Bitcoin Rallies at $85K, Ethereum Eyes 65% Gain

Bitcoin shows resilience at key technical level while Ethereum positions for potential 65% surge amid increased whale accumulation and BlackRock's growing $1B ETH stake.

Bitcoin price shows resilience at a key technical level as Ethereum price sets up for a potential 65% surge amid increased whale accumulation and BlackRock’s growing $1B ETH stake.

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Crypto Market Developments

The cryptocurrency market appears to be displaying indications of healing as Bitcoin manages to keep support above the vital $85,000 mark ahead of the weekly close. This price point is being closely monitored by analysts; Bitget Research head analyst Ryan Lee advises that a weekly close over $85,000 might stop a decline to $76,000, while a close above $87,000 would offer “clearer bullish confirmation.”

Technical indicators are exhibiting encouraging signals despite pressure from worldwide trade war issues that have impacted both traditional and cryptocurrency markets. With analyst Matthew Hyland pointing out that BTC is positioned to make a weekly positive divergence for the first time since September, Bitcoin’s Relative Strength Index (RSI) is showing early indicators of breaking a downtrend stretching back to November 2024.

Bitcoin Finds Support at $85K

Coming after a rocky start to the week, Bitcoin BTC /USD is trading around $85,830 and shows resilience.

BTC has effectively maintained support above the 200-day simple moving average at $84,899, a crucial technical level while it has struggled to acquire notable momentum and only risen 0.9% over the past week.

Institutions are also pivoting towards Bitcoin. After the company collected around $711 million with its most recent preferred stock offering, co-founder Michael Saylor hinted at an upcoming purchase as Microstrategy seems prepared for another Bitcoin buy.

Microstrategy bought 130 BTC worth at $10.7 million on March 17, therefore increasing its total holdings to 499,226 BTC — with unrealized gains above $9.3 billion.

“While many are panicking and declaring a bear market, the long-term trend channel remains firmly intact,” says trading team Stockmoney Lizards regarding the prospects for Bitcoin. This adjustment supports rather than negating the upswing.” They advise the reversal might linger “a couple of weeks” before picking back up its increasing trend.

Ethereum Gearing Up for a Bullish Reversal?

Despite losing half its value over the past three months, Ethereum ETH /USD is displaying indications of a possible bullish reversal from $4,101 in December 2024 to roughly $1,989 now.

Technical analysis indicates ETH is retesting a long-term support zone that in preceding cycles set off rallies of over 2,000% and 360%. With a 65% increase from present prices, a comeback from this support may drive Ethereum toward $3,400 by June. Analysts advise ETH must recover the “macro range” above $2,200 if it is to have a durable comeback.

At the same time, institutional confidence in Ethereum is rising with BlackRock’s BUIDL fund currently holding over $1.145 billion worth of ETH, up from around $990 million just a week ago. The fund mostly concentrates on tokenized real-world assets, and while it has diversified across chains to include Avalanche, Polygon, Aptos, Arbitrum, and Optimism, Ethereum remains the major foundation layer.

On-chain data from Nansen reveals notable whale accumulation with addresses holding 1,000 to 10,000 ETH increasing their holdings by 5.65% since March 12, while the 10,000–100,000 ETH cohort has grown by 28.73%. “The ETH whales in the 10k to 100k have actually been accumulating ETH, whereas everyone else has been dumping,” Nansen analyst Nicolai Sondergaard says.

Top Altcoins to Watch Today

Several altcoins are showing promising technical setups as Bitcoin attempts to stabilize: