Bitcoin (BTC) Prices Rise by Over 6% as It Decouples from Nasdaq

Bitcoin (BTC) rose by over 6% in the last 24 hours, from an $87,972.21 low to a $93,847.25 high heading to early Wednesday morning (UTC).

Bitcoin (BTC) price rose by over 6% in the last 24 hours, from a $87,972.21 low to a $93,847.25 high heading to early Wednesday morning (UTC). It trading volume also increased by nearly 50% as over $56.65 billion worth of its supply moved across wallet addresses.

As our Bitcoin market wrap indicated last week, its breakout from the descending channel in the daily chart likely signals a bullish reversal. At this point, it could establish a new resistance at $95K. However, if it holds above those numbers, BTC could rally around its all-time high (ATH) at $109K.

US President Donald Trump recently claimed he will ease the tariffs against China. Analysts see it as an admission on his part that his move was unsustainable in the long run. He said Chinese duties will “come down substantially” from the prevailing 145%, “but it won’t be zero.”

Along the way, major US stock indices, the Nasdaq (INDEX: NASDAQ COMPOSITE), the S&P 500 (INDEX: .SP500) and the Dow Jones Industrial Average (INDEX: .DJI) closed above 2%, displaying investors’ stamp of approval on Trump’s attempt to de-escalate economic tensions with China.

Meanwhile, CNBC’s Market Sell-Off segment acknowledged that Bitcoin has been decoupling from the Nasdaq.

Tana McKill explained to the host of the program that early this month, Bitcoin was indeed trading in line with stocks. It has not caught up with gold, but it is working well as a safe-haven asset.

In addition, McKill highlighted the peculiar trait of Bitcoin, displaying volatility like a risk asset, but its long-term move is appreciating against fiat currencies.

“One of the hardest things for traders to wrap their heads around is the fact that day to day [Bitcoin] does trade like a risk asset, but medium long-term, it trades like a safe haven,” stated McKill.

At this point, Bitcoin is showing no signs of slowing down from its bullish rally last week. As it trades above $93K, it is quickly approaching the $95K resistance. Afterwards, it could continue its rally towards its ATH at $109K.

At Every Bitcoin Halving Cycle, New ATH Peaks

To put things into perspective, Bitcoin has consistently hit a new ATH at every halving cycle. Bitbo’s chart displays the following peaks at every phase:

The trend underscores the narrative of Bitcoin as “digital gold” in the long term, which many traditionalists tend to overlook as they concentrate on the daily price movements of the digital asset.