Bitcoin gained 11% last week, reaching $94,736 and holding near two-month highs
Record $3.1 billion in net inflows to spot Bitcoin ETFs over five days
Bitcoin’s correlation with the S&P 500 dropped to 29%, showing increased independence
Institutional investors showing bullish positioning while retail traders remain cautious
Pi Cycle Top indicator suggests potential rise to $155,400 if price stays above $91,400
Bitcoin (BTC) is showing remarkable resilience as it holds near $94,000, gaining 11% between April 20 and April 26. This rally comes amid easing trade tensions and strong corporate earnings reports that have boosted investor confidence.
The world’s largest cryptocurrency is being supported by record inflows into spot Bitcoin ETFs, which reached $3.1 billion over just five days. This level of investment represents the highest since November, according to data from sosovalue.
Bitcoin’s price strength coincided with the S&P 500’s weekly gain of 7.1%. However, the correlation between Bitcoin and the stock market has weakened considerably.
Currently, the 30-day correlation between the S&P 500 and Bitcoin stands at only 29%. This is well below the 60% correlation seen from March to mid-April, suggesting Bitcoin is establishing itself as an independent asset class rather than simply mirroring technology stocks.
Institutional vs. Retail Sentiment
A interesting divergence has appeared between retail and institutional traders. While retail investors show caution through perpetual futures contracts, institutional investors are taking more bullish positions.
On April 26, the two-month Bitcoin futures premium rose to its highest level in seven weeks. At 6.5%, this metric remains within the neutral 5% to 10% range but is moving away from bearish territory.
This disconnect between leverage demand in perpetual futures and monthly BTC contracts is not unusual. Even with retail caution, substantial accumulation by institutions could be enough to push Bitcoin above the $100,000 mark soon.
Bitcoin’s recent price movements have been influenced by shifting market dynamics. The crypto remained close to a two-month high of $95,000 hit last week, although trading volumes have started to normalize.
Network Growth and Accumulation
Bitcoin’s network growth and accumulation patterns are showing positive signs. According to crypto analyst Ali Martinez, the Accumulation Trend Score is approaching 1, which indicates strong accumulation activity and high conviction among long-term holders.
Large-scale investors are showing increasing interest in Bitcoin. Since late January, nearly 100 new entities holding over 1,000 BTC have joined the network. This institutional interest is now being joined by retail investors, potentially signaling a market turning point after recent uncertainty.
If Bitcoin maintains a price level above $91,400, the Pi Cycle Top indicator suggests it could reach a new high of $155,400. This technical projection aligns with growing market sentiment that Bitcoin is on track for new all-time highs.
The next #Bitcoin$BTC top could reach $155,400 based on the Pi Cycle Top indicator. The only condition is that prices must stay above $91,400. pic.twitter.com/1l3xJrUQrN
Despite the positive momentum, there remains resistance from traditional financial institutions. Swiss National Bank President Martin Schlegel rejected recent calls for the central bank to hold Bitcoin in its reserves, citing concerns over volatility and risk management.
“Cryptocurrencies also are known for their high volatility, which is a risk for long term value preservation,” Schlegel said at the central bank’s shareholder meeting. “Cryptocurrencies for the moment do not fulfill the high requirements for our currency reserves.”
Schlegel’s comments reflect the cautious stance of many major central banks, which have largely rejected proposals suggesting Bitcoin as a reserve asset.
Bitcoin as Non-Sovereign Store of Value
New York Digital Investment Group (NYDIG) recently highlighted Bitcoin’s emerging role as a non-sovereign store of value. The firm noted that while the connection remains “tentative,” Bitcoin is beginning to fulfill its original purpose – offering resilience during uncertain times.
Greg Cipolaro, NYDIG’s global head of research, observed “subtle shifts” in Bitcoin’s behavior over the past few weeks. “Bitcoin has acted less like a liquid levered version of levered US equity beta and more like the non-sovereign issued store of value that it is,” he noted.
While altcoins have generally tracked Bitcoin’s rally, performance has varied. Ethereum (ETH) dipped slightly to $1,796.60, while XRP soared 4.6% to $2.2733. Solana and Cardano each added over 2%, benefiting from increased on-chain activity.
The memecoin market has shown particular strength, with $TRUMP soaring in value last week. This surge was driven by U.S. President Donald Trump promising a dinner for the memecoin’s biggest holders, showing how market sentiment can be influenced by social factors.
As Bitcoin approaches the psychological $100,000 level, market participants are watching closely for signs of whether this rally has staying power or if a correction might occur before the next leg up.
For now, the combination of strong ETF inflows, decreasing correlation with traditional markets, and positive on-chain metrics suggest Bitcoin’s upward momentum may continue in the near term.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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