Bitcoin has surged above $93,000 for the first time in seven weeks, continuing its post-Easter rally as analysts predict further upside potential. The leading cryptocurrency, Bitcoin (BTC), has witnessed a 5.62% increase in value over the past 24 hours, hitting over $93,000 on April 22 for the first time since March 3. This climb represents a 12% price rally over the past week, as reported by CoinMarketCap.

The sudden spike in Bitcoin's price on April 22, where it swiftly rose from just below $91,500 to $93,000 in a matter of minutes, caught the attention of traders. Bitcoin commentator Michael Sullivan described it as "the craziest one-minute candle I've ever seen on the Bitcoin chart." This surge was also anticipated by pseudonymous crypto trader Crypto General, who had previously mentioned a breakout in the market.

Prior to the price surge, crypto commentator "Ted" shared with his followers the expectation that Bitcoin would reach $100,000 and catch up with gold. This positive sentiment in the market has been fueled by various factors, including an improvement in crypto market sentiment, increased investments in spot Bitcoin exchange-traded funds, and US President Donald Trump's recent statements.

Trump’s announcement that he has no intention of firing US Federal Reserve Chair Jerome Powell, coupled with his softer stance on the trade war and plans to reduce tariffs on Chinese goods, has contributed to a more positive outlook among crypto analysts. These developments have been seen as de-escalatory and bullish for the market.

In addition to the positive news from the political arena, the influx of $381.3 million into 11 US spot Bitcoin ETFs a day before the surge in Bitcoin's price indicates growing investor interest in the cryptocurrency. Traditional financial markets also experienced gains on April 22, with the S&P 500, Nasdaq, and Dow Jones all ending the trading day on a positive note, according to data from Google Finance.

The overall sentiment in the crypto market appears to be optimistic, with many analysts and traders expecting Bitcoin to continue its upward trajectory. While these developments have fueled excitement among investors, it is important to note that all investment and trading decisions carry inherent risks, and individuals should exercise caution and conduct thorough research before making any financial decisions.

Source: https://cointelegraph.com/news/bitcoin-price-seven-week-high-donald-trump-trump-trade-war-tone-ease?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound