Bitcoin (BTC) on-chain indicators showing a positive outlook for the largest cryptocurrency

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Jakarta, Pintu News – On-chain indicators for Bitcoin are showing a positive outlook for the largest cryptocurrency. Chart analysis also provides insights into the potential for Bitcoin to rally further.

Bitcoin’s latest surge was driven by a series of fundamental factors that could underpin bigger rallies in the future. Let’s take a look at some of the key takeaways.

Bitcoin Price Up 1.64% in 24 Hours

As of Friday, March 24, Bitcoin (BTC) is trading at $85,705, which is approximately IDR 1,421,247,032. The price has climbed 1.64% in the past 24 hours. Over the same period, BTC dipped to a low of IDR 1,393,300,478 and reached a high of IDR 1,432,950,689, showcasing strong momentum in the market.

According to CoinMarketCap, Bitcoin’s market capitalization has now risen to $1.7 trillion, with trading volume in the last 24 hours also increasing by 55% to $14.91 billion.

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Bitcoin’s biggest move of the day came from Michael Saylor’s hint of a possible BTC buyout by his company, Strategy. The Strategy CEO shared his company’s portfolio tracker on the X platform, which is usually an early sign of a BTC purchase plan.

Needs more Orange.

Historically, whenever Saylor shares MicroStrategy’s portfolio tracker, it’s often followed by the company purchasing Bitcoin. This time, Saylor’s post was accompanied by a short caption: “Needs more Orange,” which indirectly implies a desire to increase BTC holdings.

Currently, Strategy holds 499,226 BTC in its balance sheet. If they buy more, it will surpass the 500,000 BTC threshold. Last week, the company announced plans to raise $500 million through the sale of preferred shares, which will be used to buy Bitcoin.

With this new capital, Strategy’s next BTC purchase is expected to have a major impact on the price of Bitcoin.

A Wave of Positive Sentiment Lifts Bitcoin

Citing the Coingape report (24/4/25), Bitcoin prices are showing signs of optimism after rumors emerged that Coinbase was acquiring Deribit for $5 billion.

After several weeks of outflows, inflows into spot Bitcoin ETFs surged to $785 million, signaling strong interest from financial institutions.

Since the end of February, new investors have bought nearly 200,000 BTC, mostly from large institutions. The Fed’s landmark decision in last week’s FOMC meeting also boosted Bitcoin’s price.

Read also: Solana Futures ETF Just Launched in the US — Here’s What It Means for Crypto Investors

The Fed’s decision to keep interest rates on hold sent BTC soaring 3.5%, with Arthur Hayes stating that Bitcoin’s bottom has been formed at $78,000.

Predictions of an interest rate cut in April helped fuel bullish sentiment among various BTC investor groups. At the same time, reports that the IMF is considering granting Bitcoin “digital gold” status further fueled investors’ enthusiasm.

On-chain data and technical analysis show continued bullish signals for Bitcoin

Although Bitcoin is still struggling to maintain the $85,000 level, the daily trading volume of $11.96 billion indicates a strong bullish sentiment.

In the seven-day chart, BTC recorded a gain of almost 3%, which reinforces the optimistic outlook towards this asset.

The double-bottom reversal pattern at the $78,000 and $76,000 levels is a confirming signal that Bitcoin has the potential to advance to $114,000.

Amid this wave of optimism, analysts think that the short-term bottleneck for BTC prices has been passed, paving the way for further upside potential.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s