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Bitcoin has finally gotten its breakout day — up 7% on the day and back above $93K. We're now just 7% away from $100K once again — quite the turnaround considering Bitcoin was trading below $75K only two weeks ago. The breakout began with organic price action but gained real traction overnight, following news that US-China trade tensions may be cooling. Trump added fuel to the fire, confirming he has no plans to replace Jerome Powell, and reiterated once more that “now is a great time to cut rates.”
April has been a whirlwind for Bitcoin. From hitting $88K on Liberation Day, it dropped over 15% to a low of $74.5K — only to bounce 25% from that low. Just two weeks ago, sentiment was at rock bottom. The Fear & Greed Index was showing extreme fear, and the bear market narratives were back in full swing. Fast forward to today, and the Index reads 72 — clear greed. Many of those same voices have now flipped, calling for new highs.
But this wasn’t a universal rally. While crypto and traditional markets surged — the S&P 500 closed up 2.51% — gold pulled back, down over 4% from yesterday’s high. We’ve spoken frequently about Bitcoin’s recent decoupling from traditional risk-on assets, leaning more into gold’s risk-off narrative. Yet recent price action proves Bitcoin’s versatility. Since Liberation Day, in what has been largely a risk-off environment, Bitcoin is up 10%, gold up 8%, and the S&P500 down 5%. Overnight, conditions flipped to risk-on — gold dropped, while Bitcoin and equities pushed higher.
Bitcoin is now proving it can outperform in both market regimes. That versatility is what sets it apart.
As for altcoins — yes, there was a rally last night. Ethereum climbed 11%, Solana 8%, XRP 6%. But the broader altcoin market still lags. Most remain down since Liberation Day and well below their Q1 highs. Two clear exceptions are Sui and Ondo, which both broke higher yesterday — Sui jumped over 20% and both are trading above their 2nd April levels.
That’s why at Stormrake, we’ve kept emphasising the importance of Bitcoin accumulation — especially during the past fortnight when fear was at its peak. Those who stayed disciplined are not only sitting on healthy gains but have also had the opportunity to scoop up severely undervalued altcoin projects.
Stormrake Spotlight: Ripple (XRP) ($2.21)
Stormrake Spotlight: Ripple (XRP) ($2.21)
Yesterday’s rally gave XRP the push it needed to finally break above the 21EMA, which had been capping price action for the past 10 days. This move confirms a bullish structure shift, with a higher low now in place at $2.
This is a strong technical development for XRP holders — but the next challenge is reclaiming momentum in favour of the bulls. That won’t come easy. Immediate resistance now sits overhead in the form of the 55EMA and the central pivot range (CPR). A decisive move through these levels would reinforce the bullish case and likely bring in fresh momentum.
However, if XRP faces rejection here, then the 21EMA becomes a critical level to hold. Maintaining that higher low will be essential to preserve the newly flipped bullish structure.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
The breakout continues. I initially expected a retest of $90K, but Bitcoin has exceeded expectations — not only breaching that level but doing so faster than anticipated. BTC is now trading above both the first CPR resistance at $92.8K and a key level at $92.5K.
If Bitcoin can sustain above these levels, continuation higher is the likely path. Should BTC fail to hold here, we could see a pullback — first to the 21EMA, or deeper to the key support at $89.9K. That said, the current posture is very bullish. There’s nothing on this chart that looks bearish right now.
BTC Total ETF Flows for 21 April: $ + 719.2 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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