Bitcoin Price Regains $91k After Seven Weeks: Top Reason Bulls are Ruling the Crypto Market

Bitcoin (BTC) price led the wider altcoin market in recording gains in the past 24 hours. For the first time since the March 4 selloff, Bitcoin price rallied over 5 percent in the past 24 hours to trade above $91.3k on Tuesday during the mid-North American session. 

The wider altcoin market signaled bullish sentiment, thus the total crypto market cap gained over 3 percent to hover about $2.95 trillion at the time of this writing. Following the heightened volatility, more than $348 million was liquidated from the crypto-leveraged market, mostly involving short traders.

Forces Behind Bitcoin and Crypto Pump Today

Renewed Demand from Whale Investors

As the gold price rallied to a new all-time high of about $3.5k/oz earlier on Tuesday, on-chain data shows whale investors have shifted focus on Bitcoin and selective altcoins. The renewed demand for Bitcoin and the altcoin market, by whale investors, significantly catalyzed bullish sentiment. 

Notably, the U.S. spot BTC ETF issuers recorded a net cash inflow of more than $381 million, possibly signaling an end to a longstanding dry spell.

Rising Open Interest (OI)

According to market data from Coinglass, the total crypto Open Interest (OI) increased by about 13 percent in the last 24 hours to hover about $120 billion. Bitcoin’s OI surged by over 16 percent in the past 24 hours to hover around $69 billion at the time of this writing.

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Macroeconomic Tailwinds

The wider crypto market gained a bullish outlook on Tuesday, partially catalyzed by notable gains in major stock indexes. The Dow, S&P 500, and the NASDAQ indexes had gained at least 2 percent during the mid New York trading session.

The improving negotiations of the global trade war played a crucial role in the bullish outlook.

What Next?

From a technical analysis standpoint, BTC price is well-positioned to rally towards a new all-time high in the near future. According to Standard Chartered’s Geoff Kendrick in a note to investors on Tuesday, BTC price could rally to a new all-time high if concerns over the Federal Reserve’s independence persist.