rewrite this title Last Week’s Crypto Moves: From Bitcoin’s Breakout to TON’s Waiting Game

by
Victoria d’Este

Published: April 21, 2025 at 12:59 pm Updated: April 21, 2025 at 1:00 pm

by Ana

Edited and fact-checked:
April 21, 2025 at 12:59 pm

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Feels like we’ve been holding our breath for weeks – waiting for something to break, move, or at least blink. Well, this past week finally delivered. Bitcoin shook off the chop and made a proper move, and suddenly the whole market started acting like it remembered how to trade. Ethereum’s trying to keep up, still cautious. TON? Still watching from the sidelines – but with one eye on BTC. Let’s walk through what just happened and what it might be setting up.

Bitcoin (BTC)

Bitcoin just popped out of its week-long holding pattern like it had somewhere to be, ripping past $87,500 after days of sideways grinding between $83K and $86K.

BTC/USDT 4H Chart, Coinbase. Source: TradingView

The breakout didn’t come out of nowhere. It’s been brewing – a mix of trade policy relief, ETF flows turning the corner, and a noticeable return of institutional buyers. 

Saylor

Saylor’s back in with another $285 million buy, ETF inflows have stopped bleeding for now, and whales have reportedly absorbed 3x the newly mined BTC supply this month. 

Bitcoin yearly absorption rates. Source: Glassnode

Meanwhile, Trump’s tariff pullbacks on tech goods gave risk assets a reason to breathe. Toss in the Fed’s surprisingly soft tone on stablecoin regulation, and suddenly BTC’s looking like it’s back on offense.

So, momentum’s strong, but it’s running hot – RSI is already screaming overbought on the 4H. That said, if we stay above $85K for long enough, the next push to $90K could come sooner than people expect. Right now, markets are acting like they’ve shaken off the early April slump – at least for now.

Ethereum (ETH)

ETH is tagging along for the ride, reclaiming $1,650 after its own version of the sideways shuffle.

ETH/USDT 4H Chart, Coinbase. Source: TradingView

Compared to Bitcoin’s clean breakout, Ethereum’s move feels more like a reluctant follow-through. It’s up, sure – but it hasn’t truly broken free of the range. That’s partly because ETH has been quiet on the catalyst front. The SEC delayed decisions on Ether staking ETFs, and Layer 2 adoption isn’t making headlines the way it used to. Even Vitalik’s proposal to swap out the EVM for RISC-V – big deal in dev circles – barely moved the needle.

Buterin provides numbers suggesting that implementing the proposal could lead to efficiency gains of 100x. Source: Vitalik Buterin

Still, there’s a silver lining: gas fees are at five-year lows. That’s great for users, but it also signals thin activity across DeFi and NFTs. 

Source: Santiment

So ETH is stuck in this weird middle ground – buoyed by broader market optimism, but waiting for a reason to lead. Until that shows up, expect it to keep playing second fiddle to Bitcoin.

Toncoin (TON)

TON’s still in the room, just not moving yet.

TON/USD 4H Chart. Source: TradingView

After holding a tight range between $2.88 and $3.10, Toncoin finally crept back above $3.00 – barely. It hasn’t followed BTC or ETH with any real conviction, but there’s steady upward pressure. The fundamentals are still quietly building. What’s different now is the tone around the ecosystem. There was some initial concern over the ongoing legal investigation into Telegram founder Pavel Durov in France, but updates this week helped clear the air. Durov publicly reaffirmed that Telegram complies with EU laws and pointed out that French authorities have shifted to more constructive communication since his 2024 detention. His legal team even described the case’s direction as “positive,” which calmed nerves across TON’s tight-knit community. 

Source: @rove

Meanwhile, on the product side, MyTonWallet quietly rolled out a new feature: limited-edition NFT cards that personalize wallet interfaces. Nothing groundbreaking yet — but these low-key rollouts, paired with Telegram’s ongoing influence, are slowly tightening the fundamentals beneath the price.

So while TON hasn’t ripped like BTC, the groundwork is being laid. If Bitcoin keeps driving higher, don’t be surprised if TON suddenly catches a bid and breaks the $3.10 ceiling it’s been nudging for days.

But for now, none of that has hit critical mass. TON’s RSI is rising, but not euphoric, and the price is still tucked under the 50 SMA. It’s the kind of chart that looks like it’s just waiting for Bitcoin to light the fuse. If BTC breaks above $90K and brings risk appetite with it, TON probably rides the wave. Until then, it’s mostly shadowing the majors.

What’s the market vibe?

As we can see, the sentiment has shifted. It’s not euphoria yet, but it’s no longer that dull grind from earlier this month either. Macro uncertainty – tariffs, Powell, liquidity jitters – hasn’t vanished, but the market seems to have priced a good chunk of it in. BTC leading the charge, ETH trailing with potential, and altcoins like TON just waking up – this feels like a market that’s setting up for a proper move.

If Bitcoin can hold this breakout and build momentum above $88K, the rest of the board might finally start playing catch-up.

About The Author

Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.

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Victoria d’Este