Bitcoin Price Analysis: BTC Eyes $90,000 As Bullish Sentiment Returns

Bitcoin (BTC) faced a bit of a wobble early on during today's session, dropping to a low of $86,358, with sellers looking to drive the price below $85,000. However, the flagship cryptocurrency recovered as buying pressure returned, and is up 0.50%, trading just below $88,000. 

BTC is showing strong bullish indicators, with whale purchases and analysts suggesting a potential jump past $100,000. 

Mt. Gox Moves $1 Billion In Bitcoin 

Defunct cryptocurrency exchange Mt. Gox has transferred over $1 billion in Bitcoin (BTC) to two wallets, according to data from Arkham Intelligence. Mt Gox’s associated address transferred 893 BTC worth $78 million to its hot wallet and 10,608 BTC worth $928 million to a change wallet, 1DcoA Tuesday. The transfer is the latest significant on-chain movement of funds in four weeks. However, unlike previous transfers, the transfer has not impacted the spot price. Mt. Gox previously moved $900 million worth of BTC on March 11 and over $1 billion in BTC on March 6. 

BlackRock Set To Launch Bitcoin ETP In European Markets 

BlackRock, the world’s largest asset-management company, is set to launch Bitcoin exchange-traded products (ETPs) in Europe. The firm stated that its iShares Bitcoin ETP is set to launch on the German stock exchange Xetra and the Paris stock exchange Euronext Paris under the ticker IB1T. It will also launch on the Netherlands stock exchange Euronext Amsterdam under the ticker BTCN. BlackRock will not charge any fee for a year after trading commences, after which it will charge a 0.25% fee. This is also the first time BlackRock has launched its ETPs outside North America. Manuela Sperandeo, head of BlackRock’s Europe and Middle East iShares product, stated, 

“It reflects what really could be seen as a tipping point in the industry, the combination of established demand from retail investors with more professionals now really getting into the fold.”

White House May Tap Gold Reserves To Buy Bitcoin 

According to the Executive Director of the President’s Council of Advisors on Digital Assets Bo Hines the White House may use US gold reserves to buy Bitcoin to strengthen its position in the crypto market. The suggestion comes amid rising concerns about the future of cryptocurrencies, and the US’ role in determining global crypto policy. Hines said that tapping into the profits of the country’s gold reserves could allow the US to purchase more Bitcoin without burdening the fiscal budget. 

Hines also referred to the Bitcoin Act of 2025, proposed by Senator Cynthia Lummis, which urges the US to buy 1 million BTC over 5 years. If the act is passed, it could significantly boost the US presence in the global Bitcoin market. It could also give the US the power to influence BTC’s price and market dynamics. Hines added, 

“It's high time that our president started accumulating assets for the American people, which is what President Trump is doing rather than taking it away.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) has recovered after a slight wobble during the ongoing session, with the price marginally up as buyers look to push it past $88,000. The flagship cryptocurrency has traded in positive territory since Sunday, with its rally taking the price beyond the 20 and 200-day SMAs and $85,000, a level it had struggled to cross. While BTC seems to be taking a breather in the past 24 hours with traders booking profits, analysts believe BTC could rally to $100,000 if it breaks past $90,000. Market sentiment has improved since the weekend, with trading volumes rising almost 50%. The Fear and Greed Index has also recovered from record lows to 34. While this indicates pessimism, the improvement suggests investors believe the market has bottomed. Federal Reserve Chair Jerome Powell’s assurance the Fed is planning to cut rates twice this year has also boosted investor sentiment. Open Interest has also jumped since the beginning of March after recovering from a yearly low. 

BTC ended the previous weekend in the red, dropping over 2%, slipping below the 200-day SMA, and settling at $82,611. The price recovered on Monday, rising almost 2% and settling at $84,016. Despite the positive start, BTC was back in the red on Tuesday, dropping to a low of $81,187 before settling at $82,725, ultimately registering a drop of 1.54%. Markets rallied on Wednesday following the FOMC meeting. As a result, BTC rallied over 5%, moving past the 20 and 200-day SMAs and settling at $86,875. However, the rally was short-lived as the price dropped over 3% on Thursday, slipping below the 20 and 200-day SMAs and settling at $84,215.

Source: TradingView

Price action remained muted on Friday and Saturday as BTC registered marginal declines and settled at $83,822. Sentiment changed on Sunday as buying activity picked up. As a result, BTC surged almost 3%, crossing the 20 and 50-day SMAs and settling at $86,116. Buyers retained control on Monday as the price reached an intraday high of $88,824 before settling at $87,523, ultimately registering an increase of 1.63%. The current session sees BTC marginally up, recovering from a low of $86,358 and trading at $87,971. Buyers will look to retain control and push BTC past $90,000. On the other hand, sellers will attempt to retake control and drive the price below $85,000.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.