Bitcoin rallies above $87,000, next bull-run talk 'too early': analysts

Bitcoin price crossed $87,000 for the first time in weeks as it meets growing global liquidity and renewed institutional interest amid lingering concerns over U.S. tariffs. 

The world's largest cryptocurrency is up more than 2.4% in the past 24 hours to trade at $87,325. This marks the first time bitcoin has risen above the $87,000 level since April 2.

Earlier this year, bitcoin took a hit along with the wider crypto market when U.S. President Donald Trump started to push sweeping tariff policies on trade partners, prompting global equities and crypto investors to seek safer, more stable assets. Bitcoin fell to around $74,500 earlier this month.

"Bitcoin’s breakout above $87,000 is being fueled by a tick up in global liquidity, driven by the expanding M2 money supply and renewed institutional interest highlighted by [Strategy’s] signals to further grow its holdings, tightening available supply," said Dominick John, analyst of Kronos Research.

Aggregate M2 money supply across the U.S., Europe, Japan and China steadily increased from December to February, reaching $90.2 trillion, according to MacroMicro data.

Meanwhile, Michael Saylor's Strategy, formerly known as MicroStrategy, disclosed its acquisition of 3,459 BTC earlier this month amid market-wide uncertainty, while reporting unrealized losses of $5.91 billion from its BTC holdings in the first quarter due to bitcoin's underperformance.

On social media platform X, Saylor reaffirmed his confidence in bitcoin, writing: "Bitcoin has no counterparty risk. No company. No country. No creditor. No currency. No competitor. No culture. Not even chaos."