Share this article
Bitcoin Rises to $90K for the First Time Since Early March
U.S. equities rally over 1% on "Turnaround Tuesday," adding momentum to bitcoin’s breakout above $90,000.
Updated Apr 22, 2025, 4:19 p.m. Published Apr 22, 2025, 1:44 p.m.
What to know:
- Bitcoin hit $90,000 for the first time since March 7.
- U.S. spot bitcoin ETFs saw over $380 million in inflows Monday, the most since Jan. 30.
- Negative perpetual funding rates indicate short sellers are paying to hold positions, adding fuel to the rally.
Bitcoin surged to $90,000 for the first time since March 7, adding more than 5% in the past five days as the paths of the largest cryptocurrency and traditional equities diverge.
In comparison, the S&P 500 was trading above 5,700 points on March 7 and has since slipped below 5,200.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Despite the recent bounce, bitcoin remains down more than 5% year to date. It has, however, recovered significantly from its April 8 low, when it was down nearly 20% on the year and more than 30% below its record of around $109,000 in January. That marked the steepest correction of this cycle and eclipsed the August 2024 drawdown, when it slid to $49,000.
From a market structure perspective, the average perpetual funding rate across exchanges is currently negative.
Perpetual funding rates reflect the cost of holding long or short positions in futures markets. When the rate is negative, it means short sellers are paying long holders to maintain their positions, a setup that can accelerate price moves higher because shorts are forced to cover their positions in what's known as a short squeeze.
Adding to the bullish momentum, Monday marked the largest single-day inflow into U.S. spot bitcoin ETFs since Jan. 30, totaling over $380 million. With the Nasdaq up more than 1% on what some observers are terming “Turnaround Tuesday,” bitcoin may gain further upside, though key technical resistance levels still lie ahead.
Disclaimer: This article, or parts of it, was generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
UPDATE (April 22, 13:55 UTC): Adds price movement history in third paragraph, market structure starting in fourth.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Traders mull the bottom as bitcoin returns to week's lows below $86,000
One analyst isn't quite ready to call a bottom, but says bitcoin is surely in an oversold condition.
What to know:
- Bitcoin's early rally Wednesday seems a faint memory as the price has returned to the week's lows.
- Precious metals continue to get bid, with silver rushing to yet another new record and gold closing in on an all-time high.
- One analyst cautioned against reading too much into the current bitcoin price action due to year-end positioning and tax considerations.
Top Stories
