Bitcoin surges above $90,000, will $92,000 be touched next?
Jakarta, Pintu News – Bitcoin recently reached an intraday peak of $90,532, a figure last seen in early March this year. This rise marks a 7.6% gain in Bitcoin since Sunday.
The rise comes amid weakness in the US dollar, which hit a three-year low, a condition many attribute to new trade tariffs in Washington.
Why is Bitcoin Strengthening?
Investments continue to flow into assets that are considered safe. Gold, for example, has broken $3,400 per ounce, setting a fourth record in the last four weeks. The market value of gold has now surpassed $20 trillion for the first time, adding around $6 trillion since the start of the year, three times the value of Bitcoin (BTC) at its peak in January.
Growing institutional demand has driven the recent rise in Bitcoin (BTC) prices. Spot Bitcoin ETF funds in the US recorded a net absorption of $381 million on Monday, the largest figure since February. This is a significant change compared to the net outflows that occurred in March and early April.
Also Read: Gold or Bitcoin: Which is a Safe Investment Amid US-China Tensions?
Where is Bitcoin headed next?
Short-term traders are focusing their attention on the narrow resistance that has held back any gains since late February. Analyst Jelle calls this area the “main event,” adding, “If Bitcoin (BTC) can reclaim $92,000, then the price will surge higher. Much higher.”
On-chain metrics show a similar picture. Julio Moreno, head of research at CryptoQuant, noted that Bitcoin (BTC) is approaching the Merchant Realized Price band in the range of $91,000-$92,000. “The Merchant Realized Price serves as support when market conditions are bullish, and as resistance when conditions are bearish,” he said.
Momentum Indicators Begin to Melt
Momentum indicators have started to show signs of recovery. Cold Blooded Shiller flagged “the first RSI 50 crossover on Bitcoin (BTC) in 3 months,” adding, “if there is counter-trend energy, it’s time to rally.” Currently, Bitcoin (BTC) is trading at $90,394. Further price movements will be largely determined by the outcome of tariff negotiations and global market dynamics.
Conclusion
With uncertain market conditions and ever-changing global economic dynamics, Bitcoin (BTC) seems to continue to be a hot topic among investors and analysts. Will Bitcoin (BTC) manage to break $92,000? Only time will tell.
Also Read: Polkadot (DOT) Preparing to Surpass Resistance, Is it Time to Buy?
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.
Reference
- NewsBTC. Bitcoin Shoots Above $90,000, Will $92,000 Fall Next? Accessed on April 23, 2025
- Featured Image: Generated by AI
