Bitcoin’s price experienced a significant surge, climbing above $94,000 and breaking through a key resistance zone that has sparked renewed bullish momentum. As of the latest market data, Bitcoin is trading at approximately $94,435, marking an increase of about 3% over the past 24 hours. This upswing represents a critical reclaim of the upper range established back in January, with the price remaining relatively stable compared to its seven-day high of $94,040 and sitting around 4% higher than its seven-day low of $90,897.
The trading volume for Bitcoin over the past 24 hours reached around $52 billion, indicating a surge in market participation as the price advanced. The cryptocurrency’s total market capitalization now stands at $1.88 trillion, also reflecting a 3% increase on the day, solidifying Bitcoin’s position as the leading digital currency. Currently, the circulating supply of Bitcoin is 19,975,465 BTC, approaching the maximum cap of 21 million coins set by the protocol.
In the backdrop of this bullish movement, significant political developments are unfolding. Over the past weekend, the U.S. Department of Justice initiated a criminal investigation into Federal Reserve Chair Jerome Powell. This escalatory measure has reverberated through financial markets, contributing to a renewed period of volatility for Bitcoin. Powell recently disclosed, via social media, that the DOJ had served grand jury subpoenas to the Federal Reserve, suggesting potential criminal charges linked to his congressional testimony about a substantial renovation project costing over $2.5 billion.
The investigation has been described by Powell as politically motivated, positing that it reflects increasing pressure from the Trump administration to accelerate interest rate cuts, conflicting with the Fed’s data-driven policy framework. President Trump has been vocal in his criticism of Powell’s leadership and the general Fed monetary policy, denying direct involvement in the DOJ’s actions yet continuing to express dissatisfaction with the central bank’s cautious approach to rate adjustments.
In response to these political tensions, traditional financial markets have shown signs of instability. U.S. stock futures fell, and many investors have shifted their assets toward perceived safe-haven investments, resulting in record highs for gold and silver. Bitcoin, often considered an alternative hedge against political and financial uncertainty, has mirrored this volatility.
Today’s upward movement follows a recent period characterized by technical indecision, where Bitcoin repeatedly tested the $94,000 resistance but failed to maintain that level. Analysts had cautioned that a definitive breakout above this threshold was essential for bulls to regain control. The current surge suggests that such a breakout is materializing, and should Bitcoin maintain a price above $94,000, it could pave the way for further upward movement toward resistance zones between $98,000 and $103,500. Conversely, failing to stay above this threshold may see Bitcoin revert to previous trading ranges.
As macroeconomic uncertainties loom—specifically regarding inflation trends, interest rate expectations, and evolving political dynamics surrounding monetary policy—Bitcoin has increasingly been viewed as a potential hedge against these issues. While the prospect of near-term volatility remains, the ability of Bitcoin to reclaim and hold the $94,000 level signifies a meaningful shift in market sentiment. Traders and analysts are now keenly observing whether bullish momentum can sustain and turn past resistance into solid support in the coming days. At present, Bitcoin is trading at $94,323.
