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Bitcoin shows resilience at higher levels, eyes $93K; support lies at $85K
Bitcoin (BTC) has continued its upward momentum, showing strong resilience at higher levels. The flagship cryptocurrency has surged to $88,800, buoyed by another heavy buying from Michael Saylor's firm, Strategy. The company has announced that it acquired 6,556 Bitcoin between April 14 and April 20, estimated to be worth nearly $555.8 million.
At around 09:35 AM on Tuesday, the world's largest cryptocurrency Bitcoin was trading at approximately $88,229.97, up 1.04 per cent. The 24-hour trading volume for the flagship currency stood at $38.64 billion, while its market capitalisation was approximately $1.75 trillion, according to data from CoinMarketCap.
The upward trajectory in Bitcoin, Edul Patel, co-founder and CEO of Mudrex, said, is driven by rising global liquidity and an expanding M2 money supply. "Additionally, renewed institutional interest has boosted market sentiment, with BTC spot ETFs seeing over $300 million in inflows and MicroStrategy adding 6,556 BTC to its holdings," said Patel.
Currently trading above $88,000, Patel believes Bitcoin has broken out of its downtrend, signalling a healthy reversal from the recent sell-off. "If bulls can sustain these levels, a move toward the $93,000 resistance is possible, with support standing at $85,000," said Patel.
Meanwhile, Vikram Subburaj, CEO of Giottus Crypto Platform, believes that the wider market is giving mixed signals, with gold continuing its record rally while the US Dollar Index (DXY) is at a 3-year low. With major stock indices going down, Bitcoin has to exhibit strong divergence from stocks as it moves forward in its rally. "A revisit to the $84,000 zone is on the cards if Bitcoin fails to gather momentum," cautioned Subburaj.
That said, Bitcoin's dominance of the crypto market is moving towards 65 per cent. Subburaj believes that a reversal in this metric is around the corner, especially if Bitcoin reclaims $90,000. Notably, Bitcoin is nearly 19 per cent lower than its all-time high of $1,09,114.88, scaled three months ago on January 20, 2025.
Among other popular cryptocurrencies, Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, was facing resistance at higher levels. At last check, it was trading 3.62 per cent lower at around $1,580.60. Ripple (XRP) was trading lower by 1.30 per cent, Binance Coin (BNB) experienced a 0.34 per cent decline, and Solana (SOL) was trading lower by 0.12 per cent.
The US dollar-linked stablecoin Tether (USDT), on the other hand, traded at $1, up 0.01 per cent.
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