The cryptocurrency market is experiencing a significant surge, with Bitcoin approaching the $95,000 mark. This rally is driven by easing U.S.-China trade tensions, a substantial short squeeze, and bullish technical indicators.​

Market Highlights

  • Total Market Cap: Increased by 6.7%, reaching $2.94 trillion.

  • Bitcoin (BTC): Up 6.4%, trading near $94,000.

  • Ethereum (ETH): Surged 13%, contributing significantly to the market's growth.

Key Drivers Behind the Rally

1. Easing U.S.-China Trade Tensions

  • Statements from Officials: U.S. Treasury Secretary Scott Bessent labeled the current tariff structure with China as "unsustainable," indicating potential reductions.

  • Presidential Remarks: President Donald Trump echoed this sentiment, suggesting that tariffs "will come down substantially" from the existing 145% level.

  • Impact on Markets: These developments have boosted investor confidence, leading to increased risk appetite and a surge in digital asset investments.

2. Massive Short Squeeze

  • Liquidation Data: In the past 24 hours, $624 million in crypto positions were liquidated, with $545 million being short positions the largest single-day short liquidation event of 2025.

  • Market Reaction: This forced buying pressure accelerated Bitcoin's climb beyond $93,000, reminiscent of previous bull cycles.

3. Bullish Technical Breakout

  • Chart Patterns: The crypto market has broken out of a multimonth falling wedge, a bullish pattern indicating a trend reversal.

  • Moving Averages: The TOTAL chart, representing the combined market cap of all cryptocurrencies, surpassed the 50-day simple moving average (SMA) and is targeting the next resistance range between $2.93T and $2.94T.

  • RSI Indicator: The relative strength index (RSI) has risen from 30 on April 7 to 65, signaling growing bullish momentum.

Outlook

With Bitcoin trading near $94,000 and traders eyeing $95K as the next psychological barrier, momentum remains strong. Combined with improving macro conditions and favorable technical indicators, the market appears poised for continued gains. However, resistance at major moving averages may test bullish resolve.


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📢Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your research before making investment decisions.