Bitcoin Soars Past $85,000 on March 24, 2025 — What’s Fueling This Explosive Rally?

Jakarta, Pintu News – Bitcoin BTC->Current BTC PriceRp 0Market Cap-Trading Volume-Circulating Supply- price is currently trading above $85,000, with on-chain indicators showing a positive outlook for the largest cryptocurrency.

Aside from chart analysis, Bitcoin’s latest surge was also driven by a series of fundamental factors that reinforce the potential for bigger rallies in the future. Let’s find out more!

Bitcoin Price Up 1.64% in 24 Hours

As of March 24, 2025, Bitcoin (BTC) is trading at $85,705, which is approximately IDR 1,421,247,032. The price has climbed 1.64% in the past 24 hours. Over the same period, BTC dipped to a low of IDR 1,393,300,478 and reached a high of IDR 1,432,950,689, reflecting strong momentum in the market.

According to CoinMarketCap, Bitcoin’s market capitalization has now risen to $1.7 trillion, with trading volume in the last 24 hours also rising 55% to $14.91 billion.

Read also: Can Bitcoin (BTC) Reach $300K? Latest Signal from CME Sparks Speculation

Michael Saylor’s strategy hints at new bitcoin purchases

Bitcoin’s biggest move of the day came from Michael Saylor’s hint of a possible BTC buyout by his company, Strategy. The Strategy CEO shared his company’s portfolio tracker on the X platform, which is usually an early sign of a BTC purchase plan.

Historically, whenever Saylor shares MicroStrategy’s portfolio tracker, it’s often followed by the company purchasing Bitcoin. This time, Saylor’s post was accompanied by a short caption: “Needs more Orange,” which indirectly implies a desire to increase BTC holdings.

Currently, Strategy has 499,226 BTC on its balance sheet. If they buy more, it will surpass the 500,000 BTC threshold. Last week, the company announced plans to raise $500 million through the sale of preferred shares, which will be used to buy Bitcoin.

With this new capital, Strategy’s next BTC purchase is expected to have a major impact on the price of Bitcoin.

A Wave of Positive Sentiment Lifts Bitcoin

Citing the Coingape report (24/4/25), Bitcoin prices are showing signs of optimism after rumors emerged that Coinbase was acquiring Deribit for $5 billion.

After several weeks of outflows, inflows into spot Bitcoin ETFs surged to $785 million, signaling strong interest from financial institutions.

Since the end of February, new investors have bought nearly 200,000 BTC, mostly from large institutions. The Fed’s landmark decision in last week’s FOMC meeting also boosted Bitcoin’s price.

Read also: Solana Futures ETF Just Launched in the US — Here’s What It Means for Crypto Investors

The Fed’s decision to keep interest rates on hold sent BTC soaring 3.5%, with Arthur Hayes stating that Bitcoin’s bottom has been formed at $77,000.

Predictions of an interest rate cut in April helped fuel bullish sentiment among various BTC investor groups. At the same time, reports that the IMF is considering granting Bitcoin “digital gold” status further fueled investors’ enthusiasm.

On-chain data and technical analysis show continued bullish signals for Bitcoin

Although Bitcoin is still struggling to maintain the $85,000 level, the daily trading volume of $11.96 billion indicates a strong bullish sentiment.

In the seven-day chart, BTC recorded a gain of almost 3%, which reinforces the optimistic outlook towards this asset.

The double-bottom reversal pattern at the $78,000 and $76,000 levels is a confirming signal that Bitcoin has the potential to advance to $114,000.

Amid this wave of optimism, analysts think that the short-term bottleneck for BTC prices has been passed, paving the way for further upside potential.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coingape. BTC Above $85k: Why Is The Bitcoin Price Up Today? Accessed on March 24, 2025