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Bitcoin climbs above $93,000 as trade war tensions ease

Bitcoin climbs above $93,000 as trade war tensions ease

GrafaGrafa2025/04/23 14:00
By:Mahathir Bayena

Bitcoin (CRYPTO:BTC) surged past $93,000 for the first time in seven weeks, continuing its post-Easter rally and marking a 12% gain over the past week.

The move followed a rapid jump from just under $91,500 to $93,000 within minutes, prompting traders to remark on the intensity of the price action.

Michael Sullivan called it “the craziest one-minute candle I’ve ever seen on the Bitcoin chart,” reflecting the surprise among market watchers.

The rally coincided with a shift in U.S. political and economic sentiment.

Former President Donald Trump softened his stance on the U.S.-China trade war, stating that tariffs on Chinese goods would “come down substantially,” though not to zero.

He also clarified he had “no intention of firing” Federal Reserve Chair Jerome Powell, a move seen as reducing market uncertainty.

“Trump just ticked most de-escalation/bullish boxes,” commented economist and trader Alex Kruger, highlighting the positive impact on market sentiment.

Analysts pointed to several factors supporting Bitcoin’s rise, including improved sentiment in the crypto market, increased inflows into spot Bitcoin ETFs, and a broader rally in traditional equities.

On April 22, U.S. spot Bitcoin ETFs registered a combined net inflow of $381.3 million, indicating renewed institutional interest.

Traditional markets also closed higher, with the SP 500 up 2.51%, the Nasdaq rising 2.87%, and the Dow Jones gaining 2.66%.

Crypto trader “Ted” suggested that Bitcoin is “going to catch up” with gold and that the $100,000 level is “loading,” referencing the growing optimism among some investors.

The current price action suggests that Bitcoin’s momentum may continue if macroeconomic conditions remain supportive and positive sentiment persists.

At the time of reporting, the Bitcoin (BTC) price was $93,564.45.

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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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