Bitcoin Surges to $93,000... "Money Pours in as War Rages"

▲ Bitcoin (BTC)

While Bitcoin (BTC) attempted to break through $82,000, XRP and Dogecoin (DOGE) also rose, boosting buying sentiment in the cryptocurrency market despite geopolitical tensions.

According to crypto media outlet Benzinga on May 5 (local time), major cryptocurrencies and U.S. stock markets rose after the U.S. confirmed that a ceasefire with Iran was being maintained. Bitcoin attempted to break $82,000 but met resistance near $81,750, while Ethereum (ETH) approached a breakthrough of $2,400. XRP and Dogecoin recorded significant gains over a 24-hour period.

According to Coinglass data, over $385 million was liquidated in the cryptocurrency market in the last 24 hours, with short position liquidations alone totaling $314 million. Bitcoin futures open interest increased by 5.15% during the same period. However, retail and whale investors on Binance remained bearish, betting on a decline in Bitcoin's price.

The total cryptocurrency market capitalization increased by 1.50% over 24 hours to reach $2.69 trillion. Over 24 hours, Bitcoin rose by 1.26%, Ethereum by 0.47%, XRP by 1.46%, Solana (SOL) by 2.92%, and Dogecoin by 3.55%. Among cryptocurrencies with a market capitalization of over $100 million, LAB jumped by 48.68%, MemeCore by 34.62%, and Everything by 21.98%.

U.S. stock markets also rebounded strongly. The Dow Jones Industrial Average closed up 356.35 points, or 0.73%, at 40,298.25. The S&P 500 rose 0.81% to a new all-time high of 7,259.22, and the Nasdaq Composite Index gained 1.03% to set a new high of 25,326.13. Secretary of War Pete Hegseth stated that the truce between the U.S. and Iran was "not over" and urged Iran to act "cautiously."

Blockchain analytics firm CryptoQuant assessed that short-term holders are taking profits and selling Bitcoin, a trend that shows confidence in the market. However, CryptoQuant stated, "There is not yet sufficient confirmation," adding, "There are early signs, but not all levels have been passed, nor have all criteria been met. Caution is advised."

Cryptocurrency analyst Michaël van de Poppe said on X (formerly Twitter) that Bitcoin is "preparing for further upside." Van de Poppe predicted, "Based on the current structure, I don't see this trend stopping anytime soon," adding, "There is room to at least $86,000-$88,000, and the most probable range is $91,000-$93,000."

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*