As of April 21, 2025, the cryptocurrency market has indeed shown signs of recovery. Here are some key market dynamics and reasons:

1. Strong performance of Bitcoin: Bitcoin rose to about $87,600 on April 21, the highest level since April 2 when Trump announced reciprocal tariffs. Analyst Omkar Godbole's technical analysis shows that Bitcoin's price has broken through $87,000, indicating strong upward momentum, with targets possibly in the range of $90,000 to $92,000.

2. Macroeconomic factors: The U.S. economy is in a delicate and turbulent situation, facing uncertainties in trade policy, inflation risks, and other factors. The uncertainty of these macroeconomic data has heightened market expectations of an economic recession, and investor expectations for interest rate cuts by the Federal Reserve are also rising, which has driven the rebound in the cryptocurrency market.

3. Weak dollar: Trump's pressure on the Federal Reserve has caused the dollar to plummet, which has also driven the rise of cryptocurrencies. A weak dollar typically leads investors to turn to other asset classes, including cryptocurrencies.

4. Market sentiment and liquidity: Although market sentiment has dominated the rebound, insufficient holiday liquidity has somewhat limited the upward trend. Additionally, the seven-day average trading volume of global cryptocurrency exchanges has dropped to about $32 billion, the lowest since October 2024, plunging over 75% from the peak in December 2024.

5. Policy and regulatory changes: Some cryptocurrency companies are seeking banking charters, which would make their businesses more like traditional lending institutions, while others are interested in narrower licenses that would allow them to issue stablecoins. These policy and regulatory changes have also influenced the market rebound to some extent.

6. Technical analysis: According to CoinDesk analyst Omkar Godbole's technical analysis, Bitcoin's price has broken through $87,000, indicating strong upward momentum, with targets possibly in the range of $90,000 to $92,000.

In summary, the cryptocurrency market has indeed shown a rebound on April 21, 2025, mainly influenced by various factors such as macroeconomic factors, a weak dollar, market sentiment and liquidity, policy and regulatory changes, and technical analysis.