Bitcoin’s value seems to be emerging from a period of stability, with its price reaching levels not seen since the end of March.
On April 21st, Bitcoin (BTC) experienced a significant increase, exceeding $87,400. This marks its highest valuation since March 28th, according to data from TradingView. This jump represents a rise of over $3,000 from its low point on April 20th, where it briefly dipped just above $84,000.
Since reaching a low of just under $75,000 on April 9th, 2025, Bitcoin has now appreciated by 16%. The gap between its current price and its all-time high has narrowed to only 20%.
While a daily gain of 2.4% is not unusual for Bitcoin, this recent surge has propelled the cryptocurrency to the upper edge of a trading range that has been in place since early March.
Scott Melker, known as “The Wolf Of All Streets,” pointed out that “Bitcoin is breaking out,” despite a 1% decline in Nasdaq futures.
Bitcoin and gold correlation strengthens
The Kobeissi Letter on X remarked on the increasing correlation between gold and Bitcoin, noting gold’s recent record highs alongside Bitcoin’s upward momentum. “The narrative in both gold and Bitcoin is aligning for the first time in years.”
They further stated, “Gold has hit its 55th all-time high in 12 months, and Bitcoin is officially joining the run,” adding:
“Gold and Bitcoin are telling us that a weaker US Dollar and more uncertainty are on the way.”
The US Dollar Index (DXY), which measures the dollar’s strength against a basket of six major currencies, has decreased by 10% since the start of the year, coinciding with rising global trade tensions.
Related: Bitcoin price prediction: Experts target $90K amid warnings of potential support failures
Geiger Capital also observed this trend, pointing out the decline in tech futures and the US dollar, suggesting that Bitcoin is “decoupling” from traditional markets.
– Tech futures down
– Dollar down
– Gold new ATH
– Bitcoin breaking out/decouplingRealize where we are. pic.twitter.com/XqZRlEHj39
— Geiger Capital (@Geiger_Capital) April 21, 2025
Some analysts had forecasted a drop to $83,000 around Easter, based on exchange order book analysis, but Bitcoin’s recent performance seems to contradict these predictions.
On April 19th, analyst ‘Rekt Capital’ highlighted that Bitcoin has not only broken free from its downtrend, but it has also “successfully retested it as support for the first time since downtrend formation,” signifying a potentially strong shift in market dynamics.
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