Bitcoin Surges Toward $90K as Market Sentiment Turns Bullish

The marquee cryptocurrency inched towards $90,000, hovering just below the key target at a little over $88,000 all morning.

Bullish Wave Pushes Bitcoin Closer to $90K Threshold

Bitcoin ( BTC) marched past $88,000, pushing its price toward the $90,000 mark after bullish momentum began building over the weekend. At the time of reporting, BTC is valued at $88,147.25, reflecting a 3.56% increase over the past 24 hours and a 5.73% rise over the past week. The leading cryptocurrency has traded within a 24-hour range of $84,832.16 to $88,758.73, signaling strong upward movement.

( BTC Price / Trading View)

Bitcoin Market Overview

• 24-hour Trading Volume: $27.65 billion, up by a staggering 154.27% over the past day. However, this surge primarily reflects a rebound from the typical weekend trading slump.
• Market Capitalization: $1.74 trillion, increasing by 3.51% in the past 24 hours.
• BTC Dominance: 61.70%, down slightly by 0.07% over the same period.
• BTC Futures Open Interest: $58.44 billion, marking an 8.92% increase in the past 24 hours, indicating rising interest from institutional and retail investors.
• Bitcoin Liquidations: $106.78 million in total liquidations, with $13.55 million in long liquidations and $93.23 million in short liquidations as bears bet the wrong way and were caught off guard by BTC’s recent surge.

Market Drivers: Commentary from Standard Chartered’s Geoffrey Kendrick

Geoffrey Kendrick, head of digital assets research at Standard Chartered, weighed in on bitcoin’s dual role in financial markets and said he sees the digital asset finally crossing $90,000 this week.

Kendrick considers BTC as both a hedge against traditional finance (TradFi) risks and as a proxy for tech stocks, given its correlation with the Nasdaq.

“Over the medium term, I see bitcoin as a hedge against TradFi issues,” Kendrick said. “But over shorter time horizons, it trades very much like the Nasdaq.”

He believes bitcoin is positioned for a strong performance this week, driven by:

• Easing tariff concerns: The White House is reportedly narrowing its April 2 tariff announcement, with industrial sector tariffs no longer expected. While some major trading partners will still face new tariffs, the Wall Street Journal reported that the overall impact may be less severe than feared.
• Nasdaq rebound potential: The first quarter of 2024 has been the worst for the Nasdaq since Q2 2022, setting the stage for portfolio rebalancing. Investors may increase allocations to tech stocks, which could, in turn, drive bitcoin higher.

Given these factors, Kendrick expects a positive week for bitcoin and the broader crypto market, with BTC eyeing the $90,000 level.

Source