Bitcoin (BTC) flirted with the $90,000 mark on March 24 during Wall Streetâs opening antics, while analysts scratched their heads, muttered âconflicting signs and signals,â and tried to remember where they left their crystal ball. đȘ
BTC price daily gains near 3% in risk-asset relief đ
Data from CryptoMoon Markets Pro and TradingView showed BTC/USD bouncing exuberantly to $88,772 on Bitstamp â its highest levels since March 7. Thatâs practically ancient history in crypto time, where a week feels like a year, and yesterday is a distant memory.
In predictable fashion, Bitcoin piggybacked on the stock marketâs mood swings, deciding to âclimb up the treeâ just because everyone else was doing it. The S&P 500 and Nasdaq Composite were up 1.6% and 2%, respectively. Of course, Bitcoin couldnât resist showing off, because, well, thatâs Bitcoin. âš
Commentary from The Kobeissi Letter claimed the marketâs mood was boosted by news that the US government intended to water down their new trade tariffs, like softening a bad sketch with an eraser. Apparently, âsector-specific tariffsâ were coming to save the day instead of blanket rules, which were probably knitted out of angst and bureaucracy.
Rumor has it, the talk of gold reserves swapping their glitter for Bitcoin had something to do with the marketâs sudden attempt at optimism. “Budget-neutral way to acquire more Bitcoin,” said Bo Hines, executive director of the Presidentâs Council of Advisers on Digital Assets, in an excitingly pompous podcast appearance. Budget-neutral is what people say when they want to sound responsible but are secretly dreaming about yachts. â”
Keith Alan, co-founder of Material Indicators, chimed in and suggested the news gave speculators fresh hopium â the highly addictive belief that everything is secretly fine, and weâre all geniuses for buying this dip. âSell a bit of gold, buy some Bitcoin? A masterstroke, if youâre feeling fancy,â he tweeted. Someone always feels fancy when Bitcoinâs involved.
BTC needs key support reclaim to avoid new lows đ
Alan said that for Bitcoin to avoid yet another drama-filled nosedive, it needs to reclaim two very important things: the 21-day simple moving average (SMA) at $84,674 and the 2025 yearly open around $93,300. Because obviously, Bitcoin canât just behave without a couple of arbitrary lifelines thrown its way. Bitcoin isnât about to let things get too straightforward. đ
âConflicting signs and signals,â said Alan, checking to make sure he hadnât summoned a confusing spirit from the depths of the trading universe. âIs Bitcoin heading back to all-time high territory, or is this a bull trap disguised as a castle in the clouds? Watch your validation levels, folks, or face the wrath of economic disappointment.â đ
If Bitcoin doesn’t reclaim the yearly open, expect prices to revisit lower territories. Alan added, âWhen prices dive like Olympic swimmers, Iâll be there to scoop up the dips. Someoneâs gotta do it.â And that, dear reader, is the crypto equivalent of being the designated driver at a party nobody wants to leave. đ
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2025-03-24 20:33