Bitcoin’s (BTC) price flashed green on April 22, up 1% over the last 24 hours to trade at $83,342. Data from CoinMarketCap and TradingView shows that the BTC price rose from a low of $85,134 on April 21 to an intraday high of $88,874 today.
This positive Bitcoin performance comes as US equities slumped, fueled by US President Donald Trump launching fresh attacks on the Federal Reserve Chair Jerome Powell to cut interest rates.
US Dollar Index Slumps to 3-Year Lows
President Trump’s erratic policies continue to rattle global markets, as recession fears and macroeconomic uncertainties grip investors across the board. His sweeping tariffs, introduced in April, have sparked global trade tensions. These have prompted investors to dump US assets, as seen in the 6% drop in the US dollar Index (DXY) since early April, down to a three-year low of 97.92 on April 21.
DXY/USD weekly chart. Source: TradingView
Trump’s attacks on Federal Reserve Chair Jerome Powell, threatening his ouster, further erode trust in US economic stability, with markets fearing a loss of Fed independence. In his latest attack, Trump referred to Powell as “Mr. Too Late.” He added that now is the time for the US central bank to lower interest rates, pushing back on economists’ fears that doing so would add to inflation as consumers and businesses navigate higher input costs from tariffs.
Source: Donald Trump
This has decoupled the dollar from rising Treasury yields, an unusual divergence. Investors are flocking to safe havens like gold, up 30% in 2025, while the euro and yen gain ground.
Similarly, Bitcoin is diverging from US equities. The BTC price is up 3% over the last week while the S&P 500 and the Dow Jones Index have witnessed 5.21% and 5.86% losses, respectively.
BTC/USD daily chart vs. major US stock indices. Source: TradingView
US-fueled tariff chaos and recession fears are key drivers in this divergence as Bitcoin increasingly gains its status as a ‘safe haven’ and ‘inflation hedge’. If Trump’s policies persist, de-dollarization risks could intensify, challenging the dollar’s global reserve status.
Bitcoin Must Reclaim $90k to Secure the Upside
Supplier congestion around the $90,000 resistance level rejected Bitcoin’s latest rally. Bulls are required to push the price above this level to sustain the recovery and increase the chances of a return to $100,000 before the end of April.
“Bitcoin is at resistance,” said popular analyst AlphaBTC in an April 22 post on X.
AlphaBTC was referring to the stiff barrier between $88,000 and $90,000 in the four-hour timeframe.
“$BTC needs to push on and get through the resistance at 89K,” the analyst explained, adding that if the recovery loses steam now, BTC “could start a bigger corrective move” back toward the $80,000 psychological level.
According to the analyst, the price should hold the weekend range between $84,000 and $88,000 to increase the chances of a push higher.
“Lose it and start accepting back inside the range, and I think we see lower first before the push to 100K.”
BTC/USD four-hour chart. Source: AlphaBTC
Similar sentiments were shared by CryptoQuant’s head of Research, Julio Moreno, who said that the traders’ onchain realized price between $91,000 and $92,000 was the real test for Bitcoin bulls.
Source: Julio Moreno
According to Moreno, the traders’ realized price usually acts as resistance whenthe crypto market is bearish, which is the situation Bitcoin is currently in now.
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