Bitcoin Price Hits Two-Month High, Ethereum, Dogecoin, XRP, and Other Cryptos Skyrocket

Bitcoin (BTC) price reached its highest level in two months, trading above $93,000 as cryptocurrencies across the board posted significant gains. The rally comes amid signals that US-China trade tensions may be cooling and renewed confidence in Federal Reserve leadership.

The world's largest cryptocurrency jumped nearly 6% in the past 24 hours, reaching $94,500 in early trading on Wednesday, 23 April, 2025. Other major cryptocurrencies followed suit, with Ethereum (ETH) surging 10% to break above $1,700, while Dogecoin (DOGE), XRP, and Solana (SOL) also posted substantial gains, ranging from 7% to 11%.

The total cryptocurrency market capitalization increased by approximately 6.7% over the last 24 hours to reach $2.95 trillion, according to CoinMarketCap data. Why the crypto market is going up today amd why Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term prices are surging? Let’s find out in the below’s article!

Bitcoin Price Is Going Up, Altcoins Follow

The cryptocurrency market is stabilizing for another consecutive session, continuing the strong rally that started earlier this week. Tuesday was especially significant, with BTC surging 7% in a single session—the largest gain in two months—and breaking above critical resistance levels. As noted in my recent analysis, this paves the way for Bitcoin to retest its historical all-time high (ATH) around $108,000–$109,000.

As shown in the chart below, Bitcoin isn’t the only one rising—several altcoins are also climbing. Ethereum has gained 10% and is currently priced at $1,783, XRP is up 7% at $2.25, and Solana has increased 8%, testing $151. The meme-based Dogecoin has surged 11% and is now trading above 18 cents.

Why Is Crypto Up Today? Trade Tensions and Fed Stability Fuel Crypto Rally

The crypto market's upward momentum gained strength after US President Donald Trump indicated he had no intention of firing Federal Reserve Chair Jerome Powell, alleviating concerns about central bank autonomy that had weighed on markets.

"There is no doubt dollar weakness caused by the Trump administration attack on the Federal Reserve and in particular Chairman Powell, has contributed to the rise of BTC this week but this is just one such catalyst," said Stephen Wundke, Director of Strategy & Revenue at quantitative digital asset investment firm Algoz. "The appointment of SEC Head Paul Atkins and his crypto friendly stance is another which encourages investors."

Further fueling the rally were comments from Treasury Secretary Scott Bessent, who told attendees at a closed-door JPMorgan investor summit that the current tariff standoff between the United States and China "cannot be sustained by both sides" and that the world's two largest economies would need to find ways to de-escalate tensions.

"Bitcoin (BTC) saw a strong breakout in yesterday's session, surging by 6.77% and reclaiming the $92,000 level, fueled by a notable improvement in global market sentiment. The main drivers behind this rally were the dovish comments from U.S. President Donald Trump regarding trade tariffs, as well as his statement that he has no intention of dismissing Federal Reserve Chair Jerome Powell,” added Linh Tran, Market Analyst at XS.com.

President Trump later reinforced this sentiment when speaking to reporters at the White House, stating that US tariffs on Chinese goods "will come down substantially" from their current 145% level, signaling a potential thaw in economic relations between the world's two largest economies.

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Massive Short Liquidations

The rapid price increase triggered a significant "short squeeze" in the derivatives market, with over $63 million in short positions—bets that prices would fall—being liquidated in the past 24 hours.

Data from trading platforms shows that most short liquidations occurred on Bybit ($234 million), followed by Binance ($100 million) and Gate ($70 million). The largest single liquidation was an Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term futures position worth over $4.5 million on Binance.

This represents the biggest short liquidation event so far this year, comparing it to a similar event in November when $426 million in short leveraged positions were wiped out during a 16% market surge.

ETF Inflows Signal Institutional Interest

US-listed Bitcoin exchange-traded funds (ETFs) recorded combined inflows of $12 million on Tuesday, marking the third-highest daily inflow for these investment vehicles this year. This surge in institutional investment provides further evidence of growing mainstream acceptance of cryptocurrencies as legitimate financial assets.

"The recent post-holiday surge in volume and pricing among major cryptocurrencies has been underpinned by supportive commentary from the Federal Reserve and growing expectations that quantitative easing may return,” Paul Howard, Senior Director at Wincent, explained.

“Additionally, a weakening U.S. dollar and the emergence of what is being described as a second 'Saylor-style' investment strategy, reportedly aligned with the Trump campaign, have contributed to renewed investor interest in Bitcoin ETFs. This has resulted in approximately $1 billion in net inflows over the past 48 hours, providing upward momentum across the broader crypto market."

Bitcoin Technical Analysis: Brekaout Supports Bullish Outlook

From a technical analysis perspective, the cryptocurrency market has confirmed a bullish pattern by breaking out of a multi-month downtrend. The total market capitalization chart displays a clear breakout from a falling wedge pattern, with prices now targeting $3.12 trillion—a potential 7.5% increase from current levels.

What does Bitcoin’s chart look like? Based on my technical analysis, we have moved beyond the consolidation seen in March and early April and are returning to consolidation at the all-time high (ATH) levels from late 2024 and early 2025. The critical zone separating bullish and bearish sentiment is a broad range between $89,000 and $91,500, which I’ve highlighted in red on the chart.

With the regression channel broken and a return to the consolidation range—where the upper boundary is the ATH—Bitcoin can again target $100,000 and higher. Where is the first resistance level currently? I believe it will be the late February highs, namely the psychological six-figure resistance at $100,000.

This perspective aligns with 10x Research, which, in today’s newsletter, notes that the influx of dollars into Bitcoin is once again highlighting the $100,000 level as a key target.

Tide Turns: Bitcoin $$$ Inflows Reignite Rally - $100,000 Possible

👇1-10) As anticipated, Bitcoin has resumed its bullish trend.

The next key resistance zone lies in the $94,000–$95,000 range, which aligns with our target for this move.

However, whether this level can be… pic.twitter.com/f1wgilhHe6

— 10x Research (@10x_Research) April 23, 2025

Potential Correction Ahead?

Despite the current optimism, some market analysts caution that the rally may be approaching overextended territory and could face a correction in the near term.

Wundke from Algoz suggested that a correction could be on the horizon: "It's possible there is a $76,000-$95,000 trading range in place so the next milestone would be to break the top end of that range to see if we are 'off to the races'; there is certainly a lot of money on the sidelines currently looking for a safer place to 'stay'. BTC might just be that place."

Higher S&P 500 and Nasdaq Helps Crypto

The cryptocurrency rally is occurring against a backdrop of improving sentiment in traditional markets as well. According to Tran from XS.com, "Market sentiment was further boosted by a strong performance in U.S. equities. Major indices such as the S&P 500 and Nasdaq both gained more than 2%, with broad-based advances across nearly all sectors. A strong start to the earnings season — with notable outperformance from companies like Tesla and 3M — helped fuel market enthusiasm."

Howard from Wincent added a note of caution regarding Ethereum's prospects: "Despite this positive backdrop, a sustained rally in Ethereum (ETH) appears unlikely in the near term. The current market environment differs markedly from the conditions that supported the last major ETH rally four years ago. The proliferation of alternative Layer 1 protocols and a broader array of ETF offerings present investors with more diversified options."

Geopolitical Factors

The relationship between cryptocurrencies and broader geopolitical tensions remains a critical factor for investors to monitor. Howard noted, "The correlation between equities and digital assets remains strong. However, a meaningful de-escalation in U.S.–China macroeconomic tensions is unlikely until definitive outcomes emerge from the anticipated meeting between President Xi and former President Trump."

He added that "Market consensus suggests that negotiations typically commence with aggressive positioning such as the imposition of high tariffs which has contributed to recent downward pressure on markets. Nonetheless, more constructive developments are expected to follow these initial announcements, potentially leading to increased volatility and a shift in sentiment."

Bitcoin Price Prediction: Historical Context and Future Outlook

As the cryptocurrency market continues its upward trajectory, investors and traders are closely monitoring developments in US-China trade relations and Federal Reserve policy for further signals that could impact price action.

According to the long-term price predictions, Bitcoin could achieve six-figure valuations by the end of 2025 if institutional adoption maintains its current momentum, according to market consensus.

• Titan of Crypto: Predicts $137,000, driven by TGA liquidity over $600B, bullish pennant, and EMA breakout.
• Bernstein: Forecasts $200,000, fueled by $70B+ ETF inflows, Trump’s pro-crypto policies, and halving supply shock.
• Standard Chartered: Projects $200,000–$250,000, based on U.S. retirement fund adoption, potential BTC reserve, and options trading growth.
• Bitfinex: Estimates $145,000–$200,000, supported by historical cycle trends, moderating returns, and liquidity correlation.
• H.C. Wainwright & Co.: Anticipates $225,000, driven by spot ETF traction, corporate adoption, and favorable macro conditions.
• Cathie Wood (ARK Invest): Predicts $1,000,000 by 2030 (with 2025 momentum), due to institutional growth, Bitcoin as a store of value, and regulatory shifts.
• Robert Kiyosaki: Expects $1,000,000 by 2035 (2025 as a key inflection point), driven by fiat currency distrust, inflation hedging, and widespread adoption.

Tran from XS.com summarized the current situation: "For Bitcoin in particular — an asset highly sensitive to shifts in investor sentiment — signs of easing trade tensions have helped rebuild investor confidence, especially after a prolonged period of correction due to weakening institutional inflows and rising macroeconomic risks. Improved policy expectations have also created a more supportive environment for BTC's sharp rebound during the latest session."

While the immediate outlook appears positive, the combination of technical resistance levels, potential overextension, and underlying on-chain weaknesses suggests that market participants should remain cautious about the sustainability of the current rally.

Bitcoin Price News, FAQ

Why is crypto going up now?

The crypto market is rallying due to easing US-China trade tensions, with President Trump signaling reduced tariffs, and renewed confidence in Federal Reserve stability following assurances that Chair Jerome Powell will remain. A crypto-friendly SEC head, Paul Atkins, and a weakening US dollar further boost investor sentiment. Strong US equity market performance (S&P 500 and Nasdaq up over 2%) and $12 million in Bitcoin ETF inflows also contribute.

Is a crypto bull run coming?

Technical analysis confirms a bullish breakout from a multi-month downtrend, with the total market cap breaking a falling wedge pattern and targeting $3.12 trillion (7.5% above current levels). Bitcoin’s surge past $89,000–$91,500 resistance, coupled with massive short liquidations ($63 million) and institutional ETF inflows, suggests a potential bull run, though analysts warn of a possible near-term correction.

Will crypto rise again in 2025?

Yes, market consensus predicts significant crypto growth in 2025, with Bitcoin potentially reaching six figures by year-end if institutional adoption persists. Predictions range from $137,000 (Titan of Crypto) to $1,000,000 by 2030 (Cathie Wood, Robert Kiyosaki), driven by ETF inflows, corporate adoption, favorable policies, and macroeconomic factors like a weakening dollar and potential quantitative easing.

Why is Bitcoin price increasing?

Bitcoin’s price is surging due to a breakout above $92,000, fueled by improved global market sentiment, dovish trade tariff comments from Trump, and Federal Reserve stability. A $63 million short squeeze, $12 million in ETF inflows, and a crypto-friendly SEC head enhance bullish momentum. Technical analysis supports a target of $100,000, with the next resistance at late February highs.