Bitcoin (BTC) Price: Drops to $92,600 After Failing to Break $95,000 Resistance

by · Blockonomi

TLDR

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  • Bitcoin price dipped to around $92,600 after surging to nearly $94,000, with market cap reaching $1.83 trillion
  • Trump’s signals about easing China tariffs and potential Fed Chair stability boosted Bitcoin and risk assets
  • Bitcoin briefly became the world’s fifth-largest asset by market cap before slipping back to eighth position
  • Key resistance level at $95,000 remains unbroken but market sentiment has improved from “fear” to “cautious”
  • US Bitcoin ETFs registered record inflows of nearly $1 billion on April 22, 2025, showing renewed institutional interest

Bitcoin slipped back to the $92,500 level on Thursday after experiencing a strong rally the previous day when it surged nearly 7% to reach a seven-week high. The world’s largest cryptocurrency hit $94,696 on Wednesday but failed to break through the key resistance level of $95,000.

The recent price movement shows Bitcoin trading in a consolidation pattern after gaining approximately 27% over the past two weeks. Market participants appear to be taking profits at these elevated levels.

Bitcoin opened at around $93,000 on April 24 before dipping to $92,410 in morning trading. The cryptocurrency maintains a dominant market position with 63.55% of the total crypto market capitalization.

The total market value of Bitcoin stands at approximately $1.83 trillion, with daily trading volume reported at $37.7 billion.

Bitcoin Price on CoinGecko

Easing Trade Tensions Fuel Rally

The midweek surge came after several positive developments on the economic and political fronts. US President Donald Trump walked back recent threats to remove Federal Reserve Chair Jerome Powell, signaling stability in monetary policy leadership.

Trump also indicated a potential easing of trade tariffs with China. This was reinforced by US Treasury Secretary Scott Bessent, who stated that high US-China tariffs are “unsustainable.”

Further supporting this shift in trade policy, Japan’s Economy Minister Ryosei Akazawa is scheduled to visit Washington from April 30 to May 2 for a second round of tariff negotiations.

These developments have improved global risk appetite, driving investors toward Bitcoin and other risk-sensitive assets as economic outlook appears more stable.

The TRUMP token, associated with the US President, saw a dramatic price increase after Trump announced plans to hold dinner with cryptocurrency industry representatives soon. The token reportedly spiked by 60% according to CoinSwitch Markets Desk data.

Market Rankings and Institutional Interest

During Wednesday’s peak, Bitcoin briefly overtook Alphabet (Google’s parent company) to become the world’s fifth-largest asset by market capitalization, reaching approximately $1.87 trillion in value.

This milestone placed Bitcoin ahead of tech giants like Google, Amazon, and Meta, trailing only gold, Apple Inc, Microsoft, and Nvidia in global asset rankings.

With Thursday’s price retreat, Bitcoin slipped back to the eighth position in global asset rankings, falling below silver.

John D’Agostino, head of strategy at Coinbase’s institutional division, points out an interesting market dynamic. He notes that while retail investors are exiting the market through ETFs and spot trading, sovereign wealth funds and other institutions are accumulating Bitcoin, helping to absorb selling pressure from profit-taking.

This institutional interest was highlighted by data from Glass Node showing US Bitcoin ETFs registered record inflows of nearly $1 billion on April 22, 2025.

Technical Analysis and Market Sentiment

Bitcoin now faces technical resistance at $95,000, with immediate support at $91,700 according to market analysts. The $95,000 level represents the high point from a rebound in March and remains a psychological barrier.

Markus Thielen, head of research at 10x Research, remains cautious about Bitcoin’s near-term prospects. He notes that stablecoin minting indicators have not returned to active levels and believes $95,000 is a key resistance point that could trigger short-term stop-loss liquidations if broken.

The market sentiment has improved from earlier concerns, with the fear & greed index rising from a low of 25 to 53, indicating a shift from fear to a more neutral outlook.

Ryan Lee, Chief Analyst at Bitget Research, identified $91,275 as a level aligning with the average cost basis of short-term holders, suggesting potential selling pressure as traders aim to break even.

Despite the price uptick, derivatives markets reflect cautious sentiment. Futures premiums remain subdued, and options skews are neutral, indicating a lack of strong bullish conviction among traders.

Analysts recommend investors closely monitor macroeconomic indicators, including upcoming US jobless claims data, as these factors will likely influence Bitcoin’s trajectory in the coming days.

Piyush Walke, Derivatives Research Analyst at Delta Exchange, offered a more optimistic view, suggesting Bitcoin is “currently consolidating its recent gains and appears poised for another move higher, potentially surpassing the $94,000 mark in the near term.”

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