TLDR
- Bitcoin experienced a pullback to $92,600 after reaching a seven-week high of nearly $94,000
- Improving US-China trade relations and Trump’s support for Fed Chair Powell boosted market confidence
- Bitcoin temporarily surpassed Google in market cap, reaching $1.87 trillion before falling back
- Strong resistance remains at $95,000 level with support around $91,700
- Record Bitcoin ETF inflows of approximately $1 billion on April 22 signal growing institutional interest
Bitcoin has pulled back to around $92,500 on Thursday following a strong rally that saw the cryptocurrency surge to nearly $94,000 the previous day. The world’s premier digital asset reached a seven-week high of $94,696 on Wednesday but failed to sustain the momentum.
After gaining roughly 27% over the last two weeks, Bitcoin appears to be taking a breather as traders lock in profits at these elevated levels. Market participants are watching key resistance at $95,000, which has proven difficult to breach.
Trading data shows Bitcoin opened near $93,000 on April 24 before declining to $92,410 during morning hours. Despite this pullback, Bitcoin maintains its dominant position with 63.55% of the total cryptocurrency market share.
The cryptocurrency’s market capitalization currently stands at approximately $1.83 trillion, with daily trading volume reported at $37.7 billion according to market data.
Trade Tensions Ease, Boosting Risk Assets
The midweek rally was largely driven by positive developments on the geopolitical front. US President Donald Trump stepped back from earlier threats regarding Federal Reserve Chair Powell’s position, calming market fears about monetary policy disruption.
More importantly, Trump indicated he might ease trade tariffs with China, suggesting a potential shift in US trade policy. Treasury Secretary Scott Bessent reinforced this view, stating that current high US-China tariffs are not sustainable in the long term.
Further supporting the improved trade outlook, reports indicate that Japan’s Economy Minister Ryosei Akazawa will travel to Washington between April 30 and May 2 for a new round of tariff discussions.
These developments have created a more favorable environment for risk assets, encouraging investment flows into cryptocurrencies and other growth-oriented investments.
The positive sentiment also benefited Trump’s official meme coin, which reportedly saw price increases of up to 60% following news that the President plans to host cryptocurrency industry representatives for dinner soon.
Market Position and Institutional Flows
During Wednesday’s peak, Bitcoin briefly climbed to become the fifth-largest asset globally by market capitalization. With a valuation approaching $1.87 trillion, it temporarily surpassed tech giant Alphabet (Google’s parent company).
This achievement placed Bitcoin ahead of corporations like Google, Amazon, and Meta, with only gold, Apple, Microsoft, and Nvidia maintaining larger market capitalizations.
The price retreat on Thursday saw Bitcoin slip back to eighth position in the global asset rankings, falling below silver once again.
Market analysts have noted an interesting dynamic in investor behavior. According to John D’Agostino from Coinbase’s institutional division, retail traders appear to be taking profits through ETFs and spot trading, while institutional investors and sovereign wealth funds continue to accumulate Bitcoin positions.
This institutional interest is reflected in recent data showing US Bitcoin ETFs recorded inflows of nearly $1 billion on April 22, 2025, marking one of the largest single-day investment flows since their launch.
Technical Outlook and Market Sentiment
From a technical perspective, Bitcoin faces key resistance at $95,000, which coincides with the high point reached during a market rebound in March. Immediate support can be found around $91,700, according to market analysts.
Markus Thielen of 10x Research maintains a cautious outlook, noting that important market indicators such as stablecoin minting have not returned to levels typically associated with sustained rallies. He views $95,000 as a critical threshold that could trigger stop-loss liquidations if breached.
Market sentiment has improved from previous weeks, with the fear & greed index rising from 25 to 53, indicating a shift from fear to a more neutral market outlook.
Technical analysts have identified $91,275 as a level of potential selling pressure, as it represents the average cost basis for short-term holders who may be looking to break even on their investments.
Despite recent price gains, derivative market signals remain mixed. Futures premiums are relatively modest, and options data shows neutral positioning, suggesting traders aren’t heavily committed to either bullish or bearish outcomes in the near term.
Market watchers recommend keeping an eye on upcoming economic data, particularly US jobless claims figures, which could influence Bitcoin’s price action in coming sessions.
Some analysts maintain a more optimistic view, with Piyush Walke of Delta Exchange suggesting Bitcoin is merely consolidating recent gains before potentially pushing above $94,000 in the near future.
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