors are eagerly awaiting the next move in the cryptocurrency market, with many analysts predicting further gains in the coming weeks. As reported by CNBC, the recent surge in Bitcoin’s price has sparked optimism among investors, with many attributing the gains to the cryptocurrency’s decoupling from risk assets. The market is expected to continue to be volatile, with investors closely watching the developments in the cryptocurrency space.
The news was originally reported by CNBC, a leading provider of financial news and analysis. The article provided an in-depth analysis of the current state of the cryptocurrency market, including the recent surge in Bitcoin’s price and the potential implications for investors. CNBC is a trusted source of financial news and analysis, providing investors with the information they need to make informed decisions.
Investors are advised to keep a close eye on the developments in the cryptocurrency market, as the ongoing volatility is expected to continue in the coming weeks. With many analysts predicting further gains in the cryptocurrency market, investors are eagerly awaiting the next move. As reported by CNBC, the recent surge in Bitcoin’s price has sparked optimism among investors, with many attributing the gains to the cryptocurrency’s decoupling from risk assets.
