NOIDA (CoinChapter.com) — Bitcoin price soared past $93,000 on Apr. 23, logging a 10% gain in just two days and reaffirming its dominance in the crypto market. The flagship cryptocurrency rallied from $85,073 on Apr. 21 to $91,250 a day later, before surging through key resistance to set a new local high near $94,500 on April 23.
The sharp rally pushed Bitcoin’s market cap above $1.8 trillion, extending its lead over Ethereum and other altcoins. Ethereum and Solana gained 5% and 7% respectively in the same period, but lagged behind Bitcoin’s pace. Meanwhile, the total crypto market cap hovered near $3.2 trillion, its highest since late 2021, fueled by inflows and renewed optimism.
Traditional financial markets painted a mixed picture. The S&P 500 slipped 0.8%, weighed down by ongoing U.S. tariff concerns. In comparison, the Nasdaq rose 0.3% thanks to strength in the tech sector. Gold, often viewed as a safe-haven asset alongside Bitcoin, gained 1.2% to reach $2,750 per ounce, supported by geopolitical uncertainties and a weakening U.S. dollar.
Despite gold’s steady performance, Bitcoin’s explosive growth has captured the spotlight, with investors increasingly viewing it as a hedge against economic volatility.
Structural changes and macro tailwinds might be the key reasons behind Bitcoin’s decoupling from both equities and commodities. The asset’s deflationary supply is contributing to scarcity-induced upside. The dynamic has renewed comparisons between Bitcoin and gold, with the former now seen as an emerging “digital reserve” asset.
Golden Cross and Volume Clusters Hint at Sustained Bitcoin Momentum
Bitcoin’s bullish structure received fresh confirmation on April 22, when the 20-day exponential moving average (EMA) crossed above the 200-day EMA—a classic golden cross, typically viewed as a long-term bullish signal. Another potential cross between the 20-day EMA and the 50-day EMA is nearing confirmation, underscoring renewed upward pressure.
BTC price rally seems to be calming down, with the token paring gains after reaching a daily high near $94,500. The momentum shift coincides with a decisive break above a major cluster of supply between $89,000 and $92,000, previously reinforced by both the 0.382 Fibonacci level and historical VRVP peaks. The daily close near $94,500 places Bitcoin above this volume-heavy region, reinforcing bullish continuation potential.
Immediate resistance now looms near $96,700, aligned with the 0.618 Fibonacci retracement. Flipping this level would help Bitcoin price target the next resistance near $101,900, a historically relevant zone that coincides with another prominent VRVP peak. A further move beyond that could put the all-time high region near $108,700 in play.
On the downside, support has formed near $89,200, with further defense expected around $84,600. A breakdown below this zone could expose the $77,000 area—a previously untested support from March.
The Relative Strength Index (RSI) stands at 68.4, just shy of overbought territory, suggesting bullish control without immediate exhaustion. Volume remains elevated, particularly during the breakout candle, signaling strong buyer conviction behind the recent surge.
Overall, the golden cross and positive EMA structure, backed by volume and clearing of resistance clusters, strengthen the case for Bitcoin’s sustained upside, so long as macro conditions remain favorable and key levels hold.
Reasons Behind Bitcoin’s Explosive Rally
The recent Bitcoin price rally stems from institutional demand, favorable macro conditions, and strengthening technical indicators. According to Coinbase, U.S. spot Bitcoin ETFs recorded $381 million in net inflows on Apr. 21—the highest single-day figure since Jan. 30. This capital injection, led by BlackRock’s IBIT and Fidelity’s FBTC, signals a growing appetite from institutional investors seeking exposure to Bitcoin through regulated vehicles.
Corporate treasuries have also reentered the market, allocating Bitcoin as a reserve asset amid heightened concerns over inflation and currency depreciation. On-chain data from Glassnode showed spot trading volumes surging from $2.9 billion to $8 billion in 36 hours, confirming aggressive accumulation and rising market participation.
Macroeconomic developments have further boosted sentiment. Easing trade tensions between the U.S. and China created a risk-on environment, driving capital back into speculative assets. Meanwhile, the U.S. dollar weakened sharply this week, enhancing Bitcoin’s appeal as a non-sovereign store of value.
CNBC reported a growing perception of Bitcoin as a digital alternative to gold, particularly amid rising geopolitical risks and stock market instability.
Technically, Bitcoin futures and options open interest soared by $2.4 billion and $2.2 billion respectively, reinforcing the strength of this breakout. The April 2024 halving, which reduced miner rewards to 3.125 BTC, continues to tighten supply as demand intensifies.
Although momentum remains strong, analysts caution that pullbacks are possible. Immediate support lies between $84,600 and $89,200. Still, the underlying structural and macro drivers suggest Bitcoin’s uptrend may not be over just yet.
