Bitcoin Surges 5% to $91.3k, Altcoins Gain 3% as Whale Demand Rises

Bitcoin's price surged over 5 percent in the past 24 hours, reaching above $91.3k during the mid-North American session on Tuesday. This marks the first time Bitcoin has traded above this level since the March 4 selloff. The wider altcoin market also showed bullish sentiment, with the total crypto market cap gaining over 3 percent to hover around $2.95 trillion. This heightened volatility led to more than $348 million being liquidated from the crypto-leveraged market, primarily affecting short traders.

The Bitcoin’s fear and greed index shifted from 37%, indicating fear, to 47%, suggesting a neutral sentiment, within the last 24 hours. Technical and fundamental analysis point towards a bullish momentum for the crypto market ahead. The renewed demand from whale investors, who have shifted their focus from gold to Bitcoin and selective altcoins, has significantly catalyzed this bullish sentiment. On-chain data shows that the U.S. spot BTC ETF issuers recorded a net cash inflow of more than $381 million, potentially signaling an end to a prolonged dry spell.

Market data from Coinglass indicates that the total crypto Open Futures (OI) increased by about 13 percent in the last 24 hours, hovering around $120 billion. Bitcoin’s OI surged by over 16 percent in the past 24 hours, reaching around $69 billion. The wider crypto market gained a bullish outlook on Tuesday, partially driven 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 also played a crucial role in this bullish outlook.

From a technical analysis standpoint, Bitcoin's 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, Bitcoin's price could rally to a new all-time high if concerns over the Federal Reserve’s independence persist. This analysis, combined with the current market trends, suggests a strong bullish momentum for Bitcoin and the wider crypto market.