Bitcoin Soars to $93,000..."Money Pours In as War Looms"

▲ Bitcoin (BTC)

As Bitcoin (BTC) attempted to break past $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. stocks rose after the U.S. confirmed that a ceasefire with Iran was being maintained. Bitcoin attempted to break past $82,000 but met resistance near $81,750, while Ethereum (ETH) neared 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 accounting for $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, reaching $2.69 trillion. Over the 24-hour period, 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 48.68%, MemeCore 34.62%, and Everything 21.98%.

U.S. stocks also rebounded strongly. The Dow Jones Industrial Average closed at 49,298.25, up 356.35 points, or 0.73%. The S&P 500 rose 0.81% to a new all-time high of 7,259.22, and the Nasdaq Composite index hit a new high of 25,326.13, up 1.03%. Secretary of War Pete Hegseth stated that the ceasefire 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 hasn't been sufficient confirmation yet,” adding, “While there are early signs, not all levels have been passed, and not all criteria have 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, “Given the current structure, I don't see this trend stopping soon,” adding, “There is room to at least $86,000-$88,000, and the most likely range is $91,000-$93,000.”

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