As of the 22nd, the price of Bitcoin (BTC) has exceeded $91,000, which has brought a lot of confidence to everyone.

I. Background and driving factors of breaking through $90,000

1 The revival of the "digital gold" narrative:

◦ Global economic uncertainty has increased, and the high tariff policy implemented by the Trump administration (such as tariffs on China as high as 104%) has triggered rising inflation expectations. The US dollar index (DXY) has fallen to a three-year low, prompting investors to seek anti-inflation assets.

◦

◦ Bitcoin has shown the characteristics of a safe-haven asset.

2 Institutional capital inflows:

◦ Bitcoin ETFs continue to attract capital inflows. According to Coinglass data, Bitcoin spot ETFs had a net inflow of $744 million last week, indicating strong institutional demand.

◦ Bernstein analysts predict that by the end of 2025, Bitcoin ETFs will account for 7% of the circulating supply of Bitcoin, and the asset management scale (AuM) may reach $190 billion.

◦ Institutional adoption (such as BlackRock, Fidelity) and companies such as MicroStrategy increasing their holdings of Bitcoin (Japanese company Metaplanet recently purchased 330 BTC) further pushed up prices.

3 Technical support:

◦ At the daily level, Bitcoin broke through the medium and short-term moving averages, the K-line showed 4 consecutive positive lines, MACD returned to the zero axis, and the volume was enlarged, showing that the bulls were strong. If it stands at $90,000, the correction may end and the market will reverse.

◦ Technical indicators show that the relative strength index (RSI) is 58.80, which is in the neutral range and the market is not overheated; the 50-day moving average ($84,642) and the 200-day moving average ($86,317) are both in an upward trend, supporting the medium-term bullish trend.

◦ After breaking through $90,000, the next resistance level is around $9.1 to $92,000.