Bitcoin rocketed past the $85,000 mark Wednesday, reaching a jaw-dropping $87,443 before settling at $85,814. The surge came right after the Fed’s announcement to keep interest rates steady. Not exactly shocking news, but crypto traders ate it up anyway. A solid 3.2% gain in just 24 hours. Pretty impressive.
The digital currency’s been on a tear lately, climbing nearly 12% in ten days. Technical indicators look bullish as hell. MACD and signal lines crossed over positively, while a bullish engulfing candle formed on the charts. Yeah, that’s trader talk for “things are looking up.”
Several key resistance levels loom ahead. First up: $86,146, representing the 61.80% Fibonacci level. Break through that, and $94,959 comes into view. Some analysts are eyeing the magical $100,238 mark as an April target. Talk about ambitious.
ETF flows tell an interesting story too. March 19 saw $11.80 million in daily net inflows, contributing to a weekly haul of $495.51 million. Not too shabby. Bitwise recorded a $12.09 million inflow, while Grayscale’s funds pulled in $9.95 million. Only Invesco bucked the trend with a $10.24 million outflow. Their loss.
The big money folks have some wild predictions. Standard Chartered and Bitwise both see potential for $200,000 per Bitcoin. Fundstrat tops them all, anticipating $250,000. Dream big or go home, right?
Market sentiment has improved across the board. Risk appetite is increasing. The short-term recovery seems to be gaining serious momentum, challenging a long-standing resistance trendline that’s kept prices in check. The currency’s inherent value continues to be supported by its fixed supply cap of 21 million coins, creating a scarcity that drives market interest.
Institutional support remains the X-factor here. Despite four consecutive days of outflows from U.S. spot Bitcoin ETFs, eight ETFs maintained net zero flow. If the big players decide to jump in with both feet, we could see Bitcoin smash through that $90,000 ceiling before anyone has time to tweet about it. The cryptocurrency’s market cap has reached an astounding $1.69 trillion with growing trading volume across exchanges. Recent activity shows large investors have accumulated over 22,000 BTC in just the past three days, further fueling the bullish momentum.
