Bitcoin (BTC) price surge past $91,000 marks its first higher high breakout of the year

Bitcoin (BTC) price has been in a persistent downtrend since January, but the April 22 surge past $91,000 marks its first higher high breakout of the year

Bitcoin (BTC) price broke above a crucial resistance zone and posted its first higher high pattern of the year on April 22, hinting at the potential start of a new longer-term uptrend.

BTC broke above the previous lower high and resistance at $88,500 and went on to hit highs of $91,000, setting its sights on the 2025 highs above $93,000.

While the lack of buying pressure from lower cohorts and the strong selling pressure from ETFs at higher prices limited the upside potential, the US spot Bitcoin ETFs recorded total net inflows of $381 million on April 21—levels not seen since Jan. 30.

Rising spot BTC inflows, along with Bitcoin’s increase in price, point to a possible resurgence in institutional demand for Bitcoin, and the change in trend from the ETFs could offset the selling pressure that has put a cap on BTC price for months.

However, retail investor demand (buy volumes between $0 and 10,000) remained below 0%, which suggested that low volume buyers are not back yet. Over the past year, these investors have lagged behind BTC price breakouts, but they strengthen price momentum once the investor volume turns positive.

CryptoQuant community manager Maartunn highlighted that the present rally is leverage-driven rather than spot volume-driven.

“We're seeing a strong move in BTC price with significant buying pressure, mainly driven by derivatives traders. Considering the large sell-off pressure from ETFs at higher prices and the lack of buying pressure from lower cohorts, it's surprising that BTC managed to sustain this rally.”

According to Glassnode data, Bitcoin futures open interest (OI) increased by $2.4 billion in less than 36 hours.

For Bitcoin price to sustain a strong position above $90,000, the current discrepancy between futures traders and retail traders needs to decrease.

Bitcoin could gain “70% to 80% from here”

From a longer-term perspective, D'YOR crypto founder Hitesh Malviya said BTC could gain 70% to 80% if it manages to sustain a MVRV ratio of 2 for the next six weeks.

The Market Value to Realized Value (MVRV) ratio, a key onchain metric, compares Bitcoin’s market cap to its realized cap—the value of coins at their last transaction price.

Historically, an MVRV above 3.7 often signals overvaluation and market tops, while values near 2 have preceded strong price rallies.

Bitcoin's MVRV score remained above 2 from October 2024 to February 2025, coinciding with its all-time high. Recently, the metric fell below 2 during the market correction, but it is now attempting to reclaim this key level.