Bitcoin (BTC) price is currently trading above $85,000

Aside from chart analysis, Bitcoin's latest surge was also driven by a series of fundamental factors that reinforce the potential for bigger rallies in the future.

The price of Bitcoin (BTC) is currently trading above the $85,000 mark, and the outlook for the largest cryptocurrency remains positive according to on-chain indicators.

While technical analysis provides insights into potential price movements, several fundamental factors are also contributing to Bitcoin’s latest surge and suggest the possibility of even bigger rallies in the future.

Bitcoin Price Today, March 24

As of March 24, 2025, 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, reflecting 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.

A Closer Look at Bitcoin’s Price Movements

After encountering resistance at the $90,000 level last week, Bitcoin's price pulled back slightly, finding support around $84,000.

However, despite this setback, Bitcoin managed to break above the $85,000 resistance level, indicating strong bullish pressure.

Moreover, the trading volume on exchanges has remained high, further supporting the optimistic outlook for Bitcoin in the short term.

Highlighting the potential for a continuation of the uptrend, the price of Bitcoin is approaching the 200-week Simple Moving Average (SMA), which is typically used by long-term traders to identify trends.

As Bitcoin's price trades above the 200-week SMA, it suggests that the long-term trend is still bullish.

Institutions Are Pouring Money Into Bitcoin

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

Since the end of February, new investors have bought nearly 200,000 BTC, a significant portion of which can be attributed to large institutions.

The Fed's landmark decision in last week's FOMC meeting to keep interest rates on hold sent BTC soaring 3.5%, and according to Arthur Hayes, the bottom for Bitcoin has been formed at $77,000.

This was further supported by predictions of an interest rate cut in April, which fueled bullish sentiment among various BTC investor groups.

At the same time, reports that the IMF is considering granting Bitcoin "digital gold" status had a positive impact on investors.

On-Chain Data Shows Continued Bullish Signals

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 believe that the short-term bottleneck for BTC prices has been passed, setting the stage for further upside potential.

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 past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.