Bitcoin has climbed to its highest level since the beginning of March, rising over 3% today to trade around $90,360.
This marks a nearly 20% rebound from the low seen on April 7, which followed a wave of risk-asset sell-offs triggered by U.S. President Donald Trump’s announcement of additional tariffs targeting allies.
With this upward move, Bitcoin has started trading more in line with gold — a traditional safe-haven asset — amid growing market uncertainty over trade policies.
The cryptocurrency’s divergence from U.S. assets and its recent rally come as a relief to crypto bulls, especially after Trump’s first three months in office failed to deliver the market rally many had anticipated. Still, despite its gains this month, Bitcoin remains significantly below the levels seen when Trump returned to the White House.
Adding to market unease, Trump recently intensified his attacks on Federal Reserve Chair Jerome Powell, blaming him for being too slow in cutting interest rates.
The U.S. Dollar Index, after hitting its lowest point since 2023, has shown only limited recovery. Meanwhile, the price of gold per ounce surpassed $3,500 for the first time ever.
What Are Analysts Saying?
These developments have prompted analysts to reassess the role of cryptocurrencies in portfolio diversification.
Richard Galvin, co-founder of Sydney-based crypto hedge fund DACM, stated, “If Bitcoin continues trading more like gold than a tech stock, this divergence will likely gain momentum.”
Tracy Jin, COO of MEXC, emphasized Bitcoin’s resilience and noted that its parallel rise with gold reflects a shift in investor perception. “Bitcoin’s ability to generate gains is reshaping how investors view it,” she said, highlighting the crypto asset’s potential to decouple from other risk assets.
Jin further suggested that if Bitcoin holds support above the $86,000–$87,000 range, this strong performance in the second quarter could trigger institutional inflows, potentially driving the price toward an all-time high between $150,000 and $200,000.
She also pointed to unverified rumors of Fed Chair Jerome Powell’s possible resignation as a factor that, combined with dollar weakness, could be fueling the rally in Bitcoin and gold. Jin urged investors to closely monitor upcoming economic data, as well as speeches from FOMC members and ECB President Christine Lagarde, as these could significantly influence market sentiment.
Katie Stockton, founder of Fairlead Strategies, maintained a more cautious view despite Bitcoin’s ongoing rally, retaining a short-term neutral stance. “Bitcoin has continued its rebound and broken above its 50-day moving average,” she noted, while also citing resistance between $88,200 and $88,800.
Alex Kuptsikevich, Chief Market Analyst at FxPro, emphasized Bitcoin’s technical strength and its current test of the 200-day moving average. “A breakout above this level could lead to an acceleration,” he commented, adding that the crypto market’s overall capitalization of $2.76 trillion reflects improving sentiment. The sentiment index, he noted, has climbed to 47 — a level not seen since the end of March.
Ethereum, Solana, XRP, and Dogecoin Also Rally
Alongside Bitcoin, major altcoins have also experienced gains. Over the past 24 hours, Ethereum and Solana have each risen by 5%, XRP by 2%, and Dogecoin by 6%.
Additionally, liquidation data revealed a total of $322.2 million in positions wiped out — including $184.55 million in short positions (betting on price declines) and $137.65 million in long positions (betting on price increases) — underscoring increased market volatility.
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