Bitcoin (BTC)
price reached its highest level in two months, trading above $93,000 as
cryptocurrencies across the board posted significant gains. The rally comes
amid signals that US-China trade tensions may be cooling and renewed confidence
in Federal Reserve leadership.

The world’s
largest cryptocurrency jumped nearly 6% in the past 24 hours, reaching $94,500
in early trading on Wednesday, 23 April, 2025. Other major cryptocurrencies
followed suit, with Ethereum (ETH) surging 10% to break above $1,700, while
Dogecoin (DOGE), XRP, and Solana (SOL) also posted substantial gains, ranging
from 7% to 11%.

The total
cryptocurrency market capitalization increased by approximately 6.7% over the
last 24 hours to reach $2.95 trillion, according to CoinMarketCap data. Why the
crypto market is going up today amd why Bitcoin prices are surging? Let’s find
out in the below’s article!

Bitcoin Price Is Going Up,
Altcoins Follow

The
cryptocurrency market is stabilizing for another consecutive session,
continuing the strong rally that started earlier this week. Tuesday was
especially significant, with BTC surging 7% in a single session—the largest
gain in two months—and breaking above critical resistance levels. As
noted in my recent analysis, this paves the way for Bitcoin to retest its
historical all-time high (ATH) around $108,000–$109,000.

As shown in
the chart below, Bitcoin isn’t the only one rising—several altcoins are also
climbing. Ethereum has gained 10% and is currently priced at $1,783, XRP is up
7% at $2.25, and Solana has increased 8%, testing $151. The
meme-based Dogecoin has surged 11% and is now trading above 18 cents.

Why Is Crypto Up Today? Trade
Tensions and Fed Stability Fuel Crypto Rally

The crypto
market’s upward momentum gained strength after
US President Donald Trump indicated he had no intention of firing Federal
Reserve Chair Jerome Powell, alleviating concerns about central bank
autonomy that had weighed on markets.

“There
is no doubt dollar weakness caused by the Trump administration attack on the
Federal Reserve and in particular Chairman Powell, has contributed to the rise
of BTC this week but this is just one such catalyst,” said Stephen Wundke,
Director of Strategy & Revenue at quantitative digital asset investment
firm Algoz. “The appointment of SEC Head Paul Atkins and his crypto
friendly stance is another which encourages investors.”

Further
fueling the rally were comments from Treasury Secretary Scott Bessent, who told
attendees at a closed-door JPMorgan investor summit that the current tariff
standoff between the United States and China “cannot be sustained by both
sides” and that the world’s two largest economies would need to find ways
to de-escalate tensions.

“Bitcoin
(BTC) saw a strong breakout in yesterday’s session, surging by 6.77% and
reclaiming the $92,000 level, fueled by a notable improvement in global market
sentiment. The main drivers behind this rally were the dovish comments from
U.S. President Donald Trump regarding trade tariffs, as well as his statement
that he has no intention of dismissing Federal Reserve Chair Jerome Powell,”
added Linh Tran, Market Analyst at XS.com.

President
Trump later reinforced this sentiment when speaking to reporters at the White
House, stating that US tariffs on Chinese goods “will come down
substantially” from their current 145% level, signaling a potential thaw
in economic relations between the world’s two largest economies.

Others
also liked: Gold
Spot Price Hits New Record at $3.4K: How Much Is Gold Per Ounce Today on Price
Chart?

Massive Short Liquidations

The rapid
price increase triggered a significant “short squeeze” in the
derivatives market, with over $63 million in short positions—bets that prices
would fall—being liquidated in the past 24 hours.

Data from
trading platforms shows that most short liquidations occurred on Bybit ($234
million), followed by Binance ($100 million) and Gate ($70 million). The
largest single liquidation was an Ethereum futures position worth over $4.5
million on Binance.

This
represents the biggest short liquidation event so far this year, comparing it
to a similar event in November when $426 million in short leveraged positions
were wiped out during a 16% market surge.

ETF Inflows Signal
Institutional Interest

US-listed
Bitcoin exchange-traded funds (ETFs) recorded combined inflows of $12 million
on Tuesday, marking the third-highest daily inflow for these investment
vehicles this year. This surge in institutional investment provides further
evidence of growing mainstream acceptance of cryptocurrencies as legitimate
financial assets.

“The
recent post-holiday surge in volume and pricing among major cryptocurrencies
has been underpinned by supportive commentary from the Federal Reserve and
growing expectations that quantitative easing may return,” Paul Howard, Senior
Director at Wincent, explained.

“Additionally,
a weakening U.S. dollar and the emergence of what is being described as a
second ‘Saylor-style’ investment strategy, reportedly aligned with the Trump
campaign, have contributed to renewed investor interest in Bitcoin ETFs. This
has resulted in approximately $1 billion in net inflows over the past 48 hours,
providing upward momentum across the broader crypto market.”

Bitcoin Technical Analysis:
Brekaout Supports Bullish Outlook

From a
technical analysis perspective, the cryptocurrency market has confirmed a
bullish pattern by breaking out of a multi-month downtrend. The total market
capitalization chart displays a clear breakout from a falling wedge pattern,
with prices now targeting $3.12 trillion—a potential 7.5% increase from current
levels.

What does
Bitcoin’s chart look like? Based on my technical analysis, we have moved beyond
the consolidation seen in March and early April and are returning to
consolidation at the all-time high (ATH) levels from late 2024 and early 2025.
The critical zone separating bullish and bearish sentiment is a broad range
between $89,000 and $91,500, which I’ve highlighted in red on the chart.

With the
regression channel broken and a return to the consolidation range—where the
upper boundary is the ATH—Bitcoin can again target $100,000 and higher. Where
is the first resistance level currently? I believe it will be the late February
highs, namely the psychological six-figure resistance at $100,000.

This
perspective aligns with 10x Research, which, in today’s newsletter, notes that
the influx of dollars into Bitcoin is once again highlighting the $100,000
level as a key target.

Tide Turns: Bitcoin $$$ Inflows Reignite Rally – $100,000 Possible

👇1-10) As anticipated, Bitcoin has resumed its bullish trend.

The next key resistance zone lies in the $94,000–$95,000 range, which aligns with our target for this move.

However, whether this level can be… pic.twitter.com/f1wgilhHe6

— 10x Research (@10x_Research)

April 23, 2025

Potential Correction Ahead?

Despite the
current optimism, some market analysts caution that the rally may be
approaching overextended territory and could face a correction in the near
term.

Wundke from
Algoz suggested that a correction could be on the horizon: “It’s possible
there is a $76,000-$95,000 trading range in place so the next milestone would
be to break the top end of that range to see if we are ‘off to the races’;
there is certainly a lot of money on the sidelines currently looking for a
safer place to ‘stay’. BTC might just be that place.”

Higher S&P 500 and
Nasdaq Helps Crypto

The
cryptocurrency rally is occurring against a backdrop of improving sentiment in
traditional markets as well. According to Tran from XS.com, “Market
sentiment was further boosted by a strong performance in U.S. equities. Major
indices such as the S&P 500 and Nasdaq both gained more than 2%, with
broad-based advances across nearly all sectors. A strong start to the earnings
season — with notable outperformance from companies like Tesla and 3M — helped
fuel market enthusiasm.”

Howard from
Wincent added a note of caution regarding Ethereum’s prospects: “Despite
this positive backdrop, a sustained rally in Ethereum (ETH) appears unlikely in
the near term. The current market environment differs markedly from the
conditions that supported the last major ETH rally four years ago. The
proliferation of alternative Layer 1 protocols and a broader array of ETF
offerings present investors with more diversified options.”

Geopolitical Factors

The
relationship between cryptocurrencies and broader geopolitical tensions remains
a critical factor for investors to monitor. Howard noted, “The correlation
between equities and digital assets remains strong. However, a meaningful
de-escalation in U.S.–China macroeconomic tensions is unlikely until definitive
outcomes emerge from the anticipated meeting between President Xi and former
President Trump.”

He added
that “Market consensus suggests that negotiations typically commence with
aggressive positioning such as the imposition of high tariffs which has
contributed to recent downward pressure on markets. Nonetheless, more
constructive developments are expected to follow these initial announcements,
potentially leading to increased volatility and a shift in sentiment.”

Bitcoin Price Prediction: Historical
Context and Future Outlook

As the
cryptocurrency market continues its upward trajectory, investors and traders
are closely monitoring developments in US-China trade relations and Federal
Reserve policy for further signals that could impact price action.

According
to the long-term price predictions, Bitcoin could achieve six-figure valuations
by the end of 2025 if institutional adoption maintains its current momentum,
according to market consensus.

• Titan of
  Crypto: Predicts
  $137,000, driven by TGA liquidity over $600B, bullish pennant, and EMA
  breakout.
• Bernstein: Forecasts $200,000, fueled by
  $70B+ ETF inflows, Trump’s pro-crypto policies, and halving supply shock.
• Standard
  Chartered: Projects
  $200,000–$250,000, based on U.S. retirement fund adoption, potential BTC
  reserve, and options trading growth.
• Bitfinex: Estimates $145,000–$200,000,
  supported by historical cycle trends, moderating returns, and liquidity
  correlation.
• H.C.
  Wainwright & Co.:
  Anticipates $225,000, driven by spot ETF traction, corporate adoption, and
  favorable macro conditions.
• Cathie
  Wood (ARK Invest):
  Predicts $1,000,000 by 2030 (with 2025 momentum), due to institutional growth,
  Bitcoin as a store of value, and regulatory shifts.
• Robert
  Kiyosaki: Expects
  $1,000,000 by 2035 (2025 as a key inflection point), driven by fiat currency
  distrust, inflation hedging, and widespread adoption.

Tran from
XS.com summarized the current situation: “For Bitcoin in particular — an
asset highly sensitive to shifts in investor sentiment — signs of easing trade
tensions have helped rebuild investor confidence, especially after a prolonged
period of correction due to weakening institutional inflows and rising
macroeconomic risks. Improved policy expectations have also created a more
supportive environment for BTC’s sharp rebound during the latest session.”

While the
immediate outlook appears positive, the combination of technical resistance
levels, potential overextension, and underlying on-chain weaknesses suggests
that market participants should remain cautious about the sustainability of the
current rally.

Bitcoin Price News, FAQ

Why is crypto going up
now?

The crypto
market is rallying due to easing US-China trade tensions, with President Trump
signaling reduced tariffs, and renewed confidence in Federal Reserve stability
following assurances that Chair Jerome Powell will remain. A crypto-friendly
SEC head, Paul Atkins, and a weakening US dollar further boost investor
sentiment. Strong US equity market performance (S&P 500 and Nasdaq up over
2%) and $12 million in Bitcoin ETF inflows also contribute.

Is a crypto bull run
coming?

Technical
analysis confirms a bullish breakout from a multi-month downtrend, with the
total market cap breaking a falling wedge pattern and targeting $3.12 trillion
(7.5% above current levels). Bitcoin’s surge past $89,000–$91,500 resistance,
coupled with massive short liquidations ($63 million) and institutional ETF
inflows, suggests a potential bull run, though analysts warn of a possible
near-term correction.

Will crypto rise again in
2025?

Yes, market
consensus predicts significant crypto growth in 2025, with Bitcoin potentially
reaching six figures by year-end if institutional adoption persists.
Predictions range from $137,000 (Titan of Crypto) to $1,000,000 by 2030 (Cathie
Wood, Robert Kiyosaki), driven by ETF inflows, corporate adoption, favorable
policies, and macroeconomic factors like a weakening dollar and potential
quantitative easing.

Why is Bitcoin price
increasing?

Bitcoin’s
price is surging due to a breakout above $92,000, fueled by improved global
market sentiment, dovish trade tariff comments from Trump, and Federal Reserve
stability. A $63 million short squeeze, $12 million in ETF inflows, and a
crypto-friendly SEC head enhance bullish momentum. Technical analysis supports
a target of $100,000, with the next resistance at late February highs.