Bitcoin Breaks Above $90,000 Amid U.S. Stock Market Surge
Bitcoin (BTC) has surged to $90,000, reaching its highest price since March 7. This breakout comes after a strong rally in U.S. equities, with the S&P 500 up more than 1% on "Turnaround Tuesday."
Key Highlights
Bitcoin reached $90,000, marking its first time back at that price since March 7.
U.S. spot Bitcoin ETFs saw over $380 million in inflows on Monday, the highest since January 30.
Negative perpetual funding rates indicate short sellers are paying to hold positions, which is fueling Bitcoin's rally.
Bitcoin's Bullish Momentum
Bitcoin has gained more than 5% in the past five days, signaling a strong recovery.
Despite a 5% drop year-to-date, Bitcoin has bounced back significantly from its April 8 low, when it was down nearly 20%.
This rally comes after Bitcoin faced its steepest correction in recent months, dropping to around $49,000 in August 2024.
Market Trends
Perpetual funding rates across exchanges are negative, meaning short sellers are paying long holders. This creates a short squeeze, driving prices up faster.
Bitcoin's recent rally is supported by the largest single-day inflow into U.S. Bitcoin ETFs since January 30, with over $380 million added.
What’s Next for Bitcoin?
With key technical resistance levels ahead, Bitcoin may continue its rise if the momentum from the stock market and ETF inflows holds.
If the short squeeze continues, Bitcoin could see further upward movement, potentially breaking past more resistance.
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