Bitcoin returns to $90,000 with a vengeance: a safe haven in a turbulent market? Will BTC regain its title as digital gold?

Amid stock market volatility and a weakening US dollar, Bitcoin has once again attracted investors' attention, with its price surging past $90,000 and reaching a new high since early March. This rebound demonstrates that cryptocurrencies are regaining their status as a hedge asset in an uncertain macroeconomic environment.

Bitcoin Breaks $90,000, Reaching New High Since March

According to Coin Metrics, Bitcoin rose over 3% on Tuesday, reaching $90,282, its first return to this price level since March 7. In fact, Bitcoin had already risen about 3% on Monday, recovering approximately 21% from its April low.

This strong upward movement comes as US stocks face new selling pressure. Particularly with Trump increasing pressure on Federal Reserve Chairman Jerome Powell, demanding immediate interest rate cuts and considering whether to replace him before his term ends in May 2026, market uncertainty has further intensified.

Investors Flood Bitcoin ETF with $381 Million Inflow in Single Day

Bitcoin spot ETFs have also shown strong enthusiasm, attracting $381.4 million in inflows on Monday alone, the largest single-day inflow since January 30 when $588.2 million flowed in. This marks the fourth net inflow day in the past five trading days, indicating continuous market funds entering Bitcoin-related products.

Decoupling from Stock Market? Bitcoin and S&P 500 Correlation Decreases

Analysts note that Bitcoin is showing signs of "decoupling" from traditional risk assets. Ed Engel from Compass Point states that Bitcoin's historical correlation with stocks was close to 1.0 during macro market sell-offs, but its 30-day correlation with the S&P 500 is now only 0.65.

"While we are optimistic about Bitcoin's recent decoupling trend, we remain reserved about its ability to break the $93,000 resistance level given the currently low trading volume," Engel added. He also mentioned that long-term holders' confidence remains strong, and factors such as strategic buying and decreasing Bitcoin market liquidity might support its resilience during market fluctuations.

Technical Analysis: Next Target $95,900?

According to Katie Stockton, chart analyst at Fairlead Strategies, $88,000 is a critical resistance level for Bitcoin. Stable breakthrough of this level could help boost short-term price performance. She predicts the next potential resistance will be at $95,900.

Thriving Amid Challenges: Cryptocurrency Regaining Momentum?

Bitcoin's recent trend has rekindled many observers' attention to its role during global economic instability. With both gold and Bitcoin rising over 9% in April, while the S&P 500 dropped 6% and the US Dollar Index fell 5%, this might indicate the market is repricing risk and hedging tools.

Whether more investors will view Bitcoin as "digital gold" in the future, or if this rally is just another temporary rebound, remains to be seen. However, current indications suggest that Bitcoin has indeed "held its ground in the storm".