TLDR
- Bitcoin recently climbed nearly 5% in a week, reclaiming the $86,000-$88,000 range
- Analysts suggest a 14% price surge is possible if BTC reclaims the $90,000 level
- Oklahoma House passed the Strategic Bitcoin Reserve Bill, joining other states recognizing BTC as a treasury asset
- GameStop has approved adding Bitcoin to its treasury reserves
- Market participants await Trump’s April 2nd tariff decision, which could impact Bitcoin’s price movement
Bitcoin has shown strong recovery signs over the past week, climbing nearly 5% and reclaiming important support levels. The leading cryptocurrency is currently trading around $87,300, as it attempts to break through the $88,000-$90,000 resistance zone.
BTC Price
This price movement comes after Bitcoin faced multiple rejections from the $84,000-$85,000 area over the past two weeks. The flagship crypto successfully reclaimed this range during the weekend.
Bitcoin closed last week above the $86,000 mark, continuing to hold within the $86,000-$88,000 support zone for the past 24 hours. This stability has given investors cautious optimism about its near-term prospects.
During the start-of-week pump, BTC tested higher levels, hitting a biweekly high of $88,765. However, it failed to retest the crucial $90,000 resistance zone as bullish momentum slowed down.
Technical Analysis
Analyst Alex Clary points to positive indicators for Bitcoin, noting a bullish divergence in the Relative Strength Index (RSI). He also observed a V-shaped recovery pattern and a breakout above downtrend resistance.
#BTC Daily Update
Bullish momentum looks awesome for to break back above the Blue Support👀
✅Bull Div by RSI
✅V-Recovery
✅Break through Descending ResistanceIn case of breakout I am looking for $95k & $100k to be retested📈#Bitcoin $BTC pic.twitter.com/wKHCRBLG4R
— Alex Clay (@cryptclay) March 25, 2025
According to Clary, if Bitcoin manages to break above and reclaim the crucial $90,000 resistance level, it could jump between 8% to 14%. This would potentially push prices toward the $95,000-$100,000 levels that were lost in February.
Another analyst, Rekt Capital, has identified key technical levels that Bitcoin needs to close above on a weekly basis. These include $88,400 and $93,500, which would end its downside deviation period.
Rekt Capital explained that Bitcoin has been consolidating between two major bull market Exponential Moving Averages. These are the 21-week EMA (around $88,400) and the 50-week EMA.
The cryptocurrency’s price action has recently moved closer to the 21-week EMA, suggesting it is ready “for a major trend decision.” A weekly close above this level followed by a successful retest could target higher price ranges.
However, Rekt Capital warns that market conditions could become volatile. There might be price swings both on the upside and downside, potentially trapping FOMO buyers and causing panic sellers to exit positions.
For a true bullish continuation, Bitcoin would need to close above the re-accumulation range low of $93,500. It would also need to successfully retest this level as support to confirm a new uptrend.
Bullish Sentiment a Warning?
Blockchain analytics firm Santiment has cautioned that the current bullish sentiment on social media could be a warning sign. Historically, when social media sentiment becomes overly positive, a market correction often follows.
🤑 As crypto has bounced nicely in the second half of March, traders have swung the pendulum back toward mild greed. After showing major fear in late February and early March following two stints of Bitcoin dipping as low as $78K, it appears that this rebound to $88.5K has… pic.twitter.com/WGvmvKSv2X
— Santiment (@santimentfeed) March 25, 2025
This recovery comes after Bitcoin dropped to around $78,000 twice during March. Those declines were attributed to economic uncertainties, inflation concerns, and rising gold prices.
On the institutional front, there are positive developments for Bitcoin adoption. The Oklahoma House recently passed the Strategic Bitcoin Reserve Bill, joining Texas, Arizona, and Utah in recognizing Bitcoin as a state treasury asset.
This growing governmental acceptance reinforces Bitcoin’s status as a legitimate store of value. It also signals increasing confidence in the cryptocurrency’s long-term stability.
Gamestop
GameStop has also made headlines by approving Bitcoin as a treasury reserve asset. This strategic decision allows the company to allocate part of its cash holdings into Bitcoin, though no maximum investment limit was specified.
The announcement coincided with GameStop’s fourth-quarter earnings report. While the company’s net sales declined compared to the previous year, it reported increased net income due to cost-cutting measures.
Market participants are now closely watching President Donald Trump’s planned reciprocal tariffs, scheduled to take effect on April 2. These tariffs will target specific U.S. trading partners with high trade imbalances.
Bitcoin’s price jumped above $88,500 earlier this week following reports suggesting Trump might implement a more measured approach to these tariffs. This demonstrates the cryptocurrency’s sensitivity to geopolitical developments.
Despite the recent upward movement, analysts caution that Bitcoin faces strong resistance around the $90,000 level. Some investors worry that the current rise could be a “bull trap” – a false signal where prices briefly increase before quickly dropping again.
