Bitcoin ‘breaking out’ as it retakes $87K after early April slump

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Bitcoin prices appear to be breaking out of an extended period of consolidation as the asset climbs to its highest level since late March. 

Bitcoin (BTC) surged above $87,400 on April 21, its highest price since March 28, according to TradingView. It has climbed by more than $3,000 from an intraday low of just over $84,000 on April 20. 

The asset has now gained 16% since its 2025 low of just below $75,000 on April 9, and the distance from its peak price has been reduced to 20%. 

While a 2.4% daily gain is not out of the ordinary for Bitcoin, it has moved the asset to the upper bounds of a range-bound channel that began in early March. 

“Bitcoin is breaking out,” while Nasdaq futures are down 1%, observed Scott Melker, aka “The Wolf Of All Streets.” 

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. 

Related: Bitcoin gets $90K short-term target amid warning support ‘isn’t safe’

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

Some analysts had predicted a fall to $83,000 over the Easter weekend, citing exchange order books, but BTC appears to have defied them. 

On April 19, analyst ‘Rekt Capital’ observed that Bitcoin hasn’t just broken the downtrend, it “successfully retested it as support for the first time since downtrend formation.”

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