Bitcoin smashed through $94,000 this week. It now holds the title of the world’s fifth-largest asset by market cap, overtaking Google (GOOGL) at $1.86 trillion. This is Bitcoin’s highest rank ever against global heavyweights.
The surge didn’t just happen out of thin air. Easing U.S.–China trade tensions lit the fire. Nasdaq futures jumped 2%. Bitcoin followed with even more force.
Bitcoin Gains Momentum as Trade Tensions Ease
Bitcoin’s rally picked up steam after U.S. President Donald Trump signaled he was willing to lower tariffs on Chinese goods. This shift gave global markets a much-needed boost. The S&P 500 (SPX) and Nasdaq (NDX) each gained over 2.5%. Asian markets followed suit.
Bitcoin’s gains stood out. It rose over 6% in 24 hours, hitting $94,510 on April 23. Short sellers were caught off guard. More than $300 million in shorts were liquidated in the Bitcoin futures market. This buying pressure pushed Bitcoin higher, forcing traders to close bearish bets at higher prices.
Bitcoin ETF Inflows Reach Highest Levels Since November
On April 22, Bitcoin ETFs brought in $1.29 billion in inflows. This was the biggest daily haul since November 2024, when Trump secured the U.S. presidential election. These inflows helped Bitcoin decouple from risk assets and push past key technical levels.
According to Glassnode, Bitcoin crossed its short-term holder realized price band at $91,000. This is a line that often separates doubt from confidence. Crossing it sent a strong message.
Bitcoin Breakout Patterns Signal Move Toward $100K
Bitcoin’s current chart patterns suggest the rally isn’t done yet. A falling wedge breakout, a classic bullish signal, points to a target around $102,700. Analysts argue this setup could lead Bitcoin back above $100,000 by May.
At the time of writing, Bitcoin is sitting at $93,201.
