April 21: Bitcoin Surpasses $87,000, Ethereum Rebounds Above $1,600
On April 21, Bitcoin broke through $87,000, Ethereum rose above $1,600, and SOL also climbed above $140, with altcoins experiencing slight gains. According to Coinglass data, the total liquidations across the network reached $220 million in the last 24 hours, with short positions liquidated amounting to $142 million.
(Background: Bitcoin breaks through $88,000, marking a one-month high! Trump criticizes Powell again, US-Japan negotiations make no progress, US stocks plunge collectively.)
(Context: Multiple technical indicators are rarely resonating; is BTC starting a new round of breakthroughs?)
The global macroeconomic landscape is exhibiting a complex pattern under the dual influence of the Federal Reserve’s policies and the tariff measures of the Trump administration, with both the US stock market and the cryptocurrency market under pressure. Recently, Federal Reserve Chairman Powell stated that market expectations for the Federal Reserve to intervene to quell volatility might be misguided. When asked whether the Federal Reserve would intervene to respond to the sharp decline in the stock market, Powell stated, “My answer is no, but I will provide an explanation.” Amid Powell’s hawkish remarks, Trump continues to exert pressure, and the timing for interest rate cuts remains uncertain.
Regarding tariffs, Wall Street Journal reported that Trump hinted in an interview last week that the tit-for-tat tariff increases between the US and China might soon come to an end. Discussing tariffs at the White House, Trump said, “I don’t want tariffs to continue to rise because at a certain point, people just stop buying.”
However, given the uncertainty surrounding their final outcomes, macro market sentiment has not significantly improved. Today, spot gold has reached a historic high of $3,364 per ounce, while the cryptocurrency market remains in a state of fluctuation, entering a period of boredom.
How will the market unfold in the future? Views from industry experts.
Placeholder Partner: Bitcoin Will Reach New Highs This Year
Placeholder partner Chris Burniske tweeted that he predicts the market may experience several more quarters of increase before everyone turns bearish again, advising investors to take profits when market sentiment is high. Chris Burniske responded to comments saying that Bitcoin will set new highs this year.
Matrixport: Bitcoin Needs Multiple Catalysts for Sustained Growth
Matrixport recently released a summary report stating that potential catalysts for Bitcoin’s sustained rise include:
- Dovish signals or interest rate cuts from the Federal Reserve;
- Micro-level liquidity growth, such as stablecoin growth and increased futures leverage;
- Macro-level liquidity growth, such as increases in money supply or government stimulus measures.
Significant growth in altcoins requires the emergence of real application scenarios to drive demand or a surge in liquidity. However, according to tracking indicators, the likelihood of substantial liquidity influx into the cryptocurrency market is low.
Real Vision Founder: Bitcoin Will Follow M2 Growth
The founder of Real Vision recently released a diagram showing the relationship between Bitcoin prices and global M2 liquidity, indicating that Bitcoin will also rise along with M2 trends.
Trader: Focus on the $88,000 Threshold
Trader Saint Pump tweeted that Bitcoin bears have been squeezed during this recent rally, with the focus now on the $88,000 level.
10x Research Head: Bitcoin May Be Entering a Long-term Consolidation Phase
Markus Thielen, head of 10x Research, believes that Bitcoin may be entering a long-term consolidation phase. In a recent market report, Markus warned that although many analysts predict new historical highs by mid-year, short-term technical signals depict a more cautious picture. Markus pointed out that the Bitcoin stochastic oscillator—a technical indicator measuring momentum—indicates market characteristics more aligned with a late-cycle peak rather than the beginning of a new bull market.
Santiment: Bitcoin Whales Continue Accumulating
Data released by Santiment indicates that wallets holding 10 to 10,000 Bitcoins, considered key stakeholders in Bitcoin, currently hold 67.77% of this leading asset in the cryptocurrency market. During the market fluctuations in April, these wallets have continued to accumulate, having bought over 53,600 Bitcoins since March 22.
Coinbase Research Head: Market May Bottom in Late Q2 2025
David Duong, head of research at Coinbase, predicted in a recent monthly report that the market may bottom out in the latter half of Q2 2025, paving the way for a recovery in Q3. He currently advises investors to maintain a defensive stance toward risk assets.
Bitwise Chief Investment Officer: Optimistic About Market Recovery in Q2
Bitwise Chief Investment Officer Matt Hougan described Q1 of this year as “the best of the worst quarters in crypto history,” pointing out several factors that could drive a market rebound in Q2: an increase in global money supply, an improving regulatory environment in the US, and a record high in stablecoin asset management.
