Here's what Bitcoin's S&P 500 catchup means for BTC's $90K target

Bitcoin has quickly erased a months-long underperformance gap versus the S&P 500 after a sharp rally over the last 72 hours. Glassnode data shows the BTC-to-S&P 500 relative-performance ratio fell from around 3x to about 2.2x over three months, then rebounded to roughly 2.82x following gains across the past four sessions. The move followed BTC climbing from about $62,000 to near $78,000 in just a few days, supported by activity in the Bitcoin ETF market—$1.92 billion traded in the past week—along with expectations for US crypto legislation and calmer Treasury-market stress. Despite this, Bitcoin’s RSI has entered overbought territory and pullbacks remain possible.