Bullish Wave Pushes Bitcoin Closer to $90K Threshold

The marquee cryptocurrency inched towards $90,000, hovering just below the key target at a little over $88,000

Bitcoin (BTC) pushed past $88,000 on Monday morning, bringing the cryptocurrency closer to the $90,000 threshold as bullish momentum continued.

After a weekend that saw bullish momentum begin to build, the marquee cryptocurrency inched towards $90,000, hovering just below the key target at a little over $88,000 all morning.

At the time of writing, BTC is valued at $88,147.25, reflecting a 3.56% increase over the past 24 hours and a 5.73% rise over the past week. The leading cryptocurrency has traded within a 24-hour range of $84,832.16 to $88,758.73, indicating strong upward movement.

Bitcoin Market Overview

Market Drivers: Commentary from Standard Chartered’s Geoffrey Kendrick

Geoffrey Kendrick, head of digital assets research at Standard Chartered, discussed bitcoin’s dual role in financial markets and said he sees the digital asset finally crossing $90,000 this week.

Kendrick considers BTC as both a hedge against traditional finance (TradFi) risks and as a proxy for tech stocks, given its correlation with the Nasdaq.

“Over the medium term, I see bitcoin as a hedge against TradFi issues,” Kendrick said. “But over shorter time horizons, it trades very much like the Nasdaq.”

He believes bitcoin is positioned for a strong performance this week, driven by:

A new U.S. administration could be less focused on crypto regulations compared to the previous one.

Nasdaq-linked performance, given the correlation between bitcoin and tech stocks.

Kendrick expects a positive week for bitcoin and the broader crypto market, with BTC eyeing the $90,000 level.