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With several bullish catalysts in play, Bitcoin broke out of its multi-month downtrend, which began in mid-January, and reclaimed the psychological $90,000 support level.
The total crypto market cap crossed $3 trillion for the first time since early March, as risk-on sentiment returned, evident by the Fear & Greed Index, which surged from 47 to 72, entering greed territory.
The rebound didn’t translate into strong gains for altcoins, though most of the top 99 traded in the green, with a few posting double-digit gains by late Asian trading hours on Wednesday.
Why is Bitcoin going up?
Bitcoin, along with other global risk assets, rallied as signs of easing US-China trade tensions emerged, a macro driver that has influenced price action since the start of the year.
Markets were lifted early in the day by comments from US Treasury Secretary Scott Bessent at a closed-door JPMorgan event, where he reportedly called the ongoing tariff standoff with China “unsustainable.”
Bessent said he expected de-escalation “in the very near future,” framing current trade conditions as a “trade embargo.”
While he warned that a full resolution could take years, the immediate outlook appeared more constructive than in recent months.
Later in the day, sentiment improved further after President Trump told the media that US tariffs on Chinese goods “will come down substantially” from the current 145%.
His remarks helped ease investor fears of an escalating trade war and injected fresh optimism across global markets.
Trump also addressed concerns around monetary policy, stating that he has no intention of removing Federal Reserve Chair Jerome Powell, despite recent pressure on the central bank to cut interest rates.
The reassurance added to the positive tone across risk markets, with traders interpreting it as a signal of stability in US monetary policy.
With tensions easing, institutional players appeared to return in force, as eleven Bitcoin ETFs recorded over $1.29 billion in inflows on Monday, the highest since November 2024. Inflows are expected to rally even higher by the end of US trading hours on April 23.
Will Bitcoin rally to $100,000?
Although bullish sentiment appears to have turned, CryptoQuant warned that underlying demand remains weak.
Their data shows Bitcoin’s apparent demand has declined by 146,000 BTC over the past month, a slight improvement from March but still in negative territory.
Meanwhile, their demand momentum metric has dropped to its most bearish level since October 2024, which typically means a lack of interest from new investors.
CryptoQuant’s on-chain bull score also classifies current market conditions as bearish.
In terms of liquidity, Tether’s (USDT) market cap, often used as a gauge for crypto liquidity, has only surged by $2.9 billion over the past two months, falling short of the roughly $5 billion threshold that has historically been observed during past Bitcoin bull runs.
Bitcoin is also trading within a critical resistance zone between $91,000 and $92,000, which aligns with the Trader’s On-chain Realized Price metric.
Historically, these areas have acted as troublesome resistance zones that bulls have struggled to break.
If sentiment wavers near this resistance zone, analysts say a short-term pause or pullback could be on the cards.
If this pump is the pump that will send us to new all time highs, you wanna see the orange box hold! $BTC
Some analysts still haven’t ruled out a deeper correction toward the mid-$60,000 range.
Pseudonymous trader KNIGHT, for example, shared a chart suggesting that Bitcoin could face a sharp rejection near current levels and revisit previous lows if it fails to break above the $95,000 resistance zone.
$btc something like this sooon ?
Nevertheless, on the daily chart, Bitcoin seems to have broken out of a falling wedge pattern, which generally symbolises a trend reversal. See below.
BTC/USD Daily chart. Source: Trading ViewAnother bullish setup was flagged by fellow trader Mister Crypto, who pointed to a textbook cup and handle pattern on the higher timeframes, often seen as a classic continuation signal in technical analysis.
Source: Mister Crypto on X
For the current rally to sustain, Bitcoin needs to stabilise above the $93,500 level, according to well-followed analyst Rekt Capital.
He notes that the downside deviation from the broader uptrend is now close to ending, but a weekly close above this level is crucial.
That would help BTC resynchronise with its former reaccumulation range and flip resistance into new support.
The zone around $93.5K has acted as a key pivot in past cycles, and reclaiming it could reestablish bullish momentum heading into the rest of Q2, the analyst added.
At press time, Bitcoin was trading at $93,173, up 2.6% on the day. Bulls will likely target $95,000 next if current momentum holds; clearing that could open the door for a run toward six figures.
Altcoin market in green
With Bitcoin rallying, most altcoins turned green on the day, but the momentum didn’t trigger a broad-based breakout. Gains were largely limited to low-cap tokens, with major altcoins seeing only modest moves.
The total altcoin market cap briefly surged 9.4% to a 24-hour high of $1.28 trillion before pulling back to $1.16 trillion at the time of writing. Bitcoin remained the dominant market driver, as reflected by the Altcoin Season Index, which held at 15.
The top gains for the day were:
DeepBook Protocol
DeepBook Protocol (DEEP) rallied 63% over the past day to $0.18 as of press time, while its market cap stood at over $573 million. Its daily trading volume was nearly triple the previous day at over $1 billion.
Source: CoinMarketCap
A key catalyst driving its gains today is DeepBook’s recent announcement that version 3.1 of its protocol is soon to be available on the Sui network, featuring new features such as permissionless liquidity pools, lower fees, and improved liquidity.
Helping push the price higher, Binance said it will list DEEP on its futures platform. Around the same time, South Korea’s Upbit also added DEEP to its spot market.
Onyxcoin
Over the past 24 hours, Onyxcoin (XCN) jumped 28% to trade at $0.22 per coin. Its market cap hit $750 million, while daily trading volume surged 200%, with $175 million worth of tokens changing hands.
Source: CoinMarketCap
Today’s gains were triggered by community hype around the upcoming Onyx mainnet, dubbed Goliath, a major upgrade that is expected to bring significantly faster transaction speeds, enhanced network security, and improved scalability to support more decentralized applications.
The momentum was further buoyed by the broader market recovery and improved risk sentiment.
Sui
Sui (SUI) surged 22.6% over the previous day, priced at $2.94 per coin, while its market cap shot up to nearly $10 billion when writing. The price rally came along with a surge in daily trading volume, which soared 23% to $2.86 billion.
Source: CoinMarketCap
SUI’s price surge today is mostly thanks to the growing buzz around meme coins on its network.
Tokens like MIU, LOFI, and BLUB have seen a lot more trading lately, which has helped push SUI’s price up.
Its DEX ecosystem also had a solid week, handling over $2.475 billion in volume, which is a 30% increase from the week before.
On top of that, the total value locked on Sui shot up 22.8% in the past 24 hours, hitting $2.49 billion and making it the ninth-largest blockchain by TVL.
The post Crypto price today: Bitcoin reclaims $90K as DEEP, ONYX, SUI soar— is $100K next? appeared first on Invezz
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