It has climbed by more than $3,000 from an intraday low of just over $84,000 on April 20. The asset has now gained 16% since its 2025 low of just below $75,000 on April 9, and the distance from its peak price has been reduced to 20%. While a 2.4% daily gain is not out of the ordinary for Bitcoin, it has moved the asset to the upper bounds of a range-bound channel that began in early March. “Bitcoin is breaking out,” while Nasdaq futures are down 1%, observed Scott Melker, aka “The Wolf Of All Streets.” BTC/USD 4-hour chart.
Bitcoin prices appear to be breaking out of an extended period of consolidation as the asset climbs to its highest level since late March. Bitcoin (BTC) surged above $87,400 on April 21, its highest price since March 28, according to TradingView.
Source: Tradingview“The narrative in both gold and Bitcoin is aligning for the first time in years,” commented the Kobeissi Letter on X, observing gold’s recent all-time high and Bitcoin’s breakout.“Gold has hit its 55th all-time high in 12 months and Bitcoin is officially joining the run,” it stated before adding: “Gold and Bitcoin are telling us that a weaker US Dollar is more uncertainty is on the way.”The US dollar Index (DXY), which is a measure of the greenback against a basket of six major currencies, has declined 10% since the beginning of this year as global trade tensions escalate. Related: Bitcoin gets $90K short-term target amid warning support 'isn't safe'The move was also observed by “Geiger Capital,” which also observed the decline in tech futures and the USD, adding that Bitcoin was “decoupling.”- Tech futures down- Dollar down- Gold new ATH- Bitcoin breaking out/decouplingRealize where we are.pic.twitter.com/XqZRlEHj39— Geiger Capital (@Geiger_Capital) April 21, 2025Magazine: Altcoin season to hit in Q2?
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Author / Journalist: Cointelegraph by Martin Young
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