On April 22, Bitcoin breaks $93K, hitting $93,759 – its highest level since March 7. The 2.91% daily gain marked a continuation of its bullish trend, even as U.S. equity markets stumbled amid rising political pressure on the Federal Reserve.
Bitcoin’s rally appears to reflect broader market sentiment, as traders seek refuge from growing volatility. President Donald Trump’s recent demand for an immediate rate cut and his renewed criticism of Fed Chair Jerome Powell are fueling uncertainty in traditional markets. That turbulence may be boosting Bitcoin’s appeal as a hedge.
Bitcoin Breaks Out While Traditional Markets Falter
Investor sentiment shifted sharply on Tuesday as Treasury Secretary Scott Bessent indicated that the U.S. – China trade tariff standoff was “unsustainable” and de-escalation could happen “very soon.” President Trump followed up with a pledge to substantially reduce tariffs from 145%, injecting optimism into the markets.
According to Brett Knoblauch, analyst at Cantor Fitzgerald, Trump’s push to replace Powell with a more dovish Fed chair could accelerate Bitcoin’s climb. In a recent report, he noted:
“If Trump succeeds in ousting Powell and installing a more dovish leader, it would likely be seen as bullish for crypto, since Bitcoin and altcoins tend to perform well in low-rate environments.”
Trump’s mounting pressure on Powell and the administration’s alleged interest in removing him before his term ends in May 2026 are heightening financial market tensions. These developments coincided with a significant selloff in U.S. stocks this week – while Bitcoin moved the opposite direction.
Nevertheless, at the same time, Trump reassured investors that he has no plans to replace Fed Chair Jerome Powell -despite reports suggesting otherwise. These developments helped fuel Bitcoin’s breakout to $93,759, with major altcoins also rallying: Ethereum (ETH) surged over 14% past $1,800, while Dogecoin (DOGE) and Sui (SUI) gained 12% and 22.4%, respectively.
Traditional markets showed temporary strength as well, with the S&P 500 and Nasdaq rising 2.5% and 2.7%, although gold reversed sharply from a $3,500 peak to end the day down 1%.
ETF Inflows Signal Institutional Confidence
Spot Bitcoin ETFs in the U.S. attracted $381.4 million in inflows on Monday – the largest daily figure since January 30. This also marked the fourth net-positive trading day in the last five sessions, indicating that institutional investors are not backing off.
Despite its historical correlation with risk assets, Bitcoin has started to diverge from traditional markets. Since the start of April, Bitcoin has gained over 9%, matching gold’s performance during the same period. In contrast, the S&P 500 has dropped 6%, while the U.S. Dollar Index has shed 5%.
“Bitcoin continues to show resilience,” said Ed Engel – an analyst at Compass Point. He highlighted a notable shift: “Typically during large-scale equity selloffs, the correlation between Bitcoin and stocks can approach 1. But right now, the 30-day correlation with the S&P 500 is just 0.65.”
Momentum Indicators Support Bullish Outlook
Technical indicators are flashing bullish signals. Bitcoin’s Directional Movement Index (DMI) reveals a major momentum shift. The Average Directional Index (ADX) surged to 29.48 from 15.3 just two days earlier. This uptick suggests a strong trend is taking hold.
In detail, the +DI (positive directional indicator) sits at 30.99 – nearly double from 15.82 earlier this week – though slightly down from its peak at 37.61. Meanwhile, the -DI (negative indicator) has dropped to 10.86 from 22.48, indicating a sharp decrease in selling pressure.
The combination of a rising ADX and a stronger +DI versus a weakening -DI shows bullish traders are firmly in control. If momentum holds, Bitcoin could maintain its upward trajectory in the near term.
Bitcoin’s exponential moving averages (EMAs) also point to strength. Short-term EMAs are now above long-term ones, reinforcing the positive trend.
Currently, BTC is nearing a key resistance at $92,907. A breakout above this level could pave the way for further gains.
How High Could Bitcoin Climb in 2025?
Christopher McMahon, CEO of Aquinas Wealth Advisors, predicted in January that Bitcoin could hit $130,000 this year under a crypto-friendly administration. Similarly, a new analysis by 21Shares projects Bitcoin reaching $138,555 by the end of 2025, based on historical patterns and on-chain momentum.
The report underscores Bitcoin’s growing strength amid macroeconomic uncertainty and its role as a hedge against systemic risk.
On-Chain Data Warns of Weakening Fundamentals
Despite the bullish chart, on-chain metrics show mixed signals. According to CryptoQuant, Bitcoin demand fell by 146,000 BTC over the past month – marking its lowest level since October 2024. Meanwhile, USDT market cap growth remains subdued at $2.9 billion, below the $5 billion often seen during strong BTC rallies.
Furthermore, BTC faces major resistance in the $92,000 – $93,000 zone – a key historical level where bearish reversals have occurred. Without sustained buying volume, a short-term pullback or consolidation is possible.
Conclusion: Digital Gold or Just a Bullish Bounce?
The next key resistance stands at $96,484, a level that could be tested soon if buying pressure persists. Below the current range, major support lies at $88,800. A drop below this zone could break bullish structure and lead to deeper corrections, with $86,532 and $83,133 being critical levels to watch.
Tracy Jin, COO of MEXC Exchange, remarked:
“Bitcoin’s recent strength amid broader market turmoil is reviving its reputation as digital gold. With U.S. equities dipping to pre-trade war levels and the dollar hitting a three-year low, Bitcoin’s ability to generate returns is reshaping investor perception.”
With institutional inflows rising, positive momentum on charts, and growing divergence from traditional assets, Bitcoin appears well-positioned to push beyond the $100,000 mark in the coming weeks. But investors should stay alert – if BTC reverses toward $88,000, caution is warranted.
In the end, Bitcoin fate will likely hinge on global macro shifts and how investors interpret its role: a volatile bet—or a durable store of value in uncertain times.
Disclaimer
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile, and past performance is not indicative of future results. Investors should conduct their own research and consult with a licensed financial advisor before making any investment decisions.
Bitcoin is known for its volatility, and the past month has been no exception. Despite mounting macroeconomic pressure and global…
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok
