Bitcoin (BTC) Market Shows Renewed Vigor, Pushing Towards $94,000

The cryptocurrency market showed renewed vigor recently, with Bitcoin pushing towards $94,000.

The cryptocurrency market displayed renewed vigor recently, with Bitcoin pushing towards $94,000, although the rally encountered some friction Wednesday following cautious remarks from US Treasury Secretary Scott Bessent regarding the timeline for a US-China trade deal.

Despite this, strong institutional inflows and a potential divergence from traditional risk assets are fueling speculation about Bitcoin’s next major move.

Bitcoin (BTC) rose 2.6% over 24 hours and 12.2% over seven days, reaching levels last seen in early March, trading at around $93,600.

As Bitcoin led the way, broader crypto strength was evident. The CoinDesk 20 index, which tracks top digital assets (excluding stablecoins, memecoins, and exchange tokens), advanced 4.2% over 24 hours.

Altcoins like Sui (SUI) saw an impressive 24% gain, while Cardano (ADA) and Chainlink (LINK) also moved up around 7%.

Crypto-related equities, after a strong start, saw gains moderate throughout the day. Mining firms Bitdeer (BTDR) and Core Scientific (CORZ) pared back double-digit advances to close up roughly 4%, while Coinbase (COIN) and MicroStrategy (MSTR) finished with gains of 2.1% and 1.4%, respectively.

The backdrop for this rally included seemingly conflicting signals on the trade front. Earlier in the week, President Donald Trump suggested tariffs on China would “come down substantially” post-deal.

However, Secretary Bessent tempered expectations on Wednesday, stating no unilateral offer to cut tariffs had been made and predicting a full resolution would likely take “two to three years to achieve.”

Decoupling debate: Bitcoin mirrors gold amid uncertainty?

This persistent trade uncertainty, paradoxically, might be contributing to Bitcoin’s strength relative to traditional markets. Some analysts believe the market may be moving past the initial shock of tariff threats.

“Markets priced in the initial tough stances and tariff threats, which kept a lid on risk appetite over the past two months,” Paul Howard, director at crypto trading firm Wincent, told CoinDesk.

“History suggests that once the opening volleys pass, more constructive developments and easing volatility typically follow,” he added, suggesting this environment could ultimately support risk assets like crypto.

The narrative of Bitcoin acting as “digital gold” – a hedge against macroeconomic uncertainty and potential currency debasement – appears to be gaining traction.

Institutional conviction: ETF flows surge past $1 billion this week

Underscoring the renewed interest, particularly from larger players, has been the significant turnaround in flows for US-listed spot Bitcoin ETFs.

According to SoSoValue data, these funds have attracted nearly $1.3 billion in net inflows over the past four days, marking their strongest daily inflow on Tuesday since mid-January.

“This [crypto] rally isn’t retail-driven hype—it’s institutional capital positioning ahead of what many see as a new monetary and political regime,” asserted Matt Mena, crypto research strategist at digital asset manager 21Shares.

“More investors are turning to it not just as a speculative asset, but as a flight to safety amid rising uncertainty across traditional markets.”

Gold pauses, bitcoin poised? Historical patterns eyed

Adding another layer to the bullish case is the recent performance of traditional gold.

After a remarkable run that saw it surge 35% over four months to breach $3,500 per ounce, gold prices pulled back Wednesday, down roughly 2.5%.

Some analysts interpret this stalling action in gold, following its massive rally, as potentially bullish for Bitcoin.

Charles Edwards, founder of Capriole Investments, highlighted this dynamic. Posting a chart on X (formerly Twitter), he noted that historically, Bitcoin’s major upward moves have often followed significant gold rallies, albeit with a lag of a few months.

“Bitcoin is showing significant strength,” Edwards stated.

“We have decoupled from risk assets and the market is now starting to front-run the fact that bitcoin is digital gold. If risk assets were to decay further from here, BTC is the ultimate QE hedge.”

Eyes on $95K: resistance looms despite bullish momentum

Despite the strong price action and positive indicators, technical hurdles remain.

Matt Mena from 21Shares cautioned that Bitcoin faces near-term resistance at the critical $95,000 level. He suggested a potential pullback could occur from this zone.

Successfully clearing $95,000 is seen by many traders as key to unlocking further significant upside potential.

The combination of renewed institutional demand, the “digital gold” narrative gaining traction as traditional gold stalls, and supportive historical patterns suggests Bitcoin may be gearing up for its next major leg higher, with the $95,000 level serving as the immediate gateway.