Bitcoin surged past $94,000 recently, marking its highest level in over two months as economic affairs, global politics, and investor sentiment converged to drive a fresh rally in digital assets, according to Barrons.
The leading cryptocurrency traded as high as $94,106 in April 23 morning session, according to CoinDesk. The surge follows dovish comments from President Donald Trump, who indicated no immediate plans to fire Federal Reserve Chair Jerome Powell—easing fears of a monetary policy shake-up. Trump also hinted at a possible cooling of trade tensions with China, CNBC reported.
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“The main drivers behind this rally were the dovish comments from President Trump regarding trade tariffs, as well as his statement that he has no intention of dismissing Jerome Powell,” said Linh Tran, an analyst at XS.com, told Barrons. “Markets are breathing a little easier today.”
The broader stock market rebounded on the news. The S&P 500, down 7 percent since Trump announced sweeping tariffs on April 2—dubbed “Liberation Day”—bounced back 2.3 percent in early futures trading.
Crypto markets followed suit. Ether jumped 9.6 percnt, XRP gained 7.4 percnt, and Solana climbed 8.2 percent. Analysts at B2BINPAY noted to Barrons, “We’re clearly in a Bitcoin season. If it breaks above the high $90,000s, we could see a push toward an all-time high.” But they cautioned that Bitcoin dominance is currently high, meaning altcoins could see sharp corrections if Bitcoin stumbles.
The rally was also fueled by a weakening dollar. Bitcoin’s perceived resilience—especially in periods of financial instability—has increased its appeal. As of April 22, it was up more than 10 percent in April, outpacing gold’s 8 percent gain. Meanwhile, the U.S. dollar index and the S&P 500 are each down about 5 percent month to date.
“Bitcoin continues showing signs of resilience,” said Ed Engel of Compass Point. “Its 30-day correlation with the S&P has dropped to 0.65, suggesting some decoupling from traditional risk assets.”
Still, some analysts ar still cautious. “Trading volume remains light, which weakens our conviction that Bitcoin can break above the $93,000 resistance level without a significant catalyst,” Engel added.
Crypto investors are watching closely to see whether Bitcoin’s breakout is a short-lived spike—or the beginning of a new chapter in the crypto bull market.
A crypto bull market is a period where the prices of cryptocurrencies are generally rising, and the market is experiencing positive sentiment and high trading volume. In a bull market, demand for cryptocurrencies is strong, which further drives up prices.
Investors who expect prices to rise over time are called “bulls.” As their confidence grows, it often creates a positive feedback loop—attracting more investors and pushing prices even higher, according to Coinbase.
Even in a bull market, price swings, dips, and corrections are inevitable. It’s easy to misinterpret these short-term pullbacks for the end of the rally. This is all the more reason some turn to platforms that help predict prices, such as SwapSpace.
