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Bitcoin eyes $100,000: Is this the last chance to buy under six figures?
Cryptocurrencies were buzzing in trade on Monday, April 23, 2025, with the flagship currency Bitcoin (BTC) reclaiming the $90,000 threshold for the first time in 45 days. The broader crypto market has responded positively, with total market capitalisation rising by 5.82 per cent to $2.91 trillion.
Market analysts attribute this rally in cryptocurrencies to increased institutional buying, a weakening dollar index, and other favorable macroeconomic conditions.
Bitcoin, the world's most popular and largest cryptocurrency by market capitalisation, traded higher by nearly 6.41 per cent at $93,697.52 at 10:30 AM on April 23, 2025. The flagship crypto has traded in the range of $87,972.21 to $93,847.25 in the last 24 hours, with a trading volume of $56.02 billion, according to CoinMarketCap. Bitcoin's current market capitalisation stands at $1.85 trillion.
This sharp upward move in Bitcoin, Riya Sehgal, research analyst at Delta Exchange, said, is not just a product of technical momentum—it is driven by stronger macroeconomic signals and renewed institutional interest. "The recent $381 million in net inflows across US spot Bitcoin ETFs, the highest single-day total since late January, speaks volumes about the shift in sentiment among long-term investors. With long-term holders steadily accumulating and technical indicators showing strength above key support levels, the stage may be set for Bitcoin to make a decisive push toward the $100,000 milestone," said Sehgal.
Impact of geopolitical developments
Geopolitical developments are also playing a key role. Remarks from US Treasury Secretary Scott Bessent and President Trump suggesting a de-escalation in the US-China trade dispute have improved the broader risk environment, lifting both traditional equities and digital assets. Over $581 million in liquidated short positions highlights how swiftly the market is rebalancing in response to this optimism.
This current surge highlights Bitcoin's resilience amid persistent market volatility, said Himanshu Maradiya, founder and chairman of CIFDAQ Group. Supporting this rally, the US dollar index has hit a three-year low at 98.29, creating favorable macroeconomic conditions for crypto assets.
"Adding to the bullish sentiment is the appointment of Paul Atkins as SEC Chairman. His return signals a shift toward a more constructive regulatory approach, with several enforcement actions already rolled back under his leadership," said Maradiya. "With resistance expected around the $90K–$94K range, investors may be looking at the 'last chance' to accumulate Bitcoin below $100K." However, Maradiya advises caution, as volatility may still resurface.
Institutional buying impact
Meanwhile, Alankar Saxena, co-founder and CTO of Mudrex, attributes this rally to increased institutional buying, with Bitcoin spot ETFs seeing net inflows reach a multi-month high of over $700 million, totaling over $1 billion in inflows this week alone. "Additionally, the Fear and Greed Index now stands at 'Neutral', indicating that retail investors are re-entering the markets. Another bullish metric is the decline in exchange inflows, suggesting reduced selling pressure, helping build momentum," said Saxena.
If bulls stay in control, Saxena expects Bitcoin to move toward $100K, with support moving up to $88,000.
That said, altcoins were closely following Bitcoin's lead. Ethereum (ETH) stands out with a 13.27 per cent gain in the past 24 hours, driven by strong network activity and renewed investor interest. Solana (SOL) has also performed well, posting a 6.68 per cent gain. Meanwhile, XRP and several other altcoins have recorded solid upward momentum, further fueling optimism across the market.
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