Bitcoin surged past $94,000 on April 23 as Trump’s China tariff shift lifted stocks and improved overall market sentiment Why is Bitcoin (BTC) is going up today after Trump’s latest comments on China tariffs? Bitcoin (BTC) rose sharply on April 23, extending its rally above the $94,000 mark amid broad gains across U.S. equity markets. The move followed dovish comments from US President Donald Trump regarding U.S.-China trade relations. According to reports, Trump is in talks to negotiate a deal to cut tariffs on China as low as 50%, , which appeared to boost investor sentiment. The S&P 500 gained 93 points, moving 1.77% higher to 5,375.86, with Big Tech stocks leading the rally at press time on Thursday. US stocks Heatmap | Source: TradingView Big Tech was the primary driver of the equity market’s upside momentum. Microsoft gained 2.78%, Alphabet added 1.94%, and Meta rose 1.77%. Nvidia outperformed with a 3.21% increase, while Apple climbed 1.05%. Amazon shares advanced 2.39%, reflecting recovering confidence among investors after tariff pressures saw the AI giant, book a $5.5 billion charge last week. The market response reflected a shift toward risk-on positioning, prompted by Trump’s softened stance on tariffs. This rhetoric was interpreted by traders as a sign of reduced trade tensions and improved macroeconomic visibility. Bitcoin price action | Coingecko However, despite the day’s gains, BTC price was unable to breach the key $95,000 resistance, a level seen by market participants as a psychological limit. While bullish momentum remains intact, the inability to sustain a move above this level suggests cautious stance and early profit-taking. What’s next? With Bitcoin price approaching a major psychological threshold, traders are watching closely for a decisive breakout above $95,000. A sustained move could open the door to $98,000 or higher. However, renewed macro volatility or stronger-than-expected inflation could trigger profit-taking, with key support levels seen near $91,000 and $88,500. Investors are also eyeing Trump’s upcoming policy announcements for further clues on U.S.-China economic direction. Bitcoin Price Forecast Today: Bulls Eye $96,800 as Momentum Holds Above Key Averages Bitcoin price forecast today points to a cautiously optimistic outlook, with bulls setting sights on the $96,800 level following a decisive breakout above key moving averages. After peaking at $93,787, BTC/USD pulled back slightly but remains structurally strong above its 50-day ($84,398), 100-day ($90,852), and 200-day ($88,699) simple moving averages. Bitcoin Price Forecast Today The recent breakout was accompanied by a sharp rise in the Bull and Bear Power (BBP) indicator, which has flipped to its highest positive reading since mid-January, currently at +10,046.19. This shift suggests growing bullish conviction among traders. Despite the minor intraday retracement, Bitcoin continues to consolidate above former resistance, now turned support near $90,000. A sustained move above $94,000 would likely clear the path to $96,800, a key psychological and Fibonacci extension target. However, failure to hold the 100-day SMA could invite profit-taking, dragging BTC back toward the $88,500 area. For now, momentum favors bulls, with the trend showing signs of sustained accumulation. The post Bitcoin price analysis: BTC tops $94K as S&P 500 gains 93 points on Trump’s latest comments appeared first on CoinGape.

Read full article on COINGAPE