Bitcoin surged above $90,000 for the first time since March, rising over 5% to $91,605.01 on Tuesday, according to Coin Metrics.
Bitcoin briefly reached $91,752 and is now up more than 8% in two days, rebounding 22% from its April low. The rally follows ongoing stock market volatility and a weakening dollar. U.S. equities fell Monday after Donald Trump increased pressure on Federal Reserve Chair Jerome Powell to cut interest rates. Although markets recovered Tuesday, investors continue turning to alternatives.
Spot Bitcoin ETFs saw $381.4 million in inflows Monday—the largest since January 30 and the fourth in five sessions.
“Bitcoin continues showing signs of resilience,” said Ed Engel of Compass Point. “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.”
Engel also noted light trading volumes and steady long-term holders. Chart analyst Katie Stockton said a break above $88,000 signals a potential move toward $95,900.