Bitcoin Price Reaches $87,400 Amid Dollar Sell-Off and Gold Rally

On April 21, Bitcoin's price reached $87,400, marking its highest level since March 29. The asset gained over $3,000 in less than 24 hours, recovering much of April’s earlier decline. The increase of approximately 4% is notable against a backdrop of significant macroeconomic events.

Key Factors Behind Bitcoin's Rise

The US dollar experienced a sell-off following comments about potential Federal Reserve leadership changes.
The dollar index (DXY) fell to 98.182, while gold prices surged to $3,385 per ounce, reflecting a movement toward traditional safe-haven assets.
Bitcoin's performance diverged from risk-assets like the S&P 500 and Nasdaq, prompting discussions among analysts about its correlation with gold.
A report indicated that trade policy concerns are rising, affecting market sentiment regarding potential trade deals.
Market speculation continues regarding a possible trade agreement between the US and Japan.

Technical Analysis of Bitcoin

Chart analysts noted a structural break on Bitcoin's daily chart, emphasizing the importance of breaking through resistance at $88,804.
Some analysts identified $94,000 as a critical target for this rally, suggesting future market behavior will determine the trend's sustainability.
Caution was advised regarding the timing of the recent price surge, particularly due to low trading volumes on a Sunday.

At press time, Bitcoin traded at $87,509.