Bitcoin is back in the green again, trading above $87400
Bitcoin (BTC) is back in the green, trading above $87,400 again after rising by more than $3,000 from its April 20 intraday low of $84,050.
The largest digital currency by market cap had dropped to as low as $75,000 on April 9, but since then, Bitcoin has gained more than 16%. At present, Bitcoin is only 20% away from its all-time high, reached in November 2024.
“Bitcoin is breaking out,” commented Scott Melker, known as “The Wolf of All Streets,” even as Nasdaq futures dropped 1%. Analysts also noticed that Bitcoin is now trading at the top of its two-month range channel.
Analysts had previously predicted a dip to $83K, but Bitcoin had other plans. As Rekt Capital noted, BTC didn’t just break its downtrend — it successfully turned it into support.
Interestingly, Bitcoin’s rally is lining up with gold’s surge. The Kobeissi Letter pointed out that “the narrative in both gold and Bitcoin is aligning for the first time in years.”
With gold hitting its 55th all-time high in the past 12 months, the message is clear: a weakening US dollar and growing uncertainty are driving investors toward alternative assets.
The US Dollar Index (DXY) has dropped 10% since the start of the year amid rising global trade tensions. Geiger Capital also noted that Bitcoin seems to be “decoupling” from traditional markets.
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