Bitcoin briefly broke above $93,000, driving overall crypto market strength, but several traders warned that this move could be a “false breakout” as market structure remains fragile and volatility is still high. The current market focus is on whether Bitcoin can stabilize in the key support zone of $90,000–$91,000.
Analysts point out that after breaking above $93,000, Bitcoin quickly pulled back, indicating insufficient bullish momentum. Bitunix analysts stated that the current trend “looks more like a choppy retracement” and noted that $93,200 has become the new resistance level. If Bitcoin falls below the key support zone, downside risk may increase again.
Major altcoins rose in tandem. Cardano (ADA) gained 5% after an on-chain governance proposal involving 70 million ADA was approved, marking a new phase in the network’s governance. Ethereum (ETH) rose 4%, benefiting from the official launch of the Fusaka upgrade, which improves the efficiency of Layer2 batch transaction processing. Ripple (XRP) also recorded moderate gains, reflecting improved short-term sentiment.
ETF fund flows remain polarized, with Bitcoin products seeing $58.5 million in inflows, while Ethereum products have posted moderate net outflows for several consecutive sessions. This continues the trend of institutions prioritizing Bitcoin, especially as the macro environment remains uncertain.
The macro environment continues to dominate market sentiment. U.S. President Trump signaled that he will announce his Federal Reserve Chair nominee early next year, with leading candidate Kevin Hassett viewed as dovish, potentially bringing looser policy expectations to the market. Although the market has started to price in a potential easing cycle in 2025, inflation and labor data have yet to fully support these expectations, resulting in continued caution in market sentiment.
Institutional moves further boost crypto market development. Vanguard Group has opened crypto ETF trading to all users, and Bank of America has recommended that institutional clients allocate 1%–4% of assets to digital assets, accelerating the integration of crypto assets into the traditional financial system.
The total crypto market cap has now risen to $3.15 trillion. Although there is still some distance from the key resistance level of $3.38 trillion, the market is attempting to establish a new upward structure. Future trends depend on whether Bitcoin can hold the key support zone and whether ETFs can continue to attract capital inflows.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
U.S. Navy Admiral Samuel Paparo Says Bitcoin PoW Technology Enhances Cybersecurity, Supports National Security
Abstract: U.S. Navy Admiral Samuel Paparo told a Senate Armed Services Committee hearing that Bitcoin's proof-of-work is a valuable computer science tool with important cybersecurity applications, capable of increasing the cost of cyberattacks and protecting data and command signals, thereby supporting national security. The piece notes echoes of Jason Lowery's 2023 warnings about Bitcoin's security implications.
Summary: Admiral Paparo told Congress that Bitcoin's proof-of-work enhances cybersecurity and national security by deterring attacks and protecting data, a view aligned with Jason Lowery's 2023 remarks.
GateNews34m ago
Crypto Markets See $60.08M in Liquidations in One Hour, BTC Accounts for $27.46M
Gate News message, April 22 — Over the past hour, cryptocurrency markets recorded $60.08 million in liquidations, according to Coinglass data. Bitcoin accounted for $27.46 million of the total, while Ethereum recorded $26.31 million in liquidations.
Short positions dominated the liquidation
GateNews34m ago
Whale Address Posts $9M Unrealized Loss on BTC Short After Month-Long Decline, Becomes Largest Short on Hyperliquid
A whale address opened a BTC short in early April; it now holds $77.14M in BTC shorts and $47.15M in ETH shorts, the largest short on Hyperliquid, with unrealized BTC losses around $9M and total losses over $13M, positions still open.
GateNews1h ago
Scammers Impersonating Iranian Authorities Demand Bitcoin and USDT as Strait Passage Fees; At Least One Vessel Attacked After Payment
Gate News message, April 22 — Scammers posing as Iranian authorities are demanding cryptocurrency payments in Bitcoin or USDT from shipping companies in exchange for safe passage through the Strait of Hormuz, according to CoinDesk. Greek maritime risk firm Marisks has issued a warning that
GateNews1h ago
Michael Saylor's Strategy Realizes 47,079 BTC Gain with 6.2% Return
Gate News message, April 22 — Michael Saylor announced on X that Strategy has realized a gain of 47,079 BTC, representing a 6.2% return valued at approximately $3.6 billion at current prices.
Saylor noted that Bitcoin gain (BTC Gain) is the closest measure to net income within a "Bitcoin
GateNews1h ago
Kelp DAO Hacker Transfers Over 106K ETH in 20 Hours, Converts 34.5K ETH to BTC via THORChain
Gate News message, April 22 — The suspected Kelp DAO hacker transferred 106,466 ETH to external wallets over the past 20 hours, according to on-chain data from Arkham. The attacker dispersed the funds across multiple addresses, a common money-laundering technique used to obscure transaction trails.
GateNews2h ago
