As Bitcoin Surpasses $95K and Stocks Stay Robust, Analyst Cautions Against ‘Blind’ Market Optimism

Bitcoin Nears $96K as Markets Rally Despite Economic Concerns and Tariff Fallout

Bitcoin’s upward momentum continued on Tuesday, rising 1% and approaching the $96,000 mark, signaling a potential breakout to levels not seen since mid-February. The cryptocurrency was trading at approximately $95,400, providing some optimism amid broader market uncertainty.

The CoinDesk 20 index, which tracks the top 20 cryptocurrencies by market cap, saw a 1.1% rise, with Bitcoin Cash (BCH) leading the way, climbing 6.3%. Crypto stocks, on the other hand, posted more modest gains — Coinbase (COIN) rose 0.9%, while MicroStrategy (MSTR) added 3.3%. Janover (JNVR) saw a notable 16% jump due to its ongoing strategy of accumulating Solana (SOL).

Traditional equity markets continued their recovery from early April’s tariff-driven slump. The S&P 500 and Nasdaq each gained 0.55%, reflecting some resilience despite the growing fears surrounding economic slowdowns.

However, there are signs that all is not well beneath the surface. U.S. consumer confidence reached its lowest level since May 2020, according to the latest Conference Board survey, and the consumer outlook dropped to levels not seen since 2011. The March JOLTS report also showed a decline in job openings, falling to 7.19 million — short of the 7.5 million economists had expected.

In trade-related news, Secretary of Commerce Howard Lutnick announced that the White House had reached a trade deal with an undisclosed nation. However, the agreement is still pending ratification by the other country’s leadership.

While markets remain upbeat, some analysts are questioning the disconnect between market performance and underlying economic realities. Jeff Park, head of Alpha Strategies at Bitwise, expressed skepticism in a post on X: “Hard to fathom how blind the market really is.”

Park pointed out that while investors are focused on potential Fed rate cuts, the bigger concern lies in long-term consequences. “A rate cut means nothing if U.S. creditworthiness is permanently damaged by dollar weaponization,” he argued. “The real mispricing is the failure to recognize that if the U.S. is no longer seen as risk-free, the cost of capital could rise globally.”