Bitcoin Surges Past $90,000 as Investors Seek Alternatives to Weak Dollar and Volatile Stock Market Bitcoin surged above $90,000 for the first time since March, rising over 5% to reach $91,605.01 on Tuesday, as investors look for safer assets amidst a declining dollar and a turbulent stock market. The cryptocurrency briefly touched $91,752.00 and has gained more than 8% over the past two days, rebounding 22% from its low earlier in April. This rally coincides with ongoing stock market volatility, exacerbated by former President Donald Trump's criticism of Federal Reserve Chair Jerome Powell, urging for interest rate cuts. Although U.S. equities experienced a brief rebound on Tuesday, investors are increasingly turning to alternatives like Bitcoin.
Coin Metrics reported that spot Bitcoin ETFs saw $381.4 million in inflows on Monday, the largest influx since January 30 and the fourth in five sessions. Ed Engel of Compass Point remarked, “Bitcoin continues showing signs of resilience.” He noted that while Bitcoin's correlation with equities approaches 1.0 during market sell-offs, its 30-day correlation with the S&P 500 is currently just 0.65, indicating a degree of decoupling from the stock market. Chart analyst Katie Stockton pointed out that surpassing the $88,000 resistance could signal continued strength, with a key next target near $95,900. As trading volumes remain light, long-term holders of Bitcoin appear to be increasing their positions, suggesting growing conviction in the asset's potential.
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