Bitcoin (BTC) is up 10.3% to $93,555 this
week, with most gains recorded on 22 April. The cryptocurrency has successfully
lifted off above the key resistance range at $90,000–92,000. If prices remain
above this level, a rally towards the $150,000–200,000 range becomes
increasingly likely.
Investor sentiment has turned decisively
positive. Spot Bitcoin ETFs—IBIT from BlackRock, FBTC from Fidelity, and GBTC
from Grayscale—reported net inflows of $43.5 million last week, a significant
reversal from $503.3 million in net outflows the week prior. Momentum continued
this week with an additional $106.8 million in inflows, including a record
single-day haul of $381.0 million on 21 April.
Bitcoin’s surge followed a potential policy
shift by U.S. President Donald Trump, who hinted at lowering the previously
announced 145% tariffs on Chinese imports, stating they would “come down
substantially, but it won’t be zero.” This remark was widely interpreted as a
conciliatory move, potentially paving the way for renewed trade talks with
China.
Trump also softened his stance towards Federal
Reserve Chair Jerome Powell, clarifying he had “no intention” of firing him.
This came after a series of earlier criticisms, where Trump labelled Powell
“Mr. Too Late” and “a major loser” for delaying interest rate cuts. Powell, in
turn, warned that tariff policies were contributing to economic uncertainty,
combining slower growth with higher inflationary risks.
These developments have fuelled a rally in
crypto and other risk assets, supported by growing expectations of Federal
Reserve rate cuts. A “Buy America” sentiment is taking hold, with the U.S.
dollar gaining ground and equity markets rebounding. Bitcoin’s break above the
$90,000–92,000 zone is a strong signal of market strength.
From a technical perspective, the outlook has
improved significantly. Should Bitcoin maintain its footing above
$90,000–92,000 over the coming days—as expected—the next resistance at
$99,000–101,000 will come into play. A successful push beyond this level could
open the path towards the much-anticipated $150,000–200,000 target.