Source: Cointelegraph Original: "{title}"
Bitcoin's price seems to be breaking out of a long-term consolidation range, climbing to its highest level since late March.
According to TradingView data, Bitcoin broke through $87,400 on April 21, reaching its highest price since March 28. Bitcoin rebounded from an earlier low of $84,000 on April 20, gaining over $3,000.
Since hitting a low near $75,000 on April 9, 2025, the asset has risen by 16%, and the gap from its peak price has narrowed to 20%.
Although a daily increase of 2.4% is not unusual for Bitcoin, it has pushed the asset toward the upper limit of the range-bound channel since early March.
"Bitcoin is breaking out," noted Scott Melker (also known as "The Wolf of All Streets"), while Nasdaq futures fell by 1%.
Strengthening Correlation Between Bitcoin and Gold
The "Kobeissi Letter" commented on the X platform: "The narratives of gold and Bitcoin have converged for the first time in years," noting that gold recently reached an all-time high while Bitcoin also began to break out.
The platform pointed out: "Gold has reached its 55th all-time high in 12 months, and Bitcoin has officially joined this rally." It added: "Both gold and Bitcoin are telling us that the U.S. dollar is weakening and uncertainty will intensify."
The U.S. Dollar Index (DXY), which measures the value of the dollar against a basket of six major currencies, has fallen by 10% since the beginning of the year due to escalating global trade tensions.
"Geiger Capital" also observed this trend, noting the decline in tech stock futures and the dollar, further stating that Bitcoin is "decoupling."
- Tech futures down - Dollar down - Gold new ATH - Bitcoin breaking out/decoupling Realize where we are. pic.twitter.com/XqZRlEHj39
Some analysts had predicted that Bitcoin would drop to $83,000 over the Easter weekend based on exchange order book data, but Bitcoin seems to have broken this expectation.
On April 19, analyst 'Rekt Capital' noted that Bitcoin not only broke through the downward trend line but also "successfully re-tested it as support for the first time since the downward trend formed."
Related: Synthetix founder threatens SNX stakers to "address the SUSD decoupling issue."
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