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Bitcoin eyes $100,000: Is this the last chance to buy under six figures?
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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Mint
23 minutes ago
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Vijay L. Bhambwani's Ticker: Beneath the surface, an undertone of cautious optimism
Dear reader, Last week, I wrote that the bulls had an upper hand. However, markets showed signs of being top-heavy, as higher levels attracted selling. Nervousness over the India-US trade deal and Friday's Sebi ban on Jane Street dampened sentiments. The latter event triggered worries among retail options traders, since options make up the lion's share in the derivatives segment. Traders feared there would be a temporary drought of liquidity as institutional players, especially since algo and AI-capable traders such as Jane Street constitute approximately half of the entire derivatives turnover. My call to deploy tail risk (Hacienda) hedges on all open positions turned out to be a robust strategy, and my readers should continue to maintain this strategy as the period of higher volatility is not over yet. Market internals still indicate that bulls still nurse optimism, though they avoided providing big-ticket support at higher levels. Markets showed resilience by not falling significantly either. Studying the statistical signals below should clarify matters further. Last week, I wrote that industrial metals were likely to witness a routine month-end rally. That occurred, and provided a boost to metal and mining stocks. The month-end is done and dusted, and upsides may run into some profit-taking on these commodities, and by extension, in some of their stock prices too. The long-term bull story in bullion is alive and kicking. Patient delivery-based investors who are willing to overlook short-term volatility with a steely resolve are yet to witness the peak prices of bullion -- just look beyond calendar year 2025. Oil and gas are likely to remain subdued and rallies, if any, are likely to be temporary. I maintain my view that energy markets are well-supplied. This view remains unchanged for months, and should hold for the calendar year, barring sudden unforeseen circumstances. This week will see continued trading action on public sector undertakings, particularly banks. There are some hopes of a divestment in government banks, and the markets are cheering that expectation. Besides, the weightage of the banking and financial sector in headline indices itself means that a boost for these stocks will lend cheer to the markets. Oil marketing companies may see above-average daily ranges, and should provide high-risk traders with good trading opportunities for two-way trading moves. Option traders should note that the Jane Street episode may impart higher-than average volatility; therefore, they should trade light till clarity emerges. Tail risk hedges are a robust idea. Fixed income investors should still keep the powder dry and await the festive season that starts in September. I expect consumer credit demand to perk up, which may push coupon rates mildly higher too. A tutorial video on tail risk (Hacienda) hedges is here - Rear View Mirror Let us assess what happened last week, so we can guesstimate what to expect in the coming week. The week's fall was led by the banking sector, and the broad-based Nifty-50 brought up the rear. A weak US dollar index (DXY) propped up emerging market indices including India. Bullion gained week-on-week, as defensive buying continued. Energy remained under pressure and cheered inflation-wary bulls. The INR displayed strength, adding to the cheerful sentiments. NSE gained market capitalization despite weak indices, and that tells me the broader market sentiment remains cheerful. Market-wide position limits (MWPL) rose routinely post-expiry. US indices gained, providing tail winds to our markets. Retail Risk Appetite I use a simple yet highly accurate yardstick for measuring the conviction levels of retail traders – where are they deploying money. 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Matryoshka Analysis Let us peel layer after layer of statistical data to arrive at the core message of the first chart I share is the NSE advance-decline ratio. After the price itself, this indicator is the fastest (leading) indicator of which way the winds are blowing. This simple yet accurate indicator computes the ratio of the number of rising stocks compared to falling stocks. As long as gainers outnumber the losers, bulls are dominant. This metric is a gauge of the risk appetite of 'one marshmallow" traders. These are pure intraday traders. The Nifty-50 fell on a week-on-week basis, but the advance-decline ratio remained above the 1.0 level. At 1.03 level (prior week 1.61) it indicates there were 103 gaining stocks for every 100 losing stocks. Bulls remained optimistic. Watch this metric keenly this week. As long as the daily and weekly average stays above 1.0, bulls are still in control. A tutorial video on the Marshmallow theory in trading is here - The second chart I share is on market-wide position limits (MWPL). This measures the amount of exposure utilized by traders in the derivatives (F&O) space as a component of the total exposure allowed by the regulator. This metric is a gauge of the risk appetite of 'two marshmallow" traders. These are deep-pocketed, high-conviction traders who roll over their trades to the next session/s. The MWPL reading rose routinely, and that indicates traders were willing to enhance their exposure post-expiry. It was marginally lower than the commensurate week last month. That was due to the nervousness over the trade deal and Jane Street. Overall, risk appetite remained steady among swing traders. A dedicated tutorial video on how to interpret MWPL data in more ways than one is available here - The third chart I share is my in-house indicator 'impetus.' It measures the force in any price move. 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Trade light with strict stop losses. Avoid trading counters with spreads wider than 8 ticks. Have a profitable week. Vijay L. Bhambwani Vijay is the CEO of a proprietary trading firm. He tweets at @vijaybhambwani
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Business Standard
24 minutes ago
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US tariffs on European goods likely to disrupt world's largest trade ties
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Time of India
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OPEC+ oil output: Group to raise supply by 548,000 bpd in August; cites strong demand, low inventories
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