Bitcoin price hits 7-week high as Trump softens tone on trade war

Bitcoin has broken above $93,000 for the first time in seven weeks, extending its post-Easter rally as recent macro events have analysts expecting more upside.

Bitcoin (BTC) has climbed 5.62% over the past 24 hours and surpassed $93,000 on April 22 for the first time since March 3, continuing a 12% price rally its seen over the past seven days, according to CoinMarketCap.

Bitcoin quickly jumped from just below $91,500 to $93,000 in minutes, leaving traders guessing where the rally could go next.

“This is the craziest one-minute candle I’ve ever seen on the Bitcoin chart,” Bitcoin commentator Michael Sullivan said in an April 22 X post.

Pseudonymous crypto trader Crypto General said Bitcoin “is going as planned, as stated in the last post, a breakout was eyes and today we witnessed our breakout.”

Just hours before Bitcoin’s upside swing, crypto commentator “Ted” told his 158,200 X followers that Bitcoin is “going to catch up” with gold and the $100,000 price level, which it hasn’t seen since Feb. 3, is “loading.”

It comes amid an improvement in crypto market sentiment, more money flowing into spot Bitcoin exchange-traded funds and US President Donald Trump’s softer tone on the trade war.

On the same day, Trump said he had “no intention of firing” US Federal Reserve Chair Jerome Powell after previously criticizing him for not cutting interest rates. It comes only days after Trump called for his termination again in an April 17 Truth Social post, which led to speculation that he would follow through on threats and find a way to remove Powell.

Alongside this, Trump said tariffs on Chinese goods will “come down substantially,” though they “won’t be zero,” which led to an uptick in positive sentiment among crypto analysts.

Related: Bitcoin-to-gold ratio risks 35% decline following Wall Street’s $13T wipeout

In an April 22 X post, economist and crypto trader Alex Kruger said, “Trump just ticked most de-escalation/bullish boxes.” Investing with Brandon said the news was “bullish” too. 

Meanwhile, the day before, the 11 US spot Bitcoin ETFs saw a joint net inflow of $381.3 million.

Traditional financial markets also ended the April 22 trading day in the green, with the S&P 500 up 2.51%, the Nasdaq rising 2.87%, and the Dow Jones gaining 2.66%, according to Google Finance data.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.