Bitcoin (BTC-USD, Financial) regained the $90,000 level for the first time since March as investors turned to the cryptocurrency during a period of stock market declines and dollar weakness.

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Bitcoin rose more than 4% to $91,419.07 on Tuesday, according to Coin Metrics, after reaching an intraday high of $91,555.18. The cryptocurrency has climbed about 22% from its April low and posted a two-day gain of more than 8%.

The recent rally came alongside a sell-off in U.S. equities Monday, following pressure from President Donald Trump on Federal Reserve Chair Jerome Powell to lower interest rates. Trump’s administration is reportedly examining whether Powell could be removed before his term ends in May 2026. Stocks recovered some of their losses on Tuesday.

U.S. exchange-traded funds tracking spot Bitcoin recorded $381.4 million in inflows Monday, marking the largest single-day inflow since Jan. 30. It was the fourth day of inflows in the past five trading sessions.

Bitcoin has shown signs of decoupling from traditional risk assets. Earlier this month, the cryptocurrency had closely tracked stock market volatility, but its 30-day correlation with the S&P 500 has now fallen to 0.65, according to Compass Point analyst Ed Engel. By comparison, Bitcoin is up more than 9% in April, while gold has gained 8%. The S&P 500 and the U.S. Dollar Index have each declined about 5% for the month.

Engel said Bitcoin’s recent gains have occurred during periods of light trading volume, suggesting limited confidence that Bitcoin could break above the $93,000 resistance level without a significant catalyst such as monetary policy easing or a breakthrough in tariff negotiations. However, he added that long-term holders and institutional purchases, including buying activity from Strategy, are helping to support Bitcoin’s resilience during market turbulence.

Technical analysis by Fairlead Strategies indicated that Bitcoin faces resistance at the $88,000 level, with the next key resistance estimated near $95,900 if the current rally continues.

This article first appeared on GuruFocus.