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The Bitcoin price spiked to $87,400 on April 21, its highest level since March 29. The intraday rally added more than $3,000 to the asset in less than 24 hours, erasing a substantial portion of April’s drawdown. While the single‑day appreciation of about 4% is not unprecedented for the notoriously volatile asset, the backdrop that accompanied Monday’s advance has market participants treating the move with extra significance.
Why Is Bitcoin Up Today?
The most immediate macro‑economic thread was the sell‑off in the US dollar after National Economic Council Director Kevin Hassett told reporters on Friday that US President Donald Trump intends to replace Federal Reserve Chair Jerome Powell. The dollar index (DXY) slipped to 98.182 on Monday, while capital rotated simultaneously into traditional safe‑haven gold. Spot gold climbed to a new high at $3,385 per ounce, extending its 2025 gain to 28%. In contrast, S&P 500 and Nasdaq futures traded about 0.5% lower.
Observers seized on the divergence between Bitcoin and risk‑asset benchmarks. Financial author Mel Mattison wrote on X that he is “seeing more evidence tonight of BTC breaking its strong risk‑on/QQQ correlation,” recalling his January thesis that “this is the year BTC breaks that correlation and starts trading more in sympathy with gold.” Apollo founder Thomas Fahrer reached a similar conclusion: “Bitcoin is pumping while stock futures are trading down. It’s almost like the market is treating it like it’s an alternative financial system or something.”
The Kobeissi Letter described the alignment between the two hard‑asset narratives as notable because “Gold has hit its 55th all‑time high in 12 months and Bitcoin is officially joining the run, now above $87,000.” In a follow‑up post, the macro newsletter argued that both assets are “telling us that a weaker US Dollar and more uncertainty are on the way,” crediting part of gold’s strength to President Trump’s publication of a “non‑tariff cheating” list from Sunday that targets currency manipulation, export subsidies and other forms of perceived economic aggression.
The renewal of trade‑policy anxiety capped a three‑day Easter weekend that had failed, in the words of Kobeissi, to deliver “the trade deals the market priced‑in last week.” Trump’s ninety‑day “reciprocal tariff” pause still has seventy‑nine days remaining, and market sentiment appears increasingly sceptical that a sweeping accord will materialise in that window.
Nonetheless, FOX Business correspondent Charles Gasparino reported on Sunday that a Wall Street executive “with ties to the Trump White House” believes Treasury Secretary Scott Bessent is “close to announcing a significant trade deal, likely to be with Japan,” while cautioning that negotiations remain fluid.
Bitcoin Price Breaks Out
Against the macro backdrop, chart technicians pointed to an important structural break on the daily Bitcoin chart. Trader Scott Melker observed that the spot rate is now “breaking through descending resistance from the all‑time high” and must clear $88,804 to invalidate the series of lower highs and lower lows.
The account @ChartingGuy highlighted $94,000—the 0.618 Fibonacci retracement of the entire drawdown—as the “minimum target on this rally,” adding that market behaviour at that level will determine whether the current impulse proves a mere relief bounce or the beginning of a more sustained advance.
Meanwhile, crypto analyst IncomeSharks warned: “Nice to see the downtrend breakout but the timing is important. Sunday is not a day to celebrate a low volume pump while stock markets are closed. If you want to see a bullish moves lets see stocks open red tomorrow and keep this candle green. Then we can have fun.”
At press time, BTC traded at $87,509.
Featured image created with DALL.E, chart from TradingView.com
Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.
His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.
Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.
For Jake, Bitcoin represents more than just an investment; it’s a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.
As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.
In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.
You can engage with his latest takes on Twitter: @realJakeSimmons.
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