BTC Surges 16% From Monthly Low, Breaks Through Key Resistance
Bitcoin is showing signs of a breakout, reclaiming the $87,000 level for the first time in nearly a month and pushing past a multi-week consolidation range. The move signals renewed bullish momentum just weeks after the leading crypto asset dropped below $75,000.
On April 21, BTC climbed to $87,404, its highest price since March 28, according to TradingView data. The price has gained over $3,000 in the past 24 hours, recovering from an intraday low of $84,000 on April 20.
Since its 2025 bottom of $74,800 recorded on April 9, Bitcoin has gained more than 16%, narrowing the distance to its all-time high to just 20%.
Consolidation Ending as BTC Reaches Top of Trading Channel
Bitcoin’s latest move has brought it to the upper boundary of a range that’s held since early March. While a 2.4% daily gain isn’t uncommon for BTC, analysts believe this could be the beginning of a larger upward trend.
“Bitcoin is breaking out,” noted trader Scott Melker, also known as The Wolf of All Streets, adding that the rally is happening even as Nasdaq futures trend lower.
BTC-Gold Correlation Grows as Dollar Weakens
This upward momentum also coincides with a rising correlation between Bitcoin and gold — both seen as hedges against inflation and currency devaluation.
“Gold has hit its 55th all-time high in the past 12 months, and Bitcoin is officially joining the run,” said The Kobeissi Letter on X.
“Both assets are signaling concerns over a weakening US dollar and rising uncertainty.”
The U.S. Dollar Index (DXY) has dropped 10% year-to-date, reflecting growing concerns over geopolitical tensions, rising deficits, and global trade instability.
Analysts Flip Bullish After Retest Confirmation
While some analysts had expected Bitcoin to test $83,000 over the Easter weekend, the asset defied expectations. On April 19, analyst Rekt Capital highlighted a successful retest of the downtrend line, calling it a significant confirmation of support.
“Bitcoin hasn’t just broken the downtrend — it retested and held above it for the first time since the pattern began forming,” Rekt Capital explained.
With resistance levels breaking and market sentiment improving, many now believe Bitcoin could challenge $90,000 in the coming days if macro conditions remain supportive.
