Bitcoin (BTC) Price Has Soared Past the $90,000 Mark Today

Bitcoin (BTC) has soared past the $90,000 mark today, reaching a six-week high as investors respond to macroeconomic uncertainties and increased institutional interest.​

Bitcoin (BTC) price today crossed the $90,000 level to hit a six-week high as macroeconomic uncertainties and increased institutional interest pushed the cryptocurrency higher.

Here’s a look at the latest on BTC and what to watch for next.

Key Factors Driving Bitcoin’s Rally

President Trump’s recent criticisms of Federal Reserve Chair Jerome Powell, including calls for his removal, have rattled traditional markets. The political tension has also led to weakness in the U.S. dollar, leading traders to rotate into assets like Bitcoin and gold.

Major financial institutions are also increasing their Bitcoin holdings. Firms including Fidelity, BlackRock (NYSE:BLK), ARK Invest, and Bitwise have made headlines this week for their institutional BTC buying activity.

Bitcoin’s trading volume has also soared, with more than 25,000 BTC changing hands in the last 24 hours. That’s a 35% increase from the average weekly volume.

Analysts are also noting that Bitcoin is showing signs of decoupling from the traditional stock markets. The S&P 500 (INDEX:SP500) has slid this week as several major U.S. banks reported earnings that missed expectations. But BTC continues to rise.

What’s Next For Bitcoin

Bitcoin is now approaching its yearly open of $93,000. Traders will be watching closely for signs of resistance at that key level.

If BTC can break through that zone and sustain gains above it, analysts say the next logical target is the $100,000 milestone.

Several analysts have said that they expect to see Bitcoin hit six-figures by the end of 2024. But the recent surge comes as traders digest a slew of macroeconomic data and anticipate the next interest rate decision from the Federal Reserve.