Bitcoin destroys the downtrend with a spike towards $ 92.6k, but who’s behind the price momentum?
Bitcoin (Btc) The price moved forward on the end of Easter Sunday, jumping 9% and crossing a $ 91,000 threshold on April 22. This strong performance differs from the warm stock market behavior and bullish behavior of gold, which briefly touches a new time high of $ 3,500.
While the BTC rally and its growing degeneration from equality -notably, it is the market of derivatives that offers a more bullish signal.
According to the data from CoinglassBitcoin Open Interest (OI) rose 17%, reaching a 2-month high to $ 68.3. The OI measured the total capital that invested in BTC derivatives, and such an uprising shows a growing emotion of entrepreneurs.
The market is currently in Contango – a situation in which futures prices (noteworthy the futures of CME Bitcoin) are higher than the price of the area. This usually occurs because investors expect to increase prices and take advantage of seizure tools offered by exchanges, allowing them to get more exposure through futures than they can do in direct purchases of the area.
It raises two questions: who buys, and why?
Institutional interest returns
One major measure for understanding the investor’s composition is the Coinbase Bitcoin premium index. It measures the difference -the price of percentage between Bitcoin in Coinbase Pro (BTC/USD) and Binance (BTC/USDT). Since Coinbase Pro caters, most of the US -based investors, while Binance has a broader global retail listener, this premium may indicate where the purchase of pressure comes from.
While the first half of April showed a strong dominance in retail, April 21–22 saw the institutional kick kick, along with Coinbase’s premium rising to 0.16%, per Coinglass.
Michael Saylor’s approach may be among consumers. On April 21st, Saylor announced Taking 6,556 more BTC for approximately $ 555.8 million at an average price of ~ $ 84,785 per coin. It brings total microstrategy handling with an eye-watering 538,200 BTC, which costs approximately $ 48.4 billion at current prices.
On a smaller size, Japan -based metaplanet also added 330 BTC to its treasury, pushing its entirety to 4,855 BTC, the CEO of the company announced On the same day.
Meanwhile, investors favoring traditional financial instruments in the direct handling of Bitcoin have also begun to change their interests. According to coinglass Data. Since February, the ETFs have suffered 33 days of net outflows compared to just 21 days of flowing, with flows that are dominant in volume. The recent reflection suggests a modified confidence, especially from investors in line with Tradfi.
Related: Bitcoin risk 10% -15% BTC price dip after key rejection near $ 89k
The dollar faded as Bitcoin rises
Because tariff fears hold the market, institutional investors maintain Bitcoin and are equal to the length of the arm, but there is one thing to move on the end of Easter weekend.
Crypto analyst rect capital mentioned That bitcoin is definitely broken from its multimonth downtrend
“The multimonth downtrend is over. And when a technical dowrend is broken, technical uprisings appear.”
Another, more macroeconomic, the factor may be the increasing intensity between US President Donald Trump and Federal Reserve Chair Jerome Powell. Their growing Rift, centered on concerns about inflationary pressure from tariffs and the Fed’s reluctance to cure rates, gave shadow to the US dollar.
The US dollar indexThat monitors the value of the dollar against a basket of currencies, has been in freefall since February, reaching the lows last seen in 2022. Trump’s public pressure In Powell, and speculation -Haka that he can try to remove him or other Fed officials, are releasing anxiety on Fed’s freedom – a foundation pillar of the US financial system.
The potential consequences of a falling dollar for the global economy are difficult to predict, but one thing is clear: Bitcoin stands to become a major beneficiary. A decentralized, money -resistant currency is only managed by the code, with a fixed supply schedule and no central authority to manipulate its release. While trusting in traditional financial systems continues to explode, the narrative of Bitcoin is growing stronger.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
