Bitcoin seems to be breaking out from a long period of sideways movement, climbing to its highest point since late March. Bitcoin surged past $87,400 on Apr. 21. According to TradingView, Bitcoin hit its highest price since Mar. 28. It’s up more than $3,000 from its intraday low of just over $84,000 on Apr. 20.
The asset has increased by 16% since it hit a low of just under $75,000 on Apr. 9, 2025, bringing it 20% closer to its peak price. While a 2.4% daily gain is quite typical for Bitcoin, it has pushed the asset to the upper limits of a range-bound channel that started in early March. Scott Melker, also known as “The Wolf of All Streets,” pointed out that BTC is breaking out, even as Nasdaq futures are down by 1%.
Bitcoin and Gold’s correlation grows
“The story with both gold and Bitcoin is finally aligning for the first time in years,” shared the Kobeissi Letter on X. He also highlights gold’s recent all-time high and Bitcoin’s breakout. Gold has reached its 55th all-time high in just 12 months, and now BTC is officially joining the run. Both gold and Bitcoin are signaling that a weaker US Dollar means more uncertainty ahead.
The US Dollar Index (DXY), which tracks how the dollar lines up against six major world currencies, has dropped by 10% since the start of the year. The decline comes as international trade tensions continue to heat up. Geiger Capital also noticed the move. Additionally, he pointed out the drop in tech futures and the U.S. dollar. Geiger also added that Bitcoin seemed to be breaking away from the usual market trends.
Some analysts expected Bitcoin to drop to $83,000 over the Easter weekend, based on exchange order book data, but Bitcoin (BTC) didn’t follow the script. On Apr. 19, analyst Rekt Capital observed that Bitcoin didn’t just break out of its recent downtrend, it actually came back to test thatold resistance line and held it as support for the first time since the downtrend began.
