Bitcoin Jumps Past $90,000: What’s Fueling the Surge?

April is hot for crypto! Bitcoin Jumps Past $90,000, Climbing Over 20% in April.
The price jump is causing optimism, suggesting Bitcoin might stop moving like tech stocks.
Trump’s Strategic Bitcoin Reserve plan, which includes a stockpile of other digital tokens, is also contributing to Bitcoin’s rise.
US Bitcoin ETFs saw $381 million in new money on Monday, the biggest inflow since January 30.

In a dramatic shift that has crypto enthusiasts buzzing, Bitcoin soared past the $90,000 mark in April 2025, notching an impressive 23% gain in just a few weeks. This rally has pushed Bitcoin to its highest level since early March and sparked fresh conversations about whether the world’s leading cryptocurrency is finally breaking away from its traditional correlation with tech stocks.

The climb past $90,000 is more than just a psychological milestone. It could be the clearest signal yet that Bitcoin is maturing into an asset class of its own, acting more like a store of value — akin to gold — rather than a speculative tech stock proxy.

A Turnaround Month for Bitcoin

April started off rocky for Bitcoin. President Trump’s announcement of sweeping new tariffs — aimed at both allies and competitors — initially sent shockwaves through the financial markets. Bitcoin wasn’t immune; it dipped along with tech heavyweights. However, since April 7, Bitcoin reversed course and staged a strong comeback, climbing nearly 23% to reach $91,687 at one point.

At the same time, the Bloomberg Dollar Spot Index showed signs of strain, falling to levels not seen since late 2023 before ticking slightly upward. Meanwhile, while the Nasdaq 100 began to claw back some losses after Monday’s sharp decline, it still remains well below its February and March highs.

Bitcoin jumps over $90,000 for the first time since March, gaining 23% in April. Traders see signs of decoupling from tech stocks and rising investor demand.

The clear divergence between Bitcoin and tech stocks has experts taking notice. Many believe that a weaker dollar is playing a pivotal role. A softening greenback tends to push investors toward alternative assets — and Bitcoin, often dubbed “digital gold,” is now reaping the benefits.

Bitcoin’s Independence: A New Narrative?

For years, Bitcoin skeptics and analysts alike lumped Bitcoin’s movements together with the Nasdaq, citing heavy overlap in investor behavior. But now, that view is being challenged. Augustine Fan of SignalPlus highlighted this changing dynamic:

“We used to say Bitcoin was just like the Nasdaq with more risk. But now it’s showing it can act differently.”

The shift couldn’t come at a more critical time. President Trump’s early tenure in his second term didn’t deliver the Bitcoin rally many had predicted. Despite April’s surge, Bitcoin still trades about 16% below its all-time high of over $109,000 reached in January, shortly after Trump’s inauguration.

Trump’s growing frustration with Federal Reserve Chair Jerome Powell over the slow pace of interest rate cuts has created uncertainty across markets. His public criticisms are fueling fears about the independence of the Fed, a narrative that ironically seems to be boosting Bitcoin even further.

The Strategic Bitcoin Reserve

Adding fuel to Bitcoin’s rally is Trump’s Strategic Bitcoin Reserve initiative. In March, the president signed an executive order to explore the establishment of a reserve of Bitcoin and other digital tokens. Under the order, the Treasury Secretary must report back within 60 days on the legal and financial framework needed to implement the plan. Vetle Lunde from K33 noted the significance of the looming deadline:

“The deadline for Trump’s order is coming fast — less than two weeks away. And talk about the Fed’s independence is helping Bitcoin, too.”

The prospect of a government-backed Bitcoin reserve has energized bulls, who see it as a major validation of cryptocurrency’s role in the global financial system.

Futures and Options: Signs of a Bullish Rebound

On the CME exchange, Bitcoin’s futures market is flashing bullish signals. The basis — the gap between spot and futures prices — just hit a three-month high, suggesting robust demand for long positions.

Additionally, short positions are being liquidated at a rapid pace, further fueling upward momentum. Coinglass data shows that liquidation events have been particularly frequent over the last week, often marking the capitulation of bearish traders. According to Lunde:

“We’re seeing early signs that traders want to go long again.”

Options trading activity backs up this sentiment. Traders are pivoting away from downside protection and increasingly buying calls — options that benefit from rising prices — rather than puts, which protect against price falls. Ravi Doshi of FalconX observed:

“People stopped buying downside protection and started buying calls when Bitcoin passed $90K.”

However, caution still lingers. Some investors are hedging their bets, purchasing puts that allow them to sell Bitcoin at $70,000 — insurance against a sharp downturn.

Offshore Perps Send Mixed Messages

While the futures market on U.S. exchanges looks bullish, offshore perpetual futures (perps) are telling a more complex story. Perps allow traders to maintain open positions indefinitely, adjusting funding rates based on market sentiment.

Currently, the funding rate is negative, meaning more traders are shorting Bitcoin than longing it. Lunde explained:

“Open interest in perps jumped 8.4% in the past day and a half. But funding rates are still negative. That shows slight bearish pressure.”

This mixed signal suggests that while bullishness is growing, some players remain wary of Bitcoin’s fast-paced ascent.

Bitcoin and Gold: Rising Together

One of the most fascinating developments is how Bitcoin and gold are moving in tandem. On Tuesday, gold briefly soared to a record $3,500 an ounce before retreating slightly. The simultaneous rise of Bitcoin and gold strengthens the case that Bitcoin may indeed be decoupling from tech stocks and aligning more closely with traditional safe-haven assets. Richard Galvin of DACM remarked:

“If Bitcoin keeps acting more like gold than a tech stock, more people will believe in the decoupling.”

Investor confidence appears to be growing. US Bitcoin ETFs saw an inflow of $381 million on Monday — the largest since January 30. Analysts like Riya Sehgal of Delta Exchange suggest that if Bitcoin can hold above $88,800, it could make a push towards $92,000 or even $94,000.

Disclaimer: CryptopianNews shares this for learning and info only. It’s not meant to be financial or investment advice. Crypto markets change a lot and move quickly. Investing in them can be risky. You should always look into things yourself. Talk to a trained financial advisor before making any choices about investing.

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