Bitcoin 'Breaking Out' as It Retakes $87K After Early April Slump

Bitcoin Reclaims $87K, Signals Breakout After April Slump

Bitcoin has surged past $87,000 for the first time since late March, signaling a potential breakout from weeks of sideways consolidation. According to TradingView data, the price of Bitcoin hit $87,372 on April 21, gaining over $3,000 from an intraday low of just over $84,000 the previous day.

The leading cryptocurrency has now rebounded by 16% since hitting its 2025 low just below $75,000 on April 9. This latest rally reduces the gap from Bitcoin’s all-time high to just 20%, suggesting bullish sentiment may be returning to the market.

While a 2.4% daily gain may not be extraordinary for Bitcoin, the move places it at the upper boundary of a range-bound channel it has followed since early March. Market analyst Scott Melker, known as “The Wolf of All Streets,” noted the breakout came as Nasdaq futures fell 1%, emphasizing Bitcoin’s independent momentum.

BTC/USD 4-hour chart. Source: Tradingview

Adding to the bullish outlook is the renewed correlation between Bitcoin and gold. Both assets are rallying in tandem, a phenomenon not seen in years. “Gold has hit its 55th all-time high in the past year, and Bitcoin is officially joining the run,” observed the Kobeissi Letter on X. The commentary pointed to rising uncertainty and a weakening U.S. dollar as catalysts for the move, with the U.S. Dollar Index (DXY) now down 10% since the beginning of 2025.

Geiger Capital also highlighted this trend, noting that Bitcoin appears to be “decoupling” from traditional tech stocks and the broader dollar-based market, as the asset continues to attract interest as a hedge in uncertain times.

Many analysts had expected Bitcoin to dip to around $83,000 over the Easter weekend, based on exchange order book data. However, the market has defied those predictions. Prominent crypto analyst 'Rekt Capital' noted on April 19 that Bitcoin had not only broken its downtrend but had also successfully retested that former resistance as new support—something it hadn’t achieved since the start of the trend.

As BTC reclaims momentum, all eyes are now on whether the breakout will hold and if the digital asset can push closer toward new all-time highs in the coming weeks.