Bitcoin (BTC) surged to $90,000 for the first time since March 7, marking a 5% increase over the past week. The rally has been fueled by significant inflows into U.S. spot bitcoin ETFs, exceeding $380 million on Monday, the highest since late January. Meanwhile, the S&P 500 has dropped below 5,200 points from over 5,700 on March 7, indicating a divergence in performance between traditional equities and cryptocurrencies. Despite this recent uptick, BTC remains down over 5% year-to-date and has rebounded from an April 8 low of nearly 20% down for the year, illustrating its volatility. The current market conditions feature negative perpetual funding rates, forcing short sellers to cover their positions, which may further enhance upward price pressure. Analysts suggest that, given these dynamics, BTC may have potential for more gains in the forthcoming days.

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