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Bitcoin’s last flirting with territory appeared on Tuesday in early March this year, printing an intraday peak of $90,532. The move has extended the surge in BTC over the past two days, and it has been a 7.6% rally since Sunday’s lows. Amid the three-year lows of US dollar plumbing, the rise unfolds, and the new trade-war border cooperation between developers and Washington is widely linked.
Macro background exception binary. On the one hand, Wall Street’s benchmark spread about 16% from February’s high as investors digest President Donald Trump’s decision to impose “reciprocity” tariffs on allies while placing 145% of Chinese goods.
Negotiators from Seoul, Tokyo, Brussels and Beijing still have no agreements after two weeks of 90-day pause, with new talks held in Washington later this week. South Korea’s Acting President Han Duck -soo admitted before the delegation left: “The consultation process may not be easy.”
Why does Bitcoin rise?
Capital continues to move to classic safe havens. Spot Gold exploded at $3,400 per ounce on Monday (the fourth record in weeks), bringing the market value of metals to more than $20 trillion for the first time. Yellow metal has added about $6 trillion in market cap to its January peak, with Bitcoin tripling its value.
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Bitcoin’s latest leg-higher steps have been lubricated by the outbreak of institutional demand. On Monday, the U.S. spot ETF absorbed $381 million in net capital, the biggest single-day drag since February and a sharp reversal of net outflows that tangled the complex in March and early April.
A fierce debate is being fiercely debated on X, that is, to be precise, to power Bitcoin’s performance and risky assets. Hedge fund manager Benn Eifert believes the answer is largely arithmetic: “Bitcoin is a basket of global currencies in the Nasdaq currency, not the US dollar, not the US dollar, and the US dollar is collapsing.”
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Macro commentator TXMC competes with the popular narrative that the rise in global money supply is the main driver. In a thread refuting the “global M2” overlay, he agreed with EIFERT: “This is a very accurate way to think about how BTC performs. This is why people’s global M2 models seem to soar, even if the M2 data is 1-2 months, because they have overreacted to exchange for currency movement and don’t understand their models.”
Where is BTC next?
Short-term traders are fixed on a narrow resistance shelf, which has blocked every rally since late February. Analyst Jelle called the area a “main event” and added: “$92,000 is recovered and #BitCoin sends higher. Higher.”
The inner link indicators are drawn with similar pictures. Julio Moreno, head of research at CryptoQuant, noted that Bitcoin is imposing approximately $9.1k – $92K to the price bands achieved by traders. “When market conditions are bullish (green area, bull score >= 60), the price achieved by the trader can be supported as support
The momentum meter begins to thaw. Cold-blooded Shiller markedThe first RSI 50 crossover BTC In three months,” he added: “If we have counter-trend juice, this is where the upgrade is. ”
This optimism is alleviated by structural barriers. Daan Crypto Trades reminds followers that Bitcoin “closed in the high $91K level area of $900 million, which was the low range before…it’s also home to the 200ma daily.” In his opinion, a decisive push to “a few percent” will make the chart “very great. The Bulls know what to do.”
At press time, BTC was trading at $90,394.
Featured Images created with dall.e, Charts for TradingView.com
