Bitcoin pushed passed the $94,000 threshold on Wednesday, touching an intraday peak of $94,982 before easing back slightly in late afternoon. The move lifted the world’s largest cryptocurrency more than 20 per cent above its early-April lows and within sight of November’s all-time high.
The latest advance came as President Donald Trump softened recent criticism of Federal Reserve ChairJerome Powell and hinted at lower tariffs on Chinese imports, twin signals that encouraged risk appetite across global markets. Bitcoin’s jump coincided with a rebound in US equity futures and a steadier dollar, underscoring its growing sensitivity to macro-policy headlines.
Relief rally follows calmer White House rhetoric
Crypto traders began bidding prices higher late Tuesday after Mr Trump told reporters he had “no intention” of removing Mr Powell and was open to “substantially” reducing tariffs once trade talks progress. The remarks helped reverse a bout of nervous selling that had briefly taken bitcoin to $87,000 the previous day. Options desks reported a flurry of fresh call-buying, while funding rates on perpetual futures swung into positive territory, signalling renewed bullish conviction.
Beyond short-term politics, analysts pointed to continued inflows into spot bitcoin exchange-traded funds and a surge in open interest on offshore derivatives venues as structural drivers of the rally. CoinDesk data show cumulative notional open interest in perpetual futures leapt 10 per cent to almost $18 billion, the biggest daily rise since early March. Asset-management strategists noted that US-listed bitcoin ETFS have attracted more than $4 billion since January, offering traditional investors an easier route into the market and cushioning dips that once provoked sharper drawdowns.
Reclaiming and surpassing previous highs
Wednesday’s push above $94,000 marks bitcoin’s second visit to that zone in five months. Its first break, on 20 November 2024, set a record following reports that Mr Trump’s social-media firm was eyeing a crypto-platform acquisition. Renewed strength in 2025 suggests that November’s spike was not an isolated episode but part of a broader uptrend anchored in institutional adoption and supply constraints following last month’s halving. Some technicians now target $100,000, though others warn that resistance near $95,000, a level sellers defended in November, could trigger profit-taking
Despite growing mainstream acceptance, bitcoin remains volatile. A Bybit exchange hack in February briefly knocked prices below $90,000, and regulatory clarity in major jurisdictions is still patchy. While the White House has cooled its rhetoric this week, congressional debates over a comprehensive digital-asset framework could inject fresh uncertainty. Margin-funding costs on major venues have climbed even as prices rallied, indicating leveraged positioning that could unwind quickly if sentiment sours. Analysts, therefore, caution against assuming a one-way move, noting that bitcoin has logged three double-digit pullbacks already this year.
Conclusion
Market participants are split on whether bitcoin’s latest climb heralds a sustained march toward six-figure territory or another false dawn. Bulls argue that a friendlier US policy backdrop, accelerating ETF uptake and the post-halving supply squeeze form a powerful trio of supports. Sceptics counter that geopolitical risks, tighter financial conditions in Europe and Asia and the ever-present threat of large-scale hacks could quickly cap gains. What is clear is that Bitcoin’s ability to clear $94,000 has re-energised the crypto complex, but the path ahead is unlikely to be smooth.
