Key Takeaways:
U.S. equities moved higher in tandem. The S&P 500 gained roughly 0.9% to around 7,125, approaching record highs set earlier in the month. The Nasdaq Composite climbed 1.1% to approximately 24,540, led by technology and artificial intelligence (AI)-related names. The Dow Jones Industrial Average added about 0.8%, trading near 49,530.
Strategy reported its third-largest weekly bitcoin purchase on record during the period ending April 19: 34,164 BTC acquired for approximately $2.54 billion at an average price of $74,395 per coin. The company’s total holdings reached 815,061 BTC. Strategy’s preferred equity instrument, STRC, funded roughly 77,000 BTC year-to-date, outpacing net inflows across all U.S. spot bitcoin ETFs combined.
Spot bitcoin exchange-traded fund (ETF) flows remained steady through the week. Blackrock’s IBIT and other funds posted hundreds of millions in net inflows on select days, including one week that logged approximately $996 million in total ETF demand, the strongest since mid-January.
Onchain conditions also supported the move. Exchange-held bitcoin reserves fell to seven-year lows near 2.21 million BTC, signaling reduced near-term selling pressure. Whale wallets accumulated several hundred thousand BTC over the preceding 30-day window, according to chain analysts. Short liquidations across leveraged positions totaled an estimated $180 million to $650 million during recent key moves, amplifying price action to the upside.
Ethereum, XRP, and a broad range of altcoins and meme coins advanced alongside bitcoin on the same risk-on shift. The rally extended a broader April trend: the S&P 500 had gained approximately 8% month-to-date heading into the session, driven by AI sector optimism and earlier ceasefire progress, while the Nasdaq posted one of its longest winning streaks in decades earlier in the month.
Strong earnings from Amazon, Microsoft, and Oracle supported the tech-heavy index, with capital expenditure tied to AI infrastructure continuing to register as a sector tailwind. Expectations for Federal Reserve rate cuts, fiscal stimulus from the pending “One Big Beautiful Bill,” and resilient U.S. economic growth also provided underlying support for equities.
For bitcoin, the $74,000 to $76,000 range has shifted to near-term support following the breakout. Traders and analysts cite $79,000 to $80,000 as the next resistance zone, with $85,000 to $88,000 as the level beyond that. The February low near $60,000 and the $70,000 range serve as downside reference points.
JPMorgan and other institutional desks maintained bullish S&P 500 targets near 7,600 following the geopolitical relief. Bitcoin bulls targeted $80,000 to $85,000 if momentum held, though some Wall Street forecasters retained cautious longer-term views.
Iran later struck ships in the Strait of Hormuz during the session, though early sentiment was set before those reports crossed.
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