Bitcoin 'explodes' as it regains the level of 87,000 dollars after the drop in early April

Bitcoin is showing signs of breaking out of the prolonged accumulation phase as it reaches its highest level since the end of March.

On April 21, the price of Bitcoin surpassed the $87,400 mark, marking the highest level since March 28, according to data from TradingView. From a daily low of just over $84,000 on April 20, Bitcoin has risen by more than $3,000.

From its 2025 low, below $75,000 on April 9, the Bitcoin price has increased by 16 percent, and the gap to its most recent all-time high of $109,000 has fallen to 20 percent.

Although a 2.4% increase in one day is not uncommon, it has pushed Bitcoin to the top of the trading channel established since the beginning of March.

"Bitcoin is breaking out," Scott Melker, also known as "The Wolf Of All Streets," commented, in the context of Nasdaq's future dropping by 1%.

BTC/USD 4-hour chart | Source: Tradingview## The relationship between Bitcoin and gold is becoming increasingly strong

"For the first time in many years, the story of both gold and Bitcoin is heading in the same direction," the Kobeissi Letter noted on X, witnessing the recent all-time highs of gold and the surge of Bitcoin.

"Gold has reached its 55th all-time high in 12 months and Bitcoin has officially entered the race," the report stated.

"Gold and Bitcoin are indicating that a weaker US dollar and more instability are coming."

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six major currencies, has decreased by 10% since the beginning of this year due to increasing global trade tensions.

This move was also noted by "Geiger Capital," which also witnessed a decline in tech futures and USD, while noting that Bitcoin is trending "detached."

Some analysts have predicted that the price of Bitcoin will drop to $83,000 by the end of Easter week, based on data from the order book, but it seems to have surpassed that prediction.

On April 19, the analyst 'Rekt Capital' remarked that Bitcoin not only broke the downtrend but also "successfully retested that level as support for the first time since the downtrend was established."

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do thorough research before making decisions. We are not responsible for your investment decisions.

Mr. Teacher