Bitcoin (BTC) surged to $90,000 for the first time since March 7, adding more than 5% in the past five days as the paths of the largest cryptocurrency and traditional equities diverge.
In comparison, the S&P 500 was trading above 5,700 points on March 7 and has since slipped below 5,200.
Despite the recent bounce, bitcoin remains down more than 5% year to date. It has, however, recovered significantly from its April 8 low, when it was down nearly 20% on the year and more than 30% below its record of around $109,000 in January. That marked the steepest correction of this cycle and eclipsed the August 2024 drawdown, when it slid to $49,000.
From a market structure perspective, the average perpetual funding rate across exchanges is currently negative.
Perpetual funding rates reflect the cost of holding long or short positions in futures markets. When the rate is negative, it means short sellers are paying long holders to maintain their positions, a setup that can accelerate price moves higher because shorts are forced to cover their positions in what’s known as a short squeeze.
Adding to the bullish momentum, Monday marked the largest single-day inflow into U.S. spot bitcoin ETFs since Jan. 30, totaling over $380 million. With the Nasdaq up more than 1% on what some observers are terming “Turnaround Tuesday,” bitcoin may gain further upside, though key technical resistance levels still lie ahead.
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UPDATE (April 22, 13:55 UTC): Adds price movement history in third paragraph, market structure starting in fourth.
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