Bitcoin Surges 3.66% to Daily High of $87,443.27
Bitcoin has increased by 3.66% in the last 24 hours, reaching a daily high of $87,443.27. It has reclaimed the 20-day EMA at $85,703 and is testing this as support, according to CoinMarketCap.
Key Resistance Levels
- The 1.618 Fibonacci level at $85,939 is a crucial pivot point. Holding above this could lead to targets of $88,023, $90,107, and $91,395.
- Should Bitcoin face rejection, potential pullbacks may occur to the 0.618 ($83,858) or 0.786 ($84,205) levels.
- The MACD indicator shows signs of slowing bullish momentum.
Factors Influencing Future Price Movement
- The M2 money supply is influencing Bitcoin's price positively; a modest 10% increase in M2 liquidity could significantly elevate Bitcoin's price.
- Arthur Hayes suggests that Bitcoin's dip to $77,000 may be a bottom, anticipating renewed bullish sentiment following the end of quantitative tightening by April 1.
- Michael Saylor asserts that investors have limited time to buy Bitcoin below $100,000.
Regulatory Developments
- Pakistan plans to legalize cryptocurrency trading with a new regulatory framework, aiming to attract foreign investment.
- The Arizona House of Representatives' Commerce Committee approved the Bitcoin Reserve Bill (SB1373), which seeks to establish a Digital Assets Strategic Reserve Fund managed by the state treasurer.