On April 23, Bitcoin broke through the $90,000 mark for the first time since early March, sparking market optimism that it might finally break free from its long-term correlation with U.S. tech stocks. On Tuesday, Bitcoin rose 6.77%, and on Wednesday morning in Asian trading, it reached a high of $93,883 per coin. The U.S. dollar index slightly rebounded after falling to a three-year low on Monday. Despite a significant rebound after a sharp drop on Monday, the Nasdaq 100 index remains far below its highs from late February to early March.
Previously, Bitcoin was briefly dragged down by a risk asset sell-off triggered by Trump's tariffs, but has since rebounded over 20% from its April 7 low. During this process, Bitcoin's trading performance began to resemble gold, an asset that has performed prominently under tariff uncertainty.
Over the past week, Trump launched a fierce attack on Federal Reserve Chairman Powell, criticizing him for being too slow to cut rates, which increased investor unease and reinforced claims about the end of "American exceptionalism". Meanwhile, market expectations of more details about the "Strategic Bitcoin Reserve" plan being revealed in the coming weeks have also been a key catalyst for the crypto asset's rebound.
Bitcoin's futures and options markets have also shown signs of renewed bullish demand. A notable signal is that the CME Bitcoin basis—the difference between spot and futures prices—has climbed to a three-month high, while the number of outstanding contracts has moderately increased.
