Bitcoin breaks downtrend with spike toward $92.6K, but who’s behind the price momentum?
Bitcoin (BTC) price increased by 9% over the Easter weekend, surpassing $91,000 on April 22, contrasting with a weak stock market rebound. Bitcoin open interest (OI) rose 17% to a two-month high of $68.3 billion, indicating bullish sentiment among traders. The market is in contango, with futures prices exceeding spot prices, suggesting investor expectations of rising prices. Institutional interest is reviving, as shown by the Coinbase Bitcoin Premium Index, which rose to 0.16% due to increased institutional demand. Notable purchases include Michael Saylor's acquisition of 6,556 BTC for $555.8 million and Metaplanet's addition of 330 BTC. Bitcoin ETFs saw $381 million in inflows, reversing a trend of heavy outflows. A breakdown of a multimonth downtrend signals potential for an uptrend. The US Dollar Index has declined significantly, raising concerns about the dollar's stability and enhancing Bitcoin's appeal as a decentralized asset amidst traditional monetary system uncertainties.
