TL;DR
- Bitcoin has been hovering over $83,000 and it just jumped to $90,000.
- Investors have pulled approximately $1.5 Trillion from US Equities and $60 billion was just added into crypto market.
- The dollar index has fallen to multi-month lows amid political tensions, notably President Donald Trump’s public criticism of Federal Reserve Chair Jerome Powell and calls for immediate interest rate cuts.
US Macroeconomics and multiple global financial institutions have been showing a keen interest in the digital gold – Bitcoin. One of the key reasons why Bitcoin is pumping today is because of the smears thrown by US president Donald Trump on Fed chair Jerome Powell and calls for immediate interest rate cuts.
Additionally, surging institutional inflows: There have been record-breaking inflows into spot Bitcoin ETFs, with over $300 million net inflows recorded recently across major funds such as BlackRock’s iShares Bitcoin Trust and Fidelity’s FBTC. Institutional buyers are accumulating Bitcoin faster than miners are producing new coins, creating upward price pressure.
Bitcoin Price Action
Bitcoin is trading well above its 20-day and 50-day moving averages, with a “golden cross” pattern forming, which is a bullish momentum signal. This technical setup suggests Bitcoin could soon test and possibly break the psychological $92,000 resistance level. Additionally, the Crypto Fear & Greed Index has moved into “Greed” territory for the first time since mid-March, reflecting rising confidence. Social media activity and search interest in Bitcoin and buying Bitcoin have increased, supporting bullish sentiment.
Source: TradingView
Gold Versus Bitcoin
Gold has surged to a record high of $3,500 an ounce, reinforcing its role as a safe haven alongside Bitcoin, which is increasingly behaving like an uncorrelated asset valuable for portfolio diversification.
Other Major Events In Crypto Today
Several important crypto events are upcoming, including the Lyora upgrade on the Injective mainnet, a U.S. SEC Crypto Task Force roundtable on crypto custody, and a BNB Chain hardfork scheduled for late April.
The Solana-based memecoin LUCE surged 45% following news related to Pope Francis’ death, reflecting how specific news events can trigger sharp but often short-lived crypto market movements.
Technical Indicators To Watch Out For Bitcoin
Crypto market analysts are watching the 50-day EMA crossing above/below the 200-day EMA for bullish/bearish momentum shifts. Current data shows all short-term MAs (5-day to 200-day) are in strong buy territory, with Bitcoin trading above all major averages.
Besides SMA, analysts are also watching the pi cycle top indicator. This formula consists of 111-day SMA and 350-day SMA × 2 to predict cycle tops. Historically accurate within 3 days of Bitcoin’s peak.
Wrapping Up
In summary, Bitcoin’s rise today is driven by dollar weakness, institutional demand, positive technical signals, and improved market sentiment, which together are lifting the broader crypto market. Key news includes strong price predictions for Bitcoin, significant gold price milestones, and notable upcoming protocol upgrades and regulatory discussions shaping the crypto landscape
- Coinbase Takes a Clever Dig At Fed In Their New Bitcoin Ad – May 6, 2025
- Crypto Scam: Fake Ledger Reps Target Users – April 30, 2025
- Top DePIN Projects To Watch Out For in 2025 – April 24, 2025