Bitcoin (BTC) Clawed Its Way Back to Nearly $82,000

Bitcoin (BTC) clawed its way back to nearly $82000, staging a relief rally after dipping below $78000 late Sunday, leading to a slight run-up in major tokens.

Bitcoin (BTC) rebounded on Monday, approaching the $82,000 level again after dipping below $78,000 late Sunday, leading to a slight increase in major tokens.

Ether (ETH), BNB Chain’s BNB, XRP and Cardano’s ADA rose by up to 3%, reducing some of the losses seen over the past seven days. The broad-based CoinDesk 20 (CD20) added nearly 4%.

Elsewhere, the U.S. Securities and Exchange Commission (SEC) delayed decisions on applying for the first spot Bitcoin ETFs from firms such as BlackRock (NYSE:BLK) and WisdomTree (NYSE:WTR).

Bloomberg analysts had assigned 90% probability to Litecoin, 75% to Doge, and 65% to XRP for an ETF approval by year-end, but the regulator’s deferment keeps the market in suspense.

Traders are still anticipating a pullback to the $74,000 level and below before an eventual rally.

“Previously, a similar decline would complete a corrective pullback, attracting buyers,” Alex Kuptsikevich, FxPro chief market analyst, said in an email to CoinDesk.

“However, the chances of such an outcome are now lower than in previous years due to the powerful influence of traditional financial companies, which has strengthened the link between the crypto market and stock dynamics.The scenario of a pullback to the $70-$74K area still looks the most probable to us. This is all the truer as the consolidation and rebound in early March has taken the short-term oversold stance out of the market,” Kuptsievich added.

BTC gains came as Senator Cynthia Lummis reintroduced the BITCOIN Act, urging the U.S. to collect 1 million BTC as a strategic reserve.

Lummis first introduced the bill last year, which would mandate the government to purchase 1 million bitcoins over a five-year period.

The first $6 billion in remittances from reserve banks each year between 2025 and 2029 would go toward building up the reserve and rely on the Fed’s gold certificates.

Some speculated on the possibility of major tokens being included in such a reserve in the future.

“Altcoins such as XRP, SOL, and ADA pumped higher than expected as pro-crypto Senator Lummis reintroduced her strategic Bitcoin reserve bill to purchase 1 million Bitcoins, and there’s speculation that previously announced altcoins will later be included in the reserve purchases,” Nick Ruck, director at LVRG Research, said in a Telegram message.