Bitcoin breaks above US$97k

Key market insights

• Bitcoin breaks above US$97k: For the first time since mid-February, Bitcoin has broken above US$97,000 resistance line but failed to maintain momentum.
• Ripple's US$5B bid for Circle rejected over valuation concerns: Ripple reportedly offered up to US$5 billion to acquire Circle, but the bid was rejected due to valuation-related reasons.
• Germany's KfW invests US$11.3M in first blockchain-based mortgage bond: The German bank invested over US$11M in a blockchain-based bond under the German Electronic Securities Act.
• Strategy posts US$4.2B Q1 loss, launches US$21B stock offering to expand BTC holdings: Strategy posted a US$4.22B Q1 loss due to the unrealized hit on its BTC holdings, but plans to raise US$21B to expand its stash to over 553,000 coins.

The weekly trading stats as of Monday, April 28th at 10:00 am AEST, based on data from Tradingview in USD.

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Bitcoin breaks above US$97k for the first time since mid-February

Bitcoin’s recent rally has paused, as it struggles to break through the US$97,000 resistance level. Market analysts have been predicting a push toward the milestone US$100,000 mark, but selling pressure around this key level has prompted a pullback. The recent surge was fueled in part by renewed institutional interest and broader investor optimism.

Analysts note that the US$95,000 to US$98,000 range represents a significant resistance zone. Should Bitcoin consolidate above this band, there remains potential for further upside. However, if support fails to hold, a retest of lower price levels is increasingly likely.

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Ripple's US$5B bid for Circle rejected over valuation concerns

Ripple reportedly offered to acquire stablecoin issuer Circle for US$4 billion to US$5 billion, but the bid was rejected as too low, according to Bloomberg. The proposed acquisition aimed to bolster Ripple's position in the stablecoin market, where Circle's USDC competes with Ripple's own RLUSD. Circle, which is preparing for an initial public offering, deemed the offer insufficient, citing its own valuation expectations. This move follows Ripple's recent $1.25 billion acquisition of prime brokerage firm Hidden Road, signalling its intent to expand its footprint in digital finance.

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Germany's KfW invests US$11.3M in first blockchain-based mortgage bond

Germany’s state-owned KfW Bank, often called the world’s safest bank, has invested €10 million or about US$11.3 million in a blockchain-based Pfandbrief (a type of covered bonds issued by German mortgage banks) issued by Berlin Hyp - the first under the country’s electronic securities law. The move signals growing institutional confidence in digital securities, though KfW noted that regulatory and settlement frameworks still need further development.

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Strategy posts US$4.2B Q1 loss, launches US$21B stock offering to expand BTC holdings

Michael Saylor’s Strategy Inc. reported a US$4.22 billion net loss for Q1 2025, its fifth consecutive quarterly loss, reportedly driven by a US$5.91 billion unrealized loss on its Bitcoin holdings under new fair value accounting rules. Despite this setback, the company also announced a US$21 billion at-the-market equity offering to fund further Bitcoin acquisitions, aiming to increase its holdings to 553,555 BTC valued at US$37.9 billion as of April 28. The company also raised its 2025 Bitcoin gain target to US$15 billion, citing strong year-to-date performance and continued confidence in its treasury strategy.

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Looking ahead

Bitcoin’s attempt to break through the US$98,000 level has lost momentum, for now. Despite this short term pull back, the broader trend remains intact as it continues to trade in the US$94,000 range. This week’s retreat follows a sharp rally that briefly pushed Bitcoin to its highest level since February, supported by growing institutional demand, easing trade war rhetoric, and increased flows into crypto ETFs. Analysts remain cautiously optimistic, eyeing the US$98,000 to US$100,000 zone as the next major resistance level.

Institutional adoption continues to deepen. Germany’s state-owned development bank, KfW, recently made its first blockchain-based bond investment, which indicates that Strategy is no longer the only big firm committed to BTC accumulation and integration.

Looking ahead, the crypto market’s next moves will likely be shaped by broader macro signals. Expectations of recession are rising, central banks are under pressure, and geopolitical uncertainty continues to cast a shadow across global markets. Bitcoin’s narrative as “digital gold” appears to be solidifying in the face of all of this, with the leading digital asset's resilience and adoption potentially setting the tone for a volatile but transformative Q2 2025.

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