Chart of the day - Bitcoin (23.04.2025)

Over the past two sessions, Bitcoin has risen by more than 11%, from around 84,000 USD to over 94,000 currently. This strong rebound was driven by both positive news from the cryptocurrency sector and macroeconomic developments related to Trump’s softer approach to tariffs. However, Bitcoin’s relative strength was already visible earlier, as traditional indexes were setting new lows while the crypto market remained in consolidation, signaling a strong sell-off and continued institutional demand.

The key bullish catalysts in the past week specific to the crypto market include, in particular, the appointment of the new SEC Chairman, Paul Atkins. Additionally, the upcoming stablecoin regulation bill in the USA is putting increasing pressure on other regions like the EU to take similar steps.

📈 Key market factors:

• Paul Atkins, a longtime supporter of cryptocurrencies, has officially assumed the position of the 34th Chairman of the SEC, appointed by President Trump.

• Atkins brings deep knowledge of digital assets and promises a “rational, consistent, and fundamental” approach to crypto regulation — in sharp contrast to the previous enforcement-based restrictive policy.

• Under his leadership, quicker ETF approvals and clearer rules are expected, potentially paving the way for large institutional investments in digital assets.

• The Trump administration is also softening its stance on tariffs and signaling a more cooperative position in international negotiations, easing investor fears about protectionism and market fragmentation.

🌐 Global impact:

• The European Central Bank is concerned and warns that pro-growth reforms in the USA could trigger a financial capital flight from the EU.

• Tensions are rising in Brussels between the ECB and the European Commission over whether the EU’s MiCA regulation is strong enough to prevent capital from fleeing into American digital dollars (stablecoins).

• With upcoming U.S. bills such as STABLE and GENIUS, forecasts predict stablecoin supply could grow to 2 trillion USD by 2028, raising concerns about capital outflows from Europe to the U.S.

Bitcoin is breaking through successive key resistance levels and, in just two trading sessions, has erased the losses from the past three months. Currently, from a price action analysis perspective, the most important factor is maintaining prices above the 92,000–93,000 USD level.

Source: xStation 5