Bitcoin Falls Below $97,000 Despite The Euphoria: Should We Be Worried?

Bitcoin reached a new impressive high of $97,800 yesterday, easily surpassing the symbolic $97,000 mark, before experiencing consolidation today, Saturday, at $96,345. This performance remains its highest level since February 2025, in a context of global economic uncertainty. An Impressive Rise Despite Mixed Economic Data After reaching $97,800 on Friday, marking a spectacular advance despite worrying economic signals, bitcoin consolidates today around $96,345. US unemployment figures show an increase in claims with 18,000 new registrants, bringing the total to 241,000 for the last week of April. Financial markets have however ignored this news, considering that this increase is simply due to school holidays in New York State and not a real economic deterioration. While bitcoin rises, gold loses ground with a decline of 2.17%, settling at $3,216 an ounce. Geoffrey Kendrick of Standard Chartered Bank states that “ bitcoin constitutes a better hedge than gold ” to protect against global economic risks. This view reinforces the idea that bitcoin is gradually becoming a safe haven during times of uncertainty. Professional traders’ activity confirms this positive trend. Interest in bitcoin futures has increased by almost 9% to reach $68 billion. Moreover, it is mainly the bearish bettors who lost money (over $860,000), showing that the market now leans towards buyers. Institutionals Increasingly Present Institutional adoption of bitcoin is undergoing unprecedented acceleration. Bitcoin ETFs have attracted more than $3 billion in investments in one week, a first since March 2025. BlackRock continues to dominate this market after a record investment of $970 million in its Bitcoin ETF, recently crowned “Best New ETF “ by etf.com. Several companies have also increased their bitcoin exposure. Strategy (formerly MicroStrategy) now holds 553,555 BTC and plans to acquire up to 860,000, while Metaplanet in Japan has already accumulated over 5,000 BTC and aims for 10,000 by the end of 2025. More surprisingly, The Blockchain Group , a European company, has revealed its ambition to accumulate 260,000 bitcoins by 2033, representing about 1% of the total supply. This wave of adoption takes place in a context where bitcoin’s dominance of the crypto market exceeds 64%, its highest level in four years. This situation puts altcoins in difficulty, with Ethereum accounting for only 7.4% of the market, its lowest level since January 2020, while Solana and BNB struggle to compete despite their technological advantages. Despite the current pause, Bitcoin remains close to $100,000. Many experts now target $108,000 as the next goal. Even more optimistic, ARK Invest estimates that bitcoin could reach $2.4 million by 2030 in the best-case scenario.