Bitcoin has surged past the $90,000 mark for the first time since early March, signaling renewed investor interest amid growing instability in traditional financial markets.
The cryptocurrency climbed more than 3% on Tuesday to $90,282, according to Coin Metrics, building on a similar gain from Monday. The rally has pulled Bitcoin about 21% above its April low, as market participants pivot toward alternative assets while U.S. equities come under pressure.
The recent crypto upswing has been fueled by political and economic uncertainty. On Monday, former President Donald Trump escalated his campaign against Federal Reserve Chair Jerome Powell, urging an immediate interest rate cut and questioning whether Powell can be removed before his term ends in 2026. The tension sparked another sell-off in U.S. stocks, prompting investors to flock to Bitcoin and other safe-haven assets.
Spot Bitcoin ETFs in the U.S. saw significant investor demand, with $381.4 million in inflows on Monday—their largest single-day inflow since January 30, and the fourth in five trading sessions.
Bitcoin’s recent strength comes as it appears to be decoupling from risk assets. Earlier in the month, it was heavily impacted by tariff-related stock market volatility. Now, the cryptocurrency is up more than 9% in April, matching gold’s gain, while the S&P 500 has fallen 6% and the U.S. dollar index has dropped 5%.
“Bitcoin continues showing signs of resilience,” wrote Ed Engel, an analyst at Compass Point, in a note on Tuesday. “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 added that while the decoupling trend is promising, low trading volumes are tempering confidence in a breakout above the key $93,000 level.
“This lowers our conviction that bitcoin can break above the $93,000 resistance level without a significant catalyst like Fed easing or tariff deals,” he said. “That said, bitcoin’s long-term holders remain steadfast and buying from Strategy is picking up as bitcoin’s liquidity declines … these factors can support further resiliency amid equity and fixed income volatility.”
