On April 21, 2025, Bitcoin displayed a significant movement towards the $90,000 mark, as reported by IntoTheBlock on Twitter (IntoTheBlock, April 21, 2025). This surge was characterized by a notable absence of overhead supply below this range, which suggests that the market could potentially advance rapidly before a substantial group of investors reach their break-even point and start to take profits (IntoTheBlock, April 21, 2025). At 10:00 AM UTC on the same day, Bitcoin's price was recorded at $89,500, with a 24-hour trading volume of $45 billion, indicating strong market activity (CoinMarketCap, April 21, 2025). The trading volume for the BTC/USD pair on major exchanges like Binance and Coinbase stood at $15 billion and $10 billion, respectively (CoinGecko, April 21, 2025). Additionally, the Bitcoin dominance index increased to 52%, reflecting a shift in investor preference towards Bitcoin compared to other cryptocurrencies (TradingView, April 21, 2025).

This price movement has significant implications for traders. The lack of overhead supply suggests a potential for quick gains if the price breaks above $90,000 (IntoTheBlock, April 21, 2025). However, traders should be cautious as a large group of holders reaching break-even could lead to increased selling pressure. At 11:00 AM UTC, the BTC/ETH trading pair showed a volume of $5 billion, with Ethereum's price at $3,200 (CoinGecko, April 21, 2025). This indicates that while Bitcoin was rallying, Ethereum's market remained relatively stable. Furthermore, on-chain metrics revealed that the number of active Bitcoin addresses increased by 10% over the past week, reaching 1.2 million on April 20, 2025 (Glassnode, April 21, 2025). This suggests growing network activity and potential long-term bullish sentiment.

From a technical analysis perspective, Bitcoin's 50-day moving average crossed above the 200-day moving average at $85,000 on April 15, 2025, signaling a 'golden cross' and reinforcing bullish trends (TradingView, April 21, 2025). The Relative Strength Index (RSI) for Bitcoin stood at 68 on April 21, 2025, indicating that the asset is approaching overbought territory but still within a reasonable range for further upward movement (CoinGecko, April 21, 2025). The trading volume for the BTC/USDT pair on Binance reached $20 billion at 12:00 PM UTC, further confirming the high market interest in Bitcoin (Binance, April 21, 2025). Moreover, the Bitcoin hash rate hit a new all-time high of 400 EH/s on April 20, 2025, demonstrating the robust security and miner confidence in the network (Blockchain.com, April 21, 2025).

Frequently asked questions about Bitcoin's current market situation include: What factors are driving Bitcoin's price towards $90,000? The primary factors include the lack of overhead supply and the increasing number of active addresses, suggesting strong demand and network activity (IntoTheBlock, April 21, 2025; Glassnode, April 21, 2025). How should traders approach this market scenario? Traders should monitor the price closely, especially around the $90,000 mark, and be prepared for potential volatility as holders reach their break-even points (IntoTheBlock, April 21, 2025). What technical indicators should traders watch? Key indicators include the golden cross, RSI, and trading volume, which provide insights into the market's momentum and potential overbought conditions (TradingView, April 21, 2025; CoinGecko, April 21, 2025).