Bitcoin price hits $87K as it breaks out after April slump
Bitcoin (CRYPTO:BTC) prices climbed above $87,400 on April 21, reaching their highest level since March 28, according to TradingView data.
This marks a gain of over $3,000 from an intraday low of just above $84,000 on April 20.
Since hitting a 2025 low near $75,000 on April 9, Bitcoin has risen approximately 16%, narrowing its gap from the peak price to about 20%.
The asset has been trading within a range-bound channel since early March, and the recent price movement places Bitcoin near the upper boundary of this range.
Market commentator Scott Melker, known as “The Wolf Of All Streets,” noted that “Bitcoin is breaking out” even as Nasdaq futures declined by 1%.
The Kobeissi Letter highlighted a growing correlation between Bitcoin and gold, both showing strong upward momentum.
“Gold has hit its 55th all-time high in 12 months and Bitcoin is officially joining the run,” it stated.
The report suggested that the trends in gold and Bitcoin indicate expectations of a weaker US dollar and increased uncertainty.
The US Dollar Index (DXY), which measures the greenback against six major currencies, has fallen about 10% since the start of 2025 amid rising global trade tensions.
Geiger Capital also pointed out Bitcoin’s divergence from declining tech futures and the weakening dollar, describing Bitcoin as “decoupling.”
Some analysts had forecasted a drop to $83,000 over the Easter weekend based on exchange order books, but Bitcoin’s price movement defied those predictions.
On April 19, analyst Rekt Capital observed that Bitcoin had not only broken its downtrend but also “successfully retested it as support for the first time since downtrend formation.”
The recent price action suggests renewed momentum for Bitcoin as it approaches potential breakout territory.
At the time of reporting, the Bitcoin (BTC) price was $87,191.68.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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