Crypto markets have surged in recent weeks, with BTC making a dramatic recovery above the $90,000 threshold for the first time since March. The cryptocurrency has had a resurgence amid stock market volatility. With the dollar now looking weak, it’s emerging as a very sexy alternative investment. Bitcoin’s price was last higher by 4.8% at $91,563.27.
Bitcoin’s price increased to $91,754.28, hitting its peak since March 6. This spike marks a remarkable 23% jump from its trough in April. The digital asset is currently up more than 10% this month, beating gold’s 8% increase during the same time frame.
U.S. ETFs that track the spot price of Bitcoin posted a massive $381.4 million inflows on Monday alone. This inflow is the biggest daily increase since January 30, with inflows of $588.2 million. This represents the fourth consecutive day of inflows over the past five trading days.
At the moment, Bitcoin is very strong, said Ed Engel, an analyst with Compass Point.
"Bitcoin continues showing signs of resilience." - Ed Engel
As long as Bitcoin remains below this level, daily chartist Katie Stockton notes that the $88,000 level marks a key resistance level for Bitcoin.
"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." - Ed Engel
According to Katie Stockton, the $88,000 level represents a crucial resistance point for Bitcoin.
If cleared successfully, it would be a positive near-term development for bitcoin, putting its next resistance near $95,900. - Katie Stockton
