Bitcoin price rallied to close on Tuesday, rising above $89,400 after trading as low as $87,100 earlier in the day, according to Bitcoin Magazine Pro data, as markets reacted to fresh remarks from President Donald Trump about the U.S. economy.
The late move came as Trump, speaking in Iowa, dismissed concerns about the weakening US dollar, telling supporters he was “not worried” about its decline and insisting the greenback is “doing well.” The comments sparked an immediate reaction across markets, with the dollar sliding further and alternative value stores getting a bid.
Gold climbed to a new all-time high of $5,223 an ounce at the time of writing, underscoring rising demand for hard assets amid rising currency uncertainty.
Bitcoin price appeared to benefit from the same macro tailwind, reversing earlier caution that had dominated trading after last weekend’s plunge to $86,000.
The rally marks a notable shift in sentiment after bitcoin spent much of the past 24 hours struggling to regain the $88,000 level amid Federal Reserve uncertainty, ETF outflows and persistent bearish technical pressure.
Monday’s breakout above $89,000 suggests buyers are resuming control in the near term, although markets remain highly sensitive to macro cues as the Federal Reserve’s policy decision looms later this week.
At the time of publication, the Bitcoin price was trading at $89,320 today, up 2% over the past 24 hours, with $43 billion in daily trading volume. The asset’s circulating supply stands at 19,981,268 BTC, out of a fixed maximum of 21 million.
Bitcoin mining shares rise along with the bitcoin price
Bitcoin miners, which have turned to artificial intelligence and high-performance computing (HPC) infrastructure, roared up nearly 10% on Tuesday as investors continue to reward diversification beyond traditional mining revenues.
IREN ($IREN) and Cipher Mining ($CIFR) are each up more than 13%, while Hut 8 ($HUT) and TeraWulf ($WULF) are posting gains of around 10%, extending a broader rally across the mining sector linked to AI-adjacent exposure.
The move comes as markets increasingly view large miners as power and data centers, rather than pure Bitcoin proxies, especially in the wake of a tighter post-halving economy.
Companies like Cipher, IREN, Hut 8 and TeraWulf have spent the past year repositioning excess capacity towards long-term AI and HPC hosting contracts, which offer more stable cash flows and higher margins than block rewards alone.