Bitcoin rallies above $87,000, next bull-run talk 'too early': analysts
Quick Take Bitcoin’s price crossed over the $87,000 mark on Sunday for the first time since April 2. One analyst said that bitcoin’s rally is fueled by re-surging institutional interest, highlighted by Strategy’s recent buying.

Bitcoin price crossed $87,000 for the first time in weeks as it meets growing global liquidity and renewed institutional interest amid lingering concerns over U.S. tariffs.
According to The Block's bitcoin price page , the world's largest cryptocurrency is up more than 2.4% in the past 24 hours to trade at $87,325. This marks the first time bitcoin has risen above the $87,000 level since April 2.
Earlier this year, bitcoin took a hit along with the wider crypto market when U.S. President Donald Trump started to push sweeping tariff policies on trade partners, prompting global equities and crypto investors to seek safer, more stable assets. Bitcoin fell to around $74,500 earlier this month.
"Bitcoin’s breakout above $87,000 is being fueled by a tick up in global liquidity, driven by the expanding M2 money supply and renewed institutional interest highlighted by [Strategy’s] signals to further grow its holdings, tightening available supply," said Dominick John, analyst of Kronos Research.
Aggregate M2 money supply across the U.S., Europe, Japan and China steadily increased from December to February, reaching $90.2 trillion, according to MacroMicro data .
Meanwhile, Michael Saylor's Strategy, formerly known as MicroStrategy, disclosed its acquisition of 3,459 BTC earlier this month amid market-wide uncertainty, while reporting unrealized losses of $5.91 billion in the first quarter due to bitcoin's underperformance.
On social media platform X, Saylor reaffirmed his confidence in bitcoin, writing : "Bitcoin has no counterparty risk. No company. No country. No creditor. No currency. No competitor. No culture. Not even chaos."
U.S. spot bitcoin exchange-traded funds also saw a total positive net flow of $15.8 million last week, which may also suggest stronger institutional confidence in bitcoin compared to February and early March.
Alongside bitcoin, other major cryptocurrencies saw upward momentum. Ether rose 0.97% to $1,632, XRP gained 1.38% to $2.11. However, Solana dipped 0.87% to $140.2.
Next bull-run?
"It's too early to say we are out of the woods yet, as the negotiations with key trading partners are still ongoing," said Peter Chung, head of research at Presto Research. "The lingering nervousness is evident in the still elevated 10-year treasury and high yields, weak DXY, etc."
Nonetheless, Chung said it is notable that bitcoin "held up well" in April, outperforming major stock indices SP, Nasdaq and the U.S. tech behemoths "Magnificent 7."
John of Kronos said for bitcoin's rally to evolve into a "full-blown" bull cycle, the U.S. Federal Reserve needs to hold down interest rates to sustain capital inflows.
The next Federal Open Market Committee meeting will be held on May 6 and 7. The CME FedWatch Tool currently predicts 12.4% that the Fed will lower rates by 25 basis points in the next meeting.
"Clarity on Trump's trade tariffs is critical to stabilizing broader markets and reinforcing investor confidence," John added.
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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