Bitcoin Surges to $90,000 for First Time Since March 7
Bitcoin (BTC) reached $90,000, marking a 5% increase over the past five days. This surge coincides with diverging trends between BTC and traditional equities, as the S&P 500 has fallen below 5,200 from over 5,700 on March 7.
Key points:
- Bitcoin is down over 5% year-to-date but has rebounded from an April 8 low of nearly 20% down for the year.
- The current average perpetual funding rate on exchanges is negative, indicating short sellers are paying long holders.
- A negative funding rate can lead to a short squeeze, potentially driving prices higher.
- On Monday, U.S. spot bitcoin ETFs saw inflows exceeding $380 million, the largest since January 30.
- The Nasdaq rose over 1%, suggesting potential further upside for Bitcoin, though key resistance levels remain.