Key points:
Monetary stimulus in China and Europe increases investors’ focus on Bitcoin price.
The US Federal Reserve is under political pressure to cut rates, as the DXY weakens.
Bitcoin’s decoupling from traditional markets continues to gain attention.
Bitcoin (BTC) traders are somewhat puzzled by BTC price jumping to $85,000, especially since the S&P 500 index has dropped 5.7% in April, and this move came after the cryptocurrency managed a 14% rebound off its trade-war induced crash to $74,400. Investors are cautiously optimistic, but multiple events and data points to further gains above $90,000.
Several metrics and events support a “decoupling,” meaning Bitcoin’s price is not closely following traditional financial instruments. However, some skepticism emerges as BTC has not matched gold’s performance. Gold reached an all-time high of $3,358 on April 16, leading to speculation that governments and central banks are increasing their gold reserves.
Global