Bitcoin (BTC) Price: Catches Its Breath at $92,575 After Leapfrogging Google in Market Cap

TLDR

Bitcoin dropped 1.2% to $92,575 on Thursday after rallying to nearly $94,000 on Wednesday BTC briefly overtook Google to become the world’s fifth-largest asset by market cap Easing trade tensions with China and Japan boosted risk appetite and crypto markets Bitcoin has risen nearly 27% over the past two weeks $95,000 remains a key resistance level that Bitcoin has failed to break through

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Bitcoin fell slightly on Thursday as investors took profits after the cryptocurrency reached a seven-week high in the previous session. The world’s largest digital asset declined 1.2% to $92,575, retreating from Wednesday’s peak of nearly $94,000.

Bitcoin (BTC) Price

The pullback comes after a strong rally that saw Bitcoin surge almost 7% on Wednesday, reaching its highest level since early March.

Bitcoin has gained approximately 27% over the past two weeks, showing strong momentum despite the recent dip.

The Wednesday surge was fueled by several positive developments in global markets, including signals from the Trump administration about potential easing of trade tensions.

U.S. President Donald Trump walked back recent threats to remove Federal Reserve Chair Jerome Powell. This move helped ease investor concerns about policy stability.

Trump also indicated a potential softening stance on China trade tariffs, which boosted market confidence.

Market Sentiment Improving

U.S. Treasury Secretary Scott Bessent added to the positive outlook by stating that high U.S.-China tariffs are “unsustainable,” suggesting the administration may be open to revising its trade policies.

Further supporting the improved market sentiment, Japanese Economy Minister Ryosei Akazawa is scheduled to visit Washington from April 30 to May 2 for a second round of tariff negotiations.

These developments have enhanced global risk appetite, driving investment flows into Bitcoin and other risk-sensitive assets.

The crypto market’s fear and greed index has reflected this shift in sentiment, rising from a low of 25 to 53, moving away from panic territory into more neutral ground.

Bitcoin’s Growing Market Position

During Wednesday’s rally, Bitcoin briefly surpassed Alphabet (Google) to become the world’s fifth-largest asset by market capitalization, reaching approximately $1.87 trillion in total value.

This milestone placed Bitcoin ahead of major tech companies like Google, Amazon, and Meta in global asset rankings.

Bitcoin temporarily trailed only gold, Apple, Microsoft, and Nvidia in terms of market value.

With Thursday’s price decline, Bitcoin slipped back to eighth position in the global asset rankings, falling below silver.

Altcoin Performance

The broader cryptocurrency market also experienced a pullback on Thursday after strong gains in the previous session.

Ethereum, the second-largest cryptocurrency, fell 0.8% to $1,774.93.

XRP, the third-largest crypto by market cap, declined more steeply, dropping 2.8% to $2.18.

Other major altcoins also retreated, with Solana down 1.3%, Cardano losing 1%, and Polygon falling 0.5%.

Meme tokens were hit harder, with Dogecoin dropping 4% from its previous level.

The market is now watching to see if Bitcoin can regain momentum and break through the key resistance level of $95,000, which has proven to be a significant barrier since March.

Market analyst Markus Thielen of 10x Research remains cautious about Bitcoin’s near-term prospects. He notes that stablecoin minting indicators, which often signal fresh capital entering the market, have not returned to active levels.

Source: TradingView

Thielen identifies $95,000 as a critical resistance point that could trigger short-term stop-loss liquidations if broken.

Despite the cautious outlook from some analysts, others in the market believe increased market confidence could lead to a breakthrough of the $95,000 resistance level soon.

An interesting shift in market dynamics was highlighted by John D’Agostino, head of strategy at Coinbase’s institutional division. He points out that while retail investors appear to be exiting the market through ETFs and spot trading, sovereign wealth funds and other institutional investors are accumulating Bitcoin.

This institutional buying is helping to absorb selling pressure from profit-taking, potentially providing support for Bitcoin’s price even during periods of retail selling.

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