Bitcoin (BTC) continues to defy global economic uncertainty, inching closer to reclaiming $86,000

It is now less than 3% away from its "Liberation Day" high. To put the move into perspective, bitcoin dominance — which measures BTC's share of the total cryptocurrency market cap — is approaching 64%

Bitcoin (BTC) continues to inch closer to reclaiming $86,000, now less than 3% away from its “Liberation Day” high. To put the move into perspective, bitcoin dominance — which measures BTC’s share of the total cryptocurrency market cap — is approaching 64%, a level not seen since January 2021. In contrast, the Nasdaq 100 is still 5% away from its own Liberation Day high, highlighting bitcoin's relative strength versus U.S. equities.

According to X account Cheddar Flow, the S&P 500 has just formed a “death cross” — a traditionally bearish signal that occurs when the 50-day moving average falls below the 200-day moving average. The last time this happened was March 15, 2022, when S&P 500 initially rose by 11% in the following week, only to be followed by a 20% decline. Bearish sentiment is also reflected in the options market, where investors are reportedly buying large volumes of NVDA puts, signaling expectations of lower prices.

In a Bloomberg interview on Monday, Treasury Secretary Scott Bessent reaffirmed confidence in the U.S. bond market, dismissing concerns that foreign nations are dumping Treasuries.

“I am not seeing a dumping of U.S. Treasuries. The Treasury has lots of tools, but we're a long way from needing them.”

Bessent also emphasized the enduring status of the U.S. dollar as the world’s reserve currency, despite the DXY index — which measures the dollar's value against a basket of major trading partners — falling below 100 and dropping over 10% in recent weeks.

Bessent also confirmed that the Trump administration is seeking a new Federal Reserve Chair to replace Jerome Powell, with interviews set to begin later in the year. He concluded the interview by suggesting that the VIX (S&P 500 volatility index) may have peaked after the largest one-day percentage drop in its history last week. Stay alert!

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