Bitcoin spent Tuesday flirting with territory last seen in early March this year, printing an intraday peak of $90,532. The move extends BTC\u2019s surge over the past two days, making it a 7.6% rallye since Sunday\u2019s low. The rise unfolds amid the dollar plumbing three\u2011year lows, developments traders widely link to renewed trade\u2011war brinkmanship in Washington.<\/p>\n
The macro backdrop is unusually binary. On one side, Wall Street benchmarks are off roughly 16% from their February highs as investors digest President Donald Trump\u2019s decision to impose\u2014and then partially suspend\u2014\u201creciprocal\u201d tariffs<\/a> on allies while ratcheting levies on Chinese goods to 145 %.<\/p>\n Two weeks into the 90\u2011day pause, negotiators from Seoul, Tokyo, Brussels and Beijing still have no agreements in hand, and fresh talks convene in Washington later this week. \u201cThe consultation process may not be easy,\u201d South Korea\u2019s acting president Han Duck\u2011soo conceded ahead of his delegation\u2019s departure.<\/p>\n Capital continues to migrate toward classic safe havens. Spot gold blasted through $3,400 an ounce on Monday\u2014its fourth record in as many weeks\u2014lifting the metal\u2019s market value above $20 trillion for the first time. The yellow metal has added roughly $6 trillion in market cap year\u2011to\u2011date, three times Bitcoin\u2019s value at its own January peak.<\/p>\n Bitcoin\u2019s latest leg higher has been greased by a burst of institutional demand. US spot\u2011Bitcoin ETFs absorbed a net $381 million on Monday, the largest single\u2011day haul since February and a sharp reversal from the net outflows that dogged the complex in March and early April.<\/p>\n A lively debate is raging on X over what, exactly, is powering Bitcoin\u2019s outperformance versus risk assets. Hedge\u2011fund manager Benn Eifert argues the answer is largely arithmetic: \u201cBitcoin is NASDAQ denominated in a basket of global currencies, not USD, and USD is collapsing.\u201d<\/p>\n Macro commentator TXMC contests<\/a> the popular narrative that an upswing in global money supply is the dominant driver. In a thread rebutting \u201cGlobal M2\u201d overlays, he agreed with Eifert: \u201cThis is quite an accurate way of thinking about BTC\u2019s performance. And it\u2019s the same reason people\u2019s Global M2 models<\/a> have appeared to be skyrocketing even though the M2 data is 1-2 months old- because they\u2019re overreacting to currency moves and don\u2019t understand their models.\u201d<\/p>\n Short\u2011term traders are fixated on a narrow resistance shelf that has capped every rally since late February. Analyst Jelle calls the area the \u201cmain event,\u201d adding: \u201cReclaim $92,000 and #Bitcoin sends higher. A lot higher.\u201d<\/p>\n On\u2011chain metrics paint a similar picture. Julio Moreno, head of research at CryptoQuant, notes<\/a> that Bitcoin is pressing into the Traders\u2019 Realised Price band at roughly $91k\u2013$92k. \u201cThe trader\u2019s Realized Price<\/a> acts as support when market conditions are bullish (green area, bull score >= 60), and as resistance when market conditions are bearish (red area, bull score <= 40). We are currently still in the second scenario,\u201d he cautions.<\/p>\n Momentum gauges have begun to thaw. Cold Blooded Shiller flagged a \u201cfirst RSI 50 crossover on BTC in 3 months,\u201d adding \u201cif we\u2019ve got counter-trend juice, this is where it ramps up.\u201d<\/p>\nWhy Is Bitcoin Up?<\/h2>\n
Where Is BTC Headed Next?<\/h2>\n