Wednesday, April 22, 2026 Crypto Roundup: Bitcoin Pushes Above $78K as Broad Market Posts Steady Gains

Bitcoin Climbs Back Above $78,000 as Risk Appetite Returns to Crypto Markets

Wednesday was a decent day for crypto markets. Bitcoin pushed back above the $78,000 USD mark after spending much of the past two weeks grinding sideways in the low-to-mid $70,000s. It is not a dramatic surge, but the move matters because it broke a short-term resistance level that traders had been watching closely. Whether this holds through the week is another question entirely, and Canadians holding digital assets in registered or taxable accounts should understand what is actually driving the action before reading too much into it.

What Happened on Wednesday, April 22

Bitcoin (BTC) climbed roughly 4.5 to 5 percent on the day, touching the $78,200 to $78,500 USD range intraday before settling around $78,100 by late afternoon. In Canadian dollar terms, that puts BTC in the $107,000 to $108,000 CAD range, depending on where the loonie sat against the USD at time of purchase or valuation. The CAD/USD cross has been its own story lately, and it adds a layer of volatility for Canadians that American holders simply do not deal with.

Ethereum (ETH) followed higher as well, gaining roughly 3 to 4 percent and trading in the $1,600 to $1,650 USD range. That is still well below the highs ETH saw in late 2024 and early 2025, and the network’s ongoing fee and activity metrics have been softer than some expected given where development milestones currently sit.

Broader altcoins had a mixed session. Solana (SOL) caught a modest bid. XRP continued to trade in a fairly tight band with low directional conviction. A handful of smaller tokens saw sharp percentage moves, as is typical when Bitcoin leads a leg higher and attention flows down the market cap ladder.

What Is Driving the Move

A few factors appear to be contributing to the improved tone in crypto markets this week:

• Easing macro pressure: There has been some softening in rhetoric around tariffs and trade policy out of Washington, which has reduced the immediate fear driving risk-off positioning across equities and speculative assets. Crypto tends to correlate with broader risk appetite during periods of macro stress, even though the narrative around Bitcoin as a safe haven or store of value persists in some corners.
• USD weakness: The U.S. dollar has been under pressure recently, and historically, a softer USD environment has been supportive for Bitcoin pricing in USD terms. This is somewhat ironic for Canadian buyers, because a weaker USD often means a stronger CAD, which partially offsets the nominal USD price gain when converted.
• Thin liquidity amplifying moves: Overall trading volumes in crypto remain below the peaks of the prior bull cycle. In a thinner market, a relatively modest increase in buy-side pressure can produce outsized percentage moves. This is worth keeping in mind when a 5 percent day looks impressive on the surface.
• Technical positioning: Short-term traders and algorithmic strategies were watching the $76,000 to $77,000 USD zone as a support area. Once price held there and began moving higher, some short covering and momentum buying added fuel.

None of this guarantees continuation. Markets can reverse quickly, and crypto markets more quickly than most.

Canadian Context: Exchanges, Accounts, and Tax Considerations

For Canadians specifically, a few things are worth keeping in your head when you look at a day like Wednesday.

Where you hold crypto matters. Platforms like Wealthsimple Crypto, NDAX, Newton, and Shakepay are the most commonly used options for retail Canadians buying Bitcoin and Ethereum directly. Each has different fee structures, coin availability, and withdrawal policies. Wealthsimple charges a spread rather than a commission, which can be less obvious but still meaningful on large transactions. NDAX and Newton tend to be more transparent on pricing and allow withdrawals to self-custody wallets, which matters if you are thinking about holding outside of an exchange.

TFSA and RRSP considerations. Crypto ETFs like Purpose Bitcoin ETF (BTCC on the TSX) or Fidelity Advantage Bitcoin ETF (FBTC) can be held inside a TFSA or RRSP, which shelters gains from capital gains tax or income tax depending on the account type. Buying crypto directly on an exchange, however, does not qualify for registered account treatment. Any gains realized on direct crypto holdings are taxable events in Canada, and the Canada Revenue Agency (CRA) treats crypto as a commodity, not a currency. This means 50 percent of capital gains are included in your income at your marginal rate, though the exact inclusion rate has been subject to policy discussion in recent federal budgets and you should verify the current rules with a tax professional.

Keep records. The CRA expects you to track your adjusted cost base (ACB) for every crypto transaction, including purchases, sales, and even crypto-to-crypto trades. A lot of Canadians do not do this, and it creates headaches at tax time. If you are actively trading, consider using a crypto tax software tool that integrates with Canadian exchanges and can export in a CRA-compatible format.

Educational Note: What Does “Resistance” Actually Mean?

You will hear traders and market commentators talk about Bitcoin facing or breaking resistance at a certain price level. It is worth demystifying this briefly.

Resistance refers to a price zone where selling pressure has historically appeared or where a significant number of market participants have previously bought at a loss and are waiting to exit at breakeven. When price approaches that level again, those sellers create a ceiling. If buying pressure is strong enough to absorb that selling, the price breaks through and the old resistance can become the new support.

This is not magic or guaranteed. Technical analysis is a tool that reflects market psychology and positioning, not a prediction machine. It works until it does not, and that caveat applies especially in crypto where narratives, leverage, and liquidity conditions shift fast.

What to Watch in the Coming Days

A few things worth monitoring if you follow crypto markets as part of your broader portfolio awareness:

• Whether Bitcoin can hold above $77,000 USD on a daily close basis. One good day does not establish a new trend. A few consecutive closes above that level would be more meaningful.
• U.S. equity market direction. The correlation between crypto and the S&P 500 or Nasdaq has been meaningful in recent months. If equities sell off, crypto will likely feel it.
• CAD/USD rate. With Bank of Canada policy meetings and ongoing trade uncertainty affecting the loonie, the currency cross adds a complication for Canadian investors measuring crypto performance in domestic dollars.
• Any regulatory news out of Ottawa or the OSC. Canadian crypto regulation continues to evolve. Registered dealers and platforms face ongoing compliance requirements that affect product availability.
• On-chain activity and exchange flows. If large amounts of Bitcoin are moving from exchange wallets to cold storage, that is generally interpreted as a bullish signal. The reverse raises questions about increased selling intent.

Closing Notes

Wednesday’s move in Bitcoin is a positive data point after a rough stretch, but one day does not make a trend. If you hold crypto, stay aware of your tax obligations with the CRA, keep your records clean, and make sure your position sizing reflects the volatility you are actually signed up for.

This article is for informational purposes only and does not constitute financial or investment advice. Crypto markets are highly volatile and not suitable for all investors. Please consult a licensed Canadian financial advisor or tax professional before making any investment decisions.