Bitcoin has reached a two-month high, trading over $93,000 as the cryptocurrency market enjoys a surge thanks to easing US-China trade tensions and confidence in Federal Reserve leadership. Ethereum and other major altcoins also posted significant gains. Institutional inflows, market sentiment improvements, and positive technical indicators support this bullish trend, although caution is suggested regarding potential corrections.
Bitcoin has surged to a two-month high, trading over $93,000, amidst a positive sentiment in the cryptocurrency market. The rise in Bitcoin’s value is attributed to indications of reduced US-China trade tensions and renewed confidence in the Federal Reserve’s leadership. Other cryptocurrencies like Ethereum (ETH), Dogecoin (DOGE), and XRP have also witnessed substantial gains, enhancing the overall market landscape.
In just 24 hours, Bitcoin achieved an impressive 6% increase, peaking at $94,500 on April 23, 2025. Likewise, Ethereum jumped by 10% to surpass $1,700, while Dogecoin, XRP, and Solana recorded gains between 7% and 11%. The cryptocurrency market capitalization rose approximately 6.7%, reaching $2.95 trillion according to CoinMarketCap.
The current rally showcases a stabilising cryptocurrency market, marking a continuation of the upward trend that began earlier this week. Notably, Bitcoin experienced a 7% surge in a single trading session, indicating a potential path to challenge its previous all-time high (ATH) of approximately $109,000. Multiple altcoins joined the momentum, with Ethereum at $1,783, XRP at $2.25, and Solana testing prices around $151.
The positive shift in the crypto market occurred after U.S. President Trump asserted his support for Federal Reserve Chair Powell, reducing fears surrounding central bank independence. Stephen Wundke from Algoz indicated that these developments, among others, have propelled Bitcoin’s rise. Additionally, comments from Treasury Secretary Scott Bessent suggested the need to resolve US-China tariff disputes, further lifting market sentiment.
The rapid increase in cryptocurrency prices has triggered significant short liquidations, amounting to over $63 million in the last 24 hours. Bybit, Binance, and Gate led this short liquidation spree, which indicates a reversal for traders betting on declining prices. This marks the most significant liquidation event of the year, akin to a similar event from November.
Institutional investment interests are evident, with US-listed Bitcoin ETFs receiving $12 million in inflows, signifying growing acceptance of cryptocurrencies by mainstream financial markets. Paul Howard from Wincent emphasised that supportive Federal Reserve commentary and a weakening dollar are key factors driving renewed investor enthusiasm for Bitcoin ETFs.
From a technical analysis standpoint, Bitcoin’s breakout from a multi-month downtrend presents a bullish outlook, with the total cryptocurrency market targeting a value of $3.12 trillion. Key resistance levels for Bitcoin are now seen around $94,000 to $95,000, believed to be vital for continuing the rally.
Despite this optimism, some analysts suggest caution as the market may be nearing overextension. Wundke indicated a possible trading range of $76,000 to $95,000, implying the need for continued upward momentum for Bitcoin to maintain its positive trajectory.
The crypto rally is also in alignment with an upbeat sentiment in traditional markets, particularly after the S&P 500 and Nasdaq indices gained over 2%. Analysts note that this combination of factors suggests a potential bull run, although the sustainability of the current momentum remains a critical consideration.
Long-term projections for Bitcoin remain optimistic, with potential valuations reaching six figures by the end of 2025 depending on sustained institutional adoption. Predictions from various analysts suggest figures ranging from $137,000 to $1,000,000 by 2030, driven largely by market fundamentals, ETF inflows, and macroeconomic trends.
In summary, the cryptocurrency market is currently witnessing a resurgence, spurred by political, economic, and institutional trends, although market participants should remain vigilant for signs of correction amid the bullish outlook.
