Bitcoin Surged to $87.2K Over the Weekend

With growing institutional interest and long-term holder confidence driving momentum. Experts expect a breakout past $90K, with 2025 targets topping $120K.

Bitcoin price surged to $87.2K over the weekend, with analysts noting that institutional interest and long-term holder confidence are driving the cryptocurrency's momentum.

What Happened: Bitcoin managed to rally further after a 2.42% rise over the past 24 hours, trading at $87,284 at the time of writing. It had touched a high of $87,424.71 on Friday.

Avinash Shekhar, co-founder and CTO of Pi42, noted that long-term Bitcoin holders remain "notably resilient despite short-term price volatility."

"This signifies a strong underlying belief in Bitcoin's value proposition, even amidst typical crypto market fluctuations. As a result, institutions are reportedly stepping up their activity in the crypto sphere. A recent report by CCData noted that Bitcoin ETFs saw their seventh week of net positive spot inflows, while crypto ETFs saw their third week of inflows. These trends suggest a sustained interest from institutional investors in gaining exposure to the cryptocurrency market through these vehicles, especially in Bitcoin ETFs, which saw a significant surge in inflows this week.”

What Matters

CoinDCX highlighted that Bitcoin's breakout above the $87K level is a key moment to watch.

"Most of the altcoins weren't able to follow suit and clocked minor losses. On the other hand, STX, TAO, and FARTCOIN saw some gains."

On the regulatory front, Slovenia proposed a 25% capital gains tax on crypto profits to take effect in 2026.

"The government is planning to introduce a 25% capital gains tax on crypto profits and proposes taxing crypto payments and donations from 2026, according to a draft tax law proposal. The proposals are part of broader efforts to align Slovenia's tax system with international standards and promote economic growth."

Moreover, rumors of the U.S. Federal Reserve Chair Jerome Powell hinting at easing crypto banking rules are creating a more welcoming environment for Web3 innovation and broader crypto adoption.

"The global environment is becoming increasingly supportive of emerging technologies and ventures in the Web3 space. As the world pivots towards a new era of innovation, institutions are playing a crucial role in shaping the landscape of the digital economy. In a move that could have far-reaching consequences for the cryptocurrency industry, rumors have emerged of Fed Chair Jerome Powell hinting at the possibility of easing crypto banking rules in the U.S."

This week, the overall crypto market cap stands at $2.69 trillion. It had started the week at $2.74 trillion.

DeFi's total volume stands at $5.34 billion, at 8.27 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $59.13 billion, at 91.53 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Fear’ with 34 points (out of 100).

At the time of writing, BTC dominance stood at 63.14 percent.

Last Monday (April 14), the price of Bitcoin was trading around $85,000. The price of ETH stood at around $1,600.

The crypto prices over the past seven days are being covered in detail here.

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