Bitcoin (BTC) has reached a milestone of $90,000 for the first time since March 7. This increase represents a gain of over 5% within the last five days, illustrating a divergence between the leading cryptocurrency and traditional equities. For context, the S&P 500 had been trading above 5,700 on March 7 but has since dropped below 5,200.

Despite this recent surge, Bitcoin is still down more than 5% year-to-date. However, it has bounced back significantly from an April low, when it fell nearly 20% and was over 30% below its peak of around $109,000 earlier this year.

The negative perpetual funding rates suggest that short sellers are financing their positions, which could further propel prices upward. Recently, U.S. spot Bitcoin ETFs reported over $380 million in inflows, the highest since January 30.

Additionally, market analysts are observing an overall positive trend, with Bitcoin potentially facing further gains despite upcoming technical resistance points.