BTC rose to $90 thousand for the first time since the beginning of March
Bitcoin Reaches $90K for First Time Since Early March
US stocks rose more than 1% on 'Reversal Tuesday', helping Bitcoin break above $90,000.
James Van Straten, AI Boost | Edited by Sheldon Reback Updated April 22, 2025, 4:19 PM Published April 22, 2025, 1:44 PM
Key points:
- Bitcoin hits $90,000 for first time since March 7.
- On Monday, capital inflows into U.S. spot Bitcoin ETFs exceeded $380 million, the highest level since January 30.
- Negative perpetual funding rates indicate that short sellers are paying to hold positions, fueling the rally.
Bitcoin (BTC) has risen to $90,000 for the first time since March 7, up more than 5% over the past five days as the world's largest cryptocurrency and traditional stocks diverge.
By comparison, the S&P 500 index was above 5,700 on March 7 and then fell below 5,200.
Despite the recent gains, Bitcoin is still down more than 5% year to date. However, it has recovered significantly from its April 8 low, when its price fell nearly 20% for the year and more than 30% below its all-time high of $109,000 in January. That was the sharpest correction of the cycle and eclipsed the August 2024 low, when it fell to $49,000.
From a market structure perspective, the average perpetual funding rate on exchanges is currently negative.
Perpetual funding rates reflect the cost of holding long or short positions in the futures markets. When the rate is negative, it means that short sellers are compensating longs for holding their positions, which can accelerate the price move higher as shorts are forced to cover their positions in what is known as a short squeeze.
Adding to the bullish sentiment, Monday saw the largest one-day inflow into U.S. spot Bitcoin ETFs since Jan. 30, totaling more than $380 million. With the Nasdaq up more than 1% on what some analysts are calling “Reversal Tuesday,” Bitcoin could gain further momentum, although key resistance levels still lie ahead.
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UPDATE (April 22, 13:55 UTC): Added price history to third paragraph, market structure starts in fourth.
