After a month and a half, Bitcoin has once again reached $90,000. In the past 24 hours, Bitcoin peaked at $94,142 and is currently reported at $93,450, up 7.06%. The last time Bitcoin saw $90,000 was on March 7.
The total market cap of cryptocurrencies surged by $62 billion overnight, with over $843 million in short liquidations across the network, as institutions, retail investors, and mining companies celebrated together.
Significant historical price volatility events of Bitcoin | Historical price volatility events | ◆ 2010: $0.004 → $30 (First bubble)
◆ 2013: $1,000 → $200 (Impact of Chinese regulation)
◆ 2017: $20,000 → $3,200 (Leverage liquidation winter)
◆ 2021: $69,000 → $17,000 (Institutional exit leads to cascading liquidations)
◆ 2024: New high of $100,000 (Trump elected)
◆ 2025: 109,000 → 70,000 (Trump's policy adjustment)
Halving cycle vs. market selling pressure
The 2025 halving event may drive supply-demand imbalance and increase prices, but early ETF investors are cashing out, creating short-term resistance.
Dollar liquidity vs. black swan events
If U.S. stocks correct by 30% or financial institutions face turmoil, Bitcoin could drop below $70,000, but the decline in the U.S. Treasury account balance may release liquidity and provide a support base.
Policy implementation vs. institutional hesitation, critical points that traders are watching
Bull-bear dividing line: $70,000
Long-term breakout point: The million-dollar myth
On-chain data shows that whales continue to hoard coins; if global central banks restart QE, Bitcoin may become the ultimate anti-inflation asset.
Core driving factors:
ETF madness: BlackRock, Fidelity, and others' Bitcoin spot ETFs have seen net inflows for 17 consecutive weeks, with total holdings surpassing 1 million BTC! From April 21-22 alone, there was a single-day net inflow of over $719 million, initiating an institutional buying spree.
The dollar has collapsed: The dollar index has fallen to a three-year low, with expectations of interest rate cuts rising, and funds are pouring into anti-inflation assets. Gold and Bitcoin have both surged, but Bitcoin's increase outpaces traditional safe-haven assets.
Trump's divine intervention: The U.S. includes Bitcoin in the national strategic reserve, and public chain technology is designated as a standard for financial infrastructure. Coupled with the tariff war catalyst, the demand for cross-border settlement in digital RMB has surged, indirectly boosting the "de-dollarization" attribute of cryptocurrencies.
The king of Bitcoin's return instantly ignited the entire cryptocurrency universe. Ethereum (ETH) surged 11.5%, while the 'internet celebrity brothers' SOL and Dogecoin recorded increases of 9.34% and 12.3%, respectively. The most striking was the emerging force SUI coin, which saw a rocket-like rise of 22.4%, prompting holders to exclaim, "Witness the miracle." Even the self-promoting Trump coin (TRUMP) rode the wave with an 11.6% increase.
Bitcoin concept stocks are also enjoying a festive performance: Coinbase's stock price rose 8.57%, Canaan Creative rose 8.33%, and mining giant Bitfarms, Riot Platforms, and other concept stocks collectively surged, all exceeding 5%. Two heavyweight Bitcoin ETFs—ProShares Bitcoin Strategy ETF and Ishares Bitcoin Trust—also saw significant gains, indicating clear signs of institutional fund entry.
In this cryptocurrency feast, not everyone is celebrating. Coinglass data shows that as Bitcoin broke a seven-week high, over 152,000 leveraged traders suffered "double liquidation" in the past 24 hours, with total liquidation amounting to $593 million, including $520 million in short liquidations. This serves as a reminder to the market: when crypto assets perform a "ballet on the edge of a knife," greed and fear are often just a thin line apart.
1. Bitcoin's price breaks through $93,000, driving the rise of the crypto market
With Bitcoin's price breaking through the $93,000 mark, the cryptocurrency market has experienced a remarkable surge. This sudden price spike has excited many investors and sparked discussions about the rise of the crypto market. So why has the crypto market rebounded today?
1. Political optimism and institutional fund inflows drive the rebound
Recently, statements made by U.S. President Donald Trump and Treasury Secretary Scott Bessenet have injected strong confidence into the market. Trump mentioned that the U.S.-China trade war might ease, while Bessenet pointed out that the current 145% tariffs are "unsustainable" and hinted that a downgrade might be imminent. These statements effectively boosted market confidence, not only in the stock market but also in risk assets like cryptocurrencies.
Additionally, the net inflow of Bitcoin spot ETFs reached $381 million, the highest level since January. This indicates that the return of institutional funds has driven bullish sentiment in the market. Particularly, institutions like MicroStrategy have once again increased their Bitcoin holdings, further enhancing the market's long-term confidence in Bitcoin.
2. SEC reorganization leads to an explosion of altcoins
The appointment of new SEC Chairman Paul Atkins is another major positive for the cryptocurrency market. Atkins has dismissed several enforcement cases against cryptocurrencies and clearly stated his support for the development of the cryptocurrency industry, bringing more optimism to the market.
At the same time, Ethereum broke through $1,700, Dogecoin rose 8.6%, and SUI surged nearly 12%. The rapid rise of these altcoins further intensified the positive sentiment in the market. The traditional market also did not lag behind, with the S&P 500 index and Nasdaq index strongly rebounding from previous declines.
3. Liquidity remains weak, but market sentiment is recovering
Although market sentiment has warmed, data from CryptoQuant shows that current liquidity and new demand remain weak compared to past bull markets. Nonetheless, the current rebound has allowed many to see signs of recovery in the cryptocurrency market. While the market still faces certain resistance zones, the current trend remains strong and may continue to rise in the short term.
2. The reasons behind Bitcoin's breakthrough of $93,000
1. Driven by macroeconomic factors
The rapid rise in Bitcoin's price is not just a reflection of market sentiment, but also influenced by macroeconomic factors. U.S. President Trump recently stated in a press conference that he has "no intention of firing" Federal Reserve Chairman Powell, which is seen as a positive signal for financial market stability. Additionally, Trump's comments about lowering tariffs on Chinese goods have made investors feel optimistic, thereby driving the rise of risk assets.
2. Fund inflow into Bitcoin spot ETFs
Another important factor is the inflow of funds into Bitcoin spot exchange-traded funds (ETFs). On April 22, Bitcoin spot ETFs attracted $381 million in single-day inflow. This phenomenon indicates that traditional investors' interest in Bitcoin is growing, with more funds flooding into the crypto market. Compared to the volatility of traditional markets, investors believe Bitcoin may be a stable investment choice.
3. Market reaction: The rapid rise in Bitcoin's price
1. The astonishing volatility of Bitcoin's price
On April 22, Bitcoin's price rose 5.62% in just 24 hours, breaking through the key level of $93,000. Compared to the previous day's $91,500, Bitcoin's rapid rise surprised many traders. "This is the craziest one-minute candle I've ever seen," said analyst Michael Sullivan. The intense price volatility has filled the market with uncertainty, but it has also led many investors to see the potential for continued upward movement.
2. Optimistic outlook on market sentiment
From the comments of multiple traders, the market is confident in Bitcoin's rise. "Bitcoin is progressing as planned," said a trader known as Crypto General. This indicates that many are optimistic about the current rebound trend and believe that Bitcoin's strong rise will continue.
4. Who is benefiting? Mining companies, concept stocks, and altcoins are all taking off!
Mining companies make a killing: Marathon Digital and Riot Platforms rose more than 15% in a single day, with increased investment in computing power and revenue expectations doubling.
A-share leader soars: Sifang Jingchuang
Limit up! As the core developer of the central bank digital currency bridge, benefiting from the RMB cross-border settlement policy, northbound capital net bought 65.72 million yuan in a single day.
Altcoins follow suit: Ethereum weakly tests the bottom (support at $1,560), but Fartcoin rises 12% against the trend, while tokens from public chains like Solana and Sui perform well.
In addition to the cryptocurrency market, the performance of traditional financial markets also shows positive sentiment. On that day, the S&P 500 index rose by 2.51%, the Nasdaq index rose by 2.87%, and the Dow Jones index rose by 2.66%. This indicates that the interconnection between traditional markets and the cryptocurrency market is becoming increasingly tight, with investors seeking opportunities to diversify risk across multiple asset classes.
5. KOL frenzy: 40x leverage goes long, community consensus ignites FOMO!
Jez mortgaged $2.07 million MKR and borrowed $700,000 USDC to go long on BTC with 40x leverage, betting on the $100,000 milestone.
Altcoin Gordon states: "The strength of the crypto market lies in the community, not individuals!" Collective action has led to a 10% surge in DeFi protocol TVL, and AI token trading volume skyrocketed by 30%.
6. Risk warning: Three major hidden dangers behind the surge!
Profit-taking pressure: Rapid short-term gains may trigger a pullback if ETF funds begin to flow out.
Regulatory black swan: The U.S. CFTC plans to initiate all-weather cryptocurrency regulation, potentially skyrocketing compliance costs for mining companies.
Leverage liquidation risk: The total liquidation amount of open contracts across the network exceeds $800 million, and high-leverage players should be cautious of "losing everything overnight."
Veteran driver's conclusion: The bull market doesn't declare a top, but don't be the last one to catch the falling knife!
Bitcoin breaks through $93,000, which is not only a technical breakthrough but also a "vote with feet" against the traditional financial system by global funds. In the short term, closely watch the $90,000 support; if it stabilizes, $100,000 is just the starting point! But remember: fear when greedy and greed when fearful—RSI overbought signals and holiday liquidity risks should not be ignored.
