Bitcoin Breaks $91K as Gold Hits Record Amid Recession Fears

  • Bitcoin reached a 45-day high above $91,000 on April 22, coinciding with Gold hitting a new all-time high.
  • Futures market premiums remain moderate at 6%, suggesting cautious optimism rather than strong bullish sentiment.
  • Bitcoin’s recent performance shows a 16% decline from its all-time high, closely mirroring the S&P 500’s 14.5% drop.

Bitcoin surged past $91,000 on April 22, marking a 45-day high that coincided with gold reaching a new all-time high. The cryptocurrency gained $6,840 between April 20 and April 22 amid growing investor concerns about potential economic recession and ongoing global trade tensions. Market analysts are now questioning whether this momentum could push Bitcoin above the $95,000 threshold.

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The futures market shows a relatively cautious outlook despite the recent price surge. According to data from Laevitas.ch, Bitcoin’s annualized futures premium currently stands at 6%, within the neutral range of 5-10% typically seen in balanced markets. This moderate premium suggests traders aren’t overwhelmingly bullish despite the significant price appreciation.

Trader Hesitation at the $90,000 Threshold

The market’s tepid response likely stems from Bitcoin’s previous struggles to maintain positions above $90,000. In early March, Bitcoin briefly tested $95,000 only to plummet to $81,464 the following day. This volatility, coupled with inconsistent performance since January’s $109,346 peak, has created hesitation among investors.

Bitcoin currently trades 16% below its all-time high, closely tracking the S&P 500’s 14.5% decline. Even at its recent low point below $75,000, Bitcoin’s 32% drawdown was less severe than those experienced by major tech stocks like NVIDIA, Amazon, Facebook (META), and Tesla.

Market sentiment improved slightly following comments from US Treasury Secretary Scott Bessent on April 22, who described the US-China tariff standoff as “unsustainable,” hinting at possible de-escalation, as reported by Bloomberg. Meanwhile, US President Donald Trump criticized Federal Reserve Chair Jerome Powell for not reducing interest rates, claiming this hinders economic growth.

Mixed Signals in Investment Patterns

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Despite economic concerns pushing investors toward short-term US Treasurys, with the 2-year note yield decreasing to 3.81% from 4.04% a month earlier, Bitcoin has managed a 6.3% price increase over the past 30 days.

Options market data from Laevitas.ch shows limited enthusiasm following the recent surge to $91,000. The 25% delta skew indicator sits at -2%, firmly in neutral territory. According to this metric, the last period of genuinely bullish sentiment occurred on January 30, when Bitcoin traded near $105,000.

While some economic indicators appear weak, market participants expect a strong first-quarter earnings season. According to FactSet, the “Magnificent 7” companies are projected to achieve earnings growth of 14.8% compared to the previous year.

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Bitcoin retains potential to revisit or exceed $95,000, but many traders appear to be awaiting further developments in US-China trade relations before making additional bullish commitments.

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