Although BTC failed at $100,000 and the broader market faced a minor 2.1% pullback, U.S. President Donald Trump has doubled down on his pro-crypto stance, calling the asset class “very popular,” “very hot,” and even “much stronger” than the stock market.

The comments were made in a May 4 sit down with Meet the Press moderator Kristen Welker, where Trump fielded questions about his personal crypto holdings, the recent surge of his namesake meme coin, and his administration’s crypto policy stance among others.

Trump’s Crypto Endorsement

When asked about the surprising 58% surge in the TRUMP token’s value following an exclusive dinner invitation to top holders, the President quipped, “I don’t even know that. What did it surge to?” After Welker clarified the price had spiked a lot, Trump scoffed: “Billion dollars?” before brushing off the metric entirely: “Well, that doesn’t mean anything.”

Last week, reports emerged that the uptick in the meme coin’s price may have been engineered, with on-chain data showing large transfers to centralized exchanges. It led many in the community to suspect the team behind the token may have been executing a “pump and dump” move post-dinner invitation. Trump, however, denied profiting from the token, stating bluntly: “I’m not profiting from anything.”

Despite the controversy, what stood out in the interview was Trump’s clear endorsement of crypto’s relevance on the global stage.

“I want crypto. I think crypto’s important because if we don’t do it, China’s going to.” he declared.

He further stressed their staying power, saying, “It’s very popular, it’s very hot,” while suggesting the assets had performed better than the mainstream market during the recent slump triggered by a tariff clash between the U.S. and its major trading partners.

“If you look at the market, when the market went down, that stayed much stronger than other aspects of the market.”

Trump also admitted that his about turn on crypto was because the sector had become very popular. “Millions of people want it,” declared the politician.

The billionaire businessman’s praise of cryptocurrencies came amid reports that a company affiliated with him, Trump Media & Technology Group, is looking to embed crypto into its business model.

BTC Holds the Line

Meanwhile, BTC, the king cryptocurrency, jumped to $98,000 last Friday before failing to sustain the momentum and slipping back below $96,000 over the weekend.

The pullback followed a brief run-up from the $93,000–$95,000 consolidation zone that had held strong throughout late April.

Currently trading at $94,666, Bitcoin’s daily volume remains strong, with the last 24 hours seeing about $19.5 billion changing hands as its market dominance stayed above 60%.

Bitcoin has gained significant momentum over the past week, surging 10% against the US dollar after a relatively quiet and often painful spring. After recently hitting two-month high, the world’s leading cryptocurrency appears to be setting its sights on a new all-time high, and this signals a potential new phase for the asset.

Experts point to several factors contributing to Bitcoin’s resurgence.

Bitcoin’s Decoupling Cycle

According to CryptoQuant’s latest analysis, the weakening of the US dollar, which has historically shown an inverse correlation, is a factor. As the dollar drops, Bitcoin typically strengthens, a trend that seems to be playing out once again.

Another potential catalyst for BTC’s rise is the ongoing geopolitical situation. Market uncertainties, particularly due to trade tariffs imposed by the Trump administration, have recently shown signs of de-escalation. Reports indicate that the tariffs, which have weighed on markets, could be moderated as political leverage shifts.

In addition, talks surrounding a possible peace deal in Ukraine have sparked optimism. Should these negotiations result in a resolution, high-risk assets like cryptocurrencies could benefit significantly.

Perhaps the most significant trend in Bitcoin’s performance is its decoupling from traditional markets. Over the past seven days, Bitcoin has notably separated from both the S&P 500 and Nasdaq Composite, indicating a weakening correlation with traditional stocks. The correlation coefficient with the S&P 500 has dropped from 0.88 in late 2024 to 0.77, while the Nasdaq correlation has fallen from 0.91 to 0.83 in the same period.

Digital Gold Narrative

Interestingly, Bitcoin’s relationship with gold has been strengthening. The correlation coefficient with gold has improved from -0.62 earlier this month to -0.31 currently. This suggests that Bitcoin may be increasingly viewed as a store of value similar to gold.

Such a shift could signal that Bitcoin is emerging as “digital gold,” with gold potentially serving as a leading indicator for Bitcoin’s price movements in the near future.

Bitcoin (BTC) has demonstrated notable resilience amid widespread macroeconomic uncertainty, but the zone between $91,000 and $92,000 still poses a threat to an extended upward movement.

The latest edition of the “Bitfinex Alpha” report highlighted that BTC rebounded sharply, even as traditional markets continued to experience heightened volatility. Bitcoin recovered more than 16% from its recent lows despite facing a 32% drawdown earlier in the current market cycle.

Market uncertainty

The recovery comes as global markets react to increasing trade tensions and policy uncertainty in the US. Federal Reserve Chair Jerome Powell emphasized a data-dependent approach to interest rates, warning that sudden shifts in US trade policy could complicate the central bank’s dual mandate of maintaining stable inflation and employment. 

Meanwhile, stock indices such as the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite experienced notable declines, while the US Treasury and bond markets reflected mounting stress.

Against this backdrop, traditional safe-haven assets, such as gold, have reached record highs, surpassing $3,400. Bitcoin, often considered a risk-sensitive asset, initially sold off alongside equities but has since staged a stronger recovery, trading around $87,500. 

The report noted that Bitcoin’s correlation with gold strengthened during this period, suggesting that it is increasingly regarded as a complementary macro hedge rather than merely a speculative asset.

Resistance at realized price

Despite Bitcoin’s recovery, challenges remain for its upward momentum. CryptoQuant’s head of research, Julio Moreno, noted that Bitcoin faces resistance in the $91,000 to $92,000 range, an area aligned with traders’ on-chain realized prices.

The realized price is an important technical level for traders. When broader market conditions are bullish, this metric often serves as support. However, in bearish conditions, it tends to function as resistance. 

Moreno said that current market conditions still fall into the latter category, suggesting that Bitcoin’s attempts to decisively breach the $92,000 mark could encounter continued selling pressure.

Nevertheless, Bitcoin’s ability to rebound in parallel with gold amid intensified volatility in equity and bond markets continues to outline its evolving role within diversified investment strategies.

As global trade policies evolve and monetary policy remains cautious, Bitcoin’s trading behavior further proves its maturation in broader financial market conditions.

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BTC Price Holds $80K But Resistance Looms At $83.5K

Bitcoin is trading at $81,600 after a sharp bullish surge on Tuesday, reclaiming the psychological $80K level that has acted as a critical support-turned-resistance throughout the recent correction. Holding above $80K is now essential for bulls to build momentum and attempt a broader recovery, but resistance is mounting just overhead.

The 4-hour 200-day moving average (MA) around $83,500 has emerged as a key level. BTC stalled at this technical barrier after its bounce, and bulls must break above it to confirm a short-term reversal. Since Bitcoin fell below the $100K milestone, this moving average has consistently rejected upward moves, signaling that sentiment remains cautious.

If bulls succeed in pushing above $83.5K with conviction, it would signal growing strength and open the door for a retest of the $87K–$88K zone. However, failure to break through—and especially a drop back below $80K—would likely trigger renewed panic selling. That could invalidate the bullish structure forming now and lead to a continuation of the broader downtrend that began in March. All eyes are now on whether BTC can flip $83.5K from resistance to support in the coming sessions.

Bitcoin investors may not exactly feel it, but BTC has been a relatively good bet since President Trump’s tariff plans last week resulted in historic losses in traditional markets. While stocks and other mainstream investments have been falling off a cliff since the “Liberation Day” announcement April 2, bitcoin has remained relatively steady losing “only” 8% of its value.

“I think this is the most bullish 8% drawdown I’ve ever seen in bitcoin,” said Zach Pandl, head of research at Grayscale, a leading crypto investment manager.

Based on historical data, you would expect bitcoin to have three times the volatility of the Nasdaq, Pandl said. And yet while the Nasdaq was down 15% at the beginning of trading April 8 (compared to April 2), bitcoin was nowhere near 45% down.

In other words, an 8% decline is a positive as historical patterns predicted a far steeper tumble.

“I think crypto investors should be extremely pleased with the modest pullback in bitcoin,” Pandl, a former analyst at Goldman Sachs, told CoinDesk.

“It reflects that tariffs — while they are a short term risk-off event for markets — are probably to be something that’s supportive for bitcoin adoption in the longer run. I think the relatively moderate drawdown reflects that,” he added.

Pandl is bullish on bitcoin in an environment where the dollar is potentially losing its place as a global reserve currency.

“Stagflation is going to be negative for stocks and bonds, and, historically, that has been positive for scarce commodities. Investors who are concerned by stagflation are looking for alternative assets that can drive returns. In traditional markets that might be gold or copper, and bitcoin,” he said.

Pandl says bitcoin’s relatively good performance reflects a rotation away from large-cap tech stocks towards commodity assets like bitcoin. You can see this in the performance of bitcoin against Roundhill “Magnificent 7 ETF.” You can now buy more of that ETF with one bitcoin compared to a week ago.

To those who subscribe to Bitcoin’s long-term investment thesis as a safe haven in uncertain times, the last few days have been a test case where bitcoin is winning. In theory, say these advocates, bitcoin should benefit as investors seek alternatives to dollars in times of stress.

“If you believe that the erosion of the dollar’s position is part of the bitcoin thesis, then your conviction in that thesis in the last week should have gone up,” Pandl says.

He expects bitcoin’s price to rise in the medium-term, reaching new all-time-highs this year.

“The price of bitcoin is down but conviction is up and there’s no need to change the medium term price outlook,” he said.