Why is Bitcoin price up today?
Key takeaways:Bitcoin is up alongside global risk markets following signs of easing US-China trade tensions.Bitcoin ETFs attract $1.29 billion in daily inflows.Short-term Bitcoin holders are back in profit.A classic bullish reversal pattern is in play. Bitcoin (BTC) has risen 6.80% in the last 24 hours to reach $94,510 on April 23, its highest level in almost two months.BTC/USD daily price chart. Source: TradingViewUS Bitcoin ETFs see biggest inflow since NovemberOn April 22, a total of eleven Bitcoin ETFs attracted over $1.29 billion, the highest since November 2024, when Donald Trump won the US presidential election.BTC US Spot ETF net flows. Source: GlassnodeTrading sentiment improved following Trump’s clarification that he has "no intention" of firing Federal Reserve Chair Jerome Powell. The president also said he is willing to reduce tariffs on Chinese goods, signaling de-escalation in the ongoing trade war with Beijing.These remarks led to a rally in global markets, with the S&P 500 and Nasdaq each gaining over 2.5%, and Asian markets such as Japan's Nikkei and South Korea's Kospi rising by 2.3% and 1.2%, respectively.SXP, IXIC, NIKKEI, KOSPI, BTC/USD year-to-date performance chart. Source: TradingViewBitcoin, which was already showing signs of “decoupling” from risk assets, rose in tandem with positive inflows across its spot ETFs.BTC’s price pump in the last 24 hours further aligned with the liquidations worth $321.78 million in the futures market, including over $300 million in shorts.Crypto market liquidations (24h). Source: CoinGlassShort liquidations, which reflect traders buying back BTC at higher prices to close their bearish positions, boosted the cryptocurrency’s price further today.Most recent Bitcoin buyers are back in profitsBitcoin reclaimed its short-term holder (STH) realized price band (~$91,000; the blue wave in the chart below) on April 22, according to onchain data platform Glassnode.Bitcoin short-term onchain cos basis bands (hourly). Source: Glassnode“Recently, we have highlighted this level as a benchmark for market sentiment and positioning,” Glassnode wrote, adding:“A sustained move above it often signals renewed confidence and can act as a springboard for further upside.”This event suggests that most recent buyers are now back in profit, potentially reducing sell pressure and restoring confidence among short-term holders.Bitcoin technicals hint at rally over $100KBitcoin’s ongoing price rise appears to be part of the breakout stage of its prevailing falling wedge, a classic bullish reversal pattern.BTC/USD daily price chart. Source: TradingViewAdditionally, BTC has avoided forming a “death cross,” a bearish indicator that forms when an asset’s 50-period moving average drops below the 200-period moving average.Related: Bitcoin exchange buying is back as 'Spoofy the Whale' lifts $90K asksThe confluence of these optimistic indicators suggests Bitcoin may reclaim $100,000 again by May, with the falling wedge target at around $102,700.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Key takeaways:
Bitcoin is up alongside global risk markets following signs of easing US-China trade tensions.
Bitcoin ETFs attract $1.29 billion in daily inflows.
Short-term Bitcoin holders are back in profit.
A classic bullish reversal pattern is in play.
Bitcoin (BTC) has risen 6.80% in the last 24 hours to reach $94,510 on April 23, its highest level in almost two months.
US Bitcoin ETFs see biggest inflow since November
On April 22, a total of eleven Bitcoin ETFs attracted over $1.29 billion, the highest since November 2024, when Donald Trump won the US presidential election.
Trading sentiment improved following Trump’s clarification that he has "no intention" of firing Federal Reserve Chair Jerome Powell. The president also said he is willing to reduce tariffs on Chinese goods, signaling de-escalation in the ongoing trade war with Beijing.
These remarks led to a rally in global markets, with the S&P 500 and Nasdaq each gaining over 2.5%, and Asian markets such as Japan's Nikkei and South Korea's Kospi rising by 2.3% and 1.2%, respectively.
Bitcoin, which was already showing signs of “decoupling” from risk assets, rose in tandem with positive inflows across its spot ETFs.
BTC’s price pump in the last 24 hours further aligned with the liquidations worth $321.78 million in the futures market, including over $300 million in shorts.
Short liquidations, which reflect traders buying back BTC at higher prices to close their bearish positions, boosted the cryptocurrency’s price further today.
Most recent Bitcoin buyers are back in profits
Bitcoin reclaimed its short-term holder (STH) realized price band (~$91,000; the blue wave in the chart below) on April 22, according to onchain data platform Glassnode.
“Recently, we have highlighted this level as a benchmark for market sentiment and positioning,” Glassnode wrote, adding:
“A sustained move above it often signals renewed confidence and can act as a springboard for further upside.”
This event suggests that most recent buyers are now back in profit, potentially reducing sell pressure and restoring confidence among short-term holders.
Bitcoin technicals hint at rally over $100K
Bitcoin’s ongoing price rise appears to be part of the breakout stage of its prevailing falling wedge, a classic bullish reversal pattern.
Additionally, BTC has avoided forming a “death cross,” a bearish indicator that forms when an asset’s 50-period moving average drops below the 200-period moving average.
Related: Bitcoin exchange buying is back as 'Spoofy the Whale' lifts $90K asks
The confluence of these optimistic indicators suggests Bitcoin may reclaim $100,000 again by May, with the falling wedge target at around $102,700.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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