Bitcoin Surpasses $93,000 Again

Since February, bitcoin has settled into an endless, almost creaky consolidation phase, oscillating between technical fatigue and strategic waiting.

Since February, bitcoin has been floundering in an endless, almost creaky consolidation phase, juggling technical fatigue and strategic waiting. While some were beginning to tire of this crabwise movement, sawing through the mythical $90,000 mark without managing to pierce it, the king of cryptocurrencies seems to have finally claimed back its scepter.

This comeback did not happen out of nowhere. It fits into a context of geopolitical easing, latent monetary euphoria, and institutional flows which, if not spectacular, are now constant. In short, the planets are realigning, and bitcoin, like a digital Phoenix, is rising again.

Bitcoin Surpasses $93,000 Again

It did it. Yesterday, bitcoin managed to pierce again the symbolic $90,000 mark, even reaching a peak of $93,573 this morning in New York. A spectacular rise of 4.7% during the day, which comes after a long slump.

Sticking to the facts, this new high coincides with renewed optimism about trade tensions between the United States and China. On one hand, Trump’s belligerent rhetoric against the Fed is softening. On the other, markets glimpse a breath of tariff peace. Result: the appetite for risk assets is revived, and bitcoin benefits from it.

According to Ryan McMillin, Chief Investment Officer at Merkle Tree Capital: “Gold reacts immediately to global monetary growth (M2), while bitcoin follows with a 90-day lag.” In other words: when gold jumps, get ready to see bitcoin explode shortly after. Now, gold dipped last night after a spectacular rise to $3,500 — an indicator, according to McMillin, of a possible capital transfer to cryptos.

ETFs and Whales Wake the Market

But this push doesn’t come out of nowhere. The main catalyst for this bullish rebound remains the inflows into spot Bitcoin ETFs, which recorded $381 million of net inflows just on April 21 — a record since January.

This renewed institutional interest is all the more crucial as it offsets the relative disengagement of small investors, who remain cautious. However, the numbers reveal another truth: this rally is mostly fueled by derivatives products, not by the spot market.

Indeed, futures open interest climbed by $2.4 billion in less than 36 hours, suggesting that leverage is running at full throttle. A potentially explosive setup — in either direction.

On the on-chain fundamentals side, the MVRV ratio (Market Value to Realized Value) attempts to stabilize above 2, a historically favorable level for sustainable gains. If this dynamic holds, Hitesh Malviya, founder of DYOR Crypto, estimates that “Bitcoin could rise an additional 70% to 80% in the next six weeks”.

A Global Signal in a Sea of Doubts

The current momentum is not limited to a sharp rise in prices. It marks a psychological turning point. Bitcoin is no longer simply seen as an eccentric safe haven or a speculative bet, but as a strategic tool at the heart of major monetary games.

As the global money printing presses run wild — and inflation threatens to take hold long-term — eyes turn to alternatives like bitcoin. This turnaround also happens in a context where geopolitical tensions, although still present, seem less explosive. The possible cooling of the tariff war between China and the United States is a signal investors could not ignore.

That said, caution is the best policy. Bitcoin has shown it can derail just as quickly as it heats up. Volumes on retail platforms are still timid, and arbitrages between gold, stocks, and cryptos remain highly volatile. Just this week, $60 billion flooded the crypto market, while Wall Street suffered a sharp loss of $1.5 trillion in one day. The tectonic plates of finance are in motion. And bitcoin, once again, seems to be the epicenter.