Cryptocurrency markets were alight on Monday, 23 April 2025, as Bitcoin (BTC) vaulted past the $90,000 mark for the first time in 45 days—rekindling bullish sentiment and igniting speculation over whether this may be investors’ final opportunity to purchase the digital asset before it breaks into six-figure territory.
Bitcoin, the world’s most valuable cryptocurrency by market capitalisation, surged nearly 6.41 per cent to reach $93,697.52 as of 10:30 AM BST, with trading volumes topping $56 billion in the last 24 hours. Market watchers report the coin oscillated between $87,972.21 and $93,847.25 overnight, with total crypto market capitalisation also swelling by 5.82 per cent to $2.91 trillion.
Analysts are pointing to a confluence of factors behind the sharp upward trajectory. Riya Sehgal, research analyst at Delta Exchange, attributed the rally to not only technical tailwinds but a broader shift in macroeconomic conditions and investor sentiment.
“Bitcoin’s bounce is not just speculative froth,” said Sehgal. “The $381 million in net inflows to US spot Bitcoin ETFs—marking the highest daily tally since January—signals a return of institutional conviction. Long-term holders are accumulating steadily, and the charts show robust support above key levels. A breakout past $94K could set the tone for a run toward $100K.”
In what many see as a bullish macro backdrop, the US dollar index has slumped to a three-year low of 98.29, improving the attractiveness of non-fiat stores of value like Bitcoin. Meanwhile, geopolitical tensions appear to be easing. Recent remarks by US President Donald Trump and Treasury Secretary Scott Bessent hinting at a softening stance in the ongoing US-China trade dispute have improved risk appetite across global markets.
These developments, combined with more than $581 million in short positions being liquidated in the past 24 hours, illustrate how quickly sentiment has flipped.
Himanshu Maradiya, founder and chairman of CIFDAQ Group, underscored Bitcoin’s resilience: “Even amid persistent macroeconomic uncertainty, Bitcoin is showing its mettle. Add in the recent appointment of Paul Atkins as SEC Chairman—ushering in a seemingly more favourable regulatory regime—and you have a recipe for sustained upward momentum.”
“While resistance lies between the $90K–$94K region, this may well be the last realistic opportunity to buy Bitcoin before it soars past $100,000,” Maradiya cautioned. “However, the market remains volatile, and corrections can occur swiftly.”
Institutional inflows appear to be the linchpin in this latest leg up. According to Alankar Saxena, CTO and co-founder of crypto investment platform Mudrex, over $1 billion has poured into Bitcoin spot ETFs over the past week, with more than $700 million arriving in the last three trading sessions alone.
“The Fear and Greed Index has shifted back to ‘Neutral’, a sign that retail investors are also tentatively re-entering the market,” said Saxena. “Meanwhile, a drop in exchange inflows suggests that holders are less eager to sell—another bullish indicator.”
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If bullish momentum holds, Saxena believes Bitcoin will find its next major support at $88,000, with $100,000 acting as the psychological barrier that could either propel BTC into new territory or trigger some profit-taking.
Altcoins have mirrored Bitcoin’s rally. Ethereum (ETH) has posted an impressive 13.27 per cent gain in the past 24 hours, driven by heightened on-chain activity and renewed investor engagement. Solana (SOL) has risen 6.68 per cent, while other major players like XRP and Cardano have also clocked in notable gains.
With institutional demand rising, macroeconomic winds at its back, and sentiment tilting positive, Bitcoin’s march towards $100,000 appears increasingly likely. The only question now is: will this be remembered as the final stretch below six figures—or the top before a correction?
