Bitcoin rejected at $90,000 as bonds, gold and record S&P 500 challenge digital gold thesis

Bitcoin's price was rejected near $90,000, coinciding with roughly $100 million in leveraged liquidations and renewed demand for gold and US Treasurys. At the same time, lower rates and fresh record highs in the S&P 500 have made traditional markets more attractive, while falling hash rate, tighter miner margins and discounts on listed Bitcoin reserve firms have clouded BTC's appeal as digital gold.