Bitcoin Climbs to $90K, A Level Not Seen Since Early March

Bitcoin Surpasses $90K as U.S. Equities Rebound on “Turnaround Tuesday”

Bitcoin (BTC) has soared above $90,000 for the first time since March 7, marking a more than 5% increase in the past five days as its price trajectory begins to decouple from traditional equities.

The S&P 500, which was trading above 5,700 points on March 7, has since fallen below 5,200, highlighting the contrast between the performance of bitcoin and that of U.S. stock markets.

Although bitcoin’s recent rally is impressive, the cryptocurrency is still down over 5% year-to-date. However, it has significantly rebounded from its April 8 low, when it was down nearly 20% for the year and more than 30% off its January high of $109,000. This marks the most significant correction of the current cycle, surpassing even the drop in August 2024, when bitcoin fell to $49,000.

From a market structure perspective, perpetual funding rates across exchanges are currently negative. A negative funding rate indicates that short sellers are compensating long holders to maintain their positions, which can create a short squeeze and potentially accelerate price movements as shorts are forced to cover.

In addition to the price action, Monday saw the largest single-day inflow into U.S. spot bitcoin ETFs since January 30, with over $380 million pouring into the market. With the Nasdaq up more than 1% on what some are calling “Turnaround Tuesday,” bitcoin could continue its upward momentum, though it faces key technical resistance ahead.