Bitcoin (BTC) Reaches Highest Price in 6 Weeks in Synchrony with Gold

Bitcoin reached a six-week high of $88,900 in the Asian market on Tuesday. According to CoinGecko, this is the highest price since March 7, representing an 18% increase from the year's low point of $75,000 earlier this month. As reported by Cryptopotato, Bitcoin has recovered its correlation with gold. Gold approached an all-time high of $3,500 per ounce this week, with investors clearly moving towards safe-haven assets. Bitcoin is showing signs of decoupling from broader financial markets. Dennis Porter, CEO of Satoshi Action Fund, evaluated this as a "very bullish signal". The U.S. stock market showed weakness early this week, with major indices like S&P 500, Nasdaq, and Dow Jones falling by around 2.5%. President Trump criticized Federal Reserve Chairman Jerome Powell for not lowering interest rates. According to Kobayashi Letter, the S&P 500 has seen $250 billion in market capitalization evaporate since its peak on April 9. On April 20, China warned of retaliation against countries cooperating with the U.S. in a manner that infringes on its interests. On April 21, Japanese Prime Minister Ishiba took a hard stance in trade negotiations with the U.S., stating that "Japan cannot concede everything". Kruger Economist analyzed that "the U.S. is attempting economic suicide, and everyone is selling U.S. assets in response". Kobayashi Letter noted that gold and Bitcoin are synchronizing for the first time in months. Since April 7, gold has risen over 15% and Bitcoin over 18%. They added that "the market reflects dollar weakness and additional instability" and that "bonds are no longer the preferred safe-haven asset". Meanwhile, according to TradingView, Bitcoin dominance reached 64.6% on April 22, its highest level since February 2021. Altcoins showed weakness, with Ethereum dropping below $1,600, XRP falling to $2, Binance Coin to $600, and Solana to $135.