Bitcoin Surges Past $87K Mark, Signaling Strong Recovery After Early April Downturn

Bitcoin has demonstrated a robust rebound, surpassing the $87,000 threshold as it regains momentum following a period of decline in early April. This upward movement indicates a potential bullish trend, with market analysts closely monitoring key resistance levels and trading volumes to assess the sustainability of this breakout. The cryptocurrency’s resilience amid market fluctuations highlights its evolving role as a digital asset, attracting both institutional and retail investors seeking exposure to its volatile yet high-growth potential.

BTC/USD 4-hour chart. Source: Tradingview

Bitcoin and Gold correlation strengthens

“The narrative in both gold and Bitcoin is aligning for the first time in years,” commented the Kobeissi Letter on X, observing gold’s recent all-time high and Bitcoin’s breakout.

“Gold has hit its 55th all-time high in 12 months and Bitcoin is officially joining the run,” it stated before adding: 

Gold and Bitcoin are telling us that a weaker US Dollar is more uncertainty is on the way.

The US dollar Index (DXY), which is a measure of the greenback against a basket of six major currencies, has declined 10% since the beginning of this year as global trade tensions escalate. 

The move was also observed by “Geiger Capital,” which also observed the decline in tech futures and the USD, adding that Bitcoin was “decoupling.”

- Tech futures down.
- Dollar down.
- Gold new ATH.
- Bitcoin breaking out/decoupling.