As Bitcoin (BTC) surpasses $87,500, whispers of a new upward trend emerge. Arthur Hayes, former BitMEX CEO, suggests now may be the ‘last chance’ to buy Bitcoin below $100,000. Various economic pressures, US expansionary fiscal policies, and institutional investors’ new movements have set Bitcoin and the overall market up for a major uptrend. Data from IntoTheBlock indicates no specific resistance level until Bitcoin reaches $90,000, a range that acted as a strong support level from December to February. Crossing back above the 200-day moving average at $88,245 could spark the next move towards $90,000. Additionally, a $556 million Bitcoin purchase by a company is seen as another bullish market catalyst. Analysts believe the company’s long-term asset holding inclination, owning over 538,000 BTC, has played a crucial role in stabilizing Bitcoin’s price in turbulent market conditions. On the other hand, the decline in the dollar index to a three-year low and gold price surge to a historical ceiling of $3,382 clearly indicate investors shifting capital towards safer assets, benefiting assets like Bitcoin known as digital gold. The overall market sentiment is currently bullish, but some analysts warn that if Bitcoin falls below $85,000, the possibility of further fluctuations in the $82k to $86k range exists.
