Bitcoin Defies Expectations, Eyes $90,000 Breakout
Bitcoin maintained its price above $86,000 after a brief pullback from an eight-month high of $87,374. The cryptocurrency's market capitalization remained unchanged at $1.73 trillion, supporting the broader crypto market's value above $3 trillion.
The total crypto market open interest surged past $159 billion as leverage rose sharply, indicating strong underlying momentum for a potential breakout towards $90,000. Market researcher James Van Straten noted that the BTC/gold ratio hit 19.94, underscoring bitcoin's position as a preferred digital safe haven amidst global uncertainty.
The Commodity Futures Trading Commission's (CFTC) draft rules sent to the White House revived market gains after the Senate stalled the CLARITY Act. This development injected fresh optimism into the market, effectively reigniting the rally and defying market expectations.