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The Bitcoin price has jumped 8% in the last 24 hours to trade at $86,136 as of 11 p.m. EST on a 3.5% pump in trading volume to $68 billion.
The surge in the BTC price comes as Senator Cynthia Lummis reaffirms her belief that Bitcoin is digital gold. Lummis also said Bitcoin is a strategic asset and a store of wealth.
During a conference in New York, she emphasized that while the US federal government is slow to adopt Bitcoin, individual states and foreign nations, such as the UAE, are moving forward with setting up strategic Bitcoin reserves.
NEW: 🇺🇸 Senator Cynthia Lummis said Bitcoin "is digital gold. But it's much easier to use than gold."
— Bitcoin Magazine (@BitcoinMagazine) February 28, 2025
Bitcoin Price Breaks Out Of Bearish Channel, Eyes $88K As Uptrend Begins
The BTC/USDT 1-hour chart shows a market structure transitioning from a bearish trend to a potential uptrend. Bitcoin previously traded within a Bearish Channel, declining from around $98,000 to a local low of approximately $78,774.
However, the price has now formed a Rounded Bottom pattern, indicating a possible reversal. Currently, BTC is trading at $86,136, up 0.94%, and is attempting to break out of the previous downtrend. Key support and resistance levels are crucial in determining Bitcoin’s next move.
The major support zone lies between $78,774 and $80,000, where the price found a strong base. The immediate resistance level is at $86,136, which BTC is currently testing. If BTC breaks above this level, it could move towards $88,000, $92,000, and $96,000, with the $100,000 level acting as a major psychological barrier.
BTCUSDT Analysis Source: Tradingview
Technical indicators indicate strong momentum. The RSI (Relative Strength Index) is at 67.83, close to the overbought zone (70), indicating that a slight pullback could occur while the trend is bullish.
The LuxAlgo Trendlines with Breaks highlight key moving average levels, with support at $78,774 and resistance at $84,886. Traders should monitor how BTC interacts with these levels before confirming further movement.
If BTC successfully breaks and holds above $86,136, it could trigger a bullish continuation towards $92,000 and beyond. However, if BTC gets rejected at this level, a retracement towards $84,000 or even $80,000 could occur before another breakout attempt.
For traders, a long position could be considered if BTC closes above $86,500 with strong volume, targeting $88,000 – $92,000. Conversely, a short position may be viable if BTC fails to break $86,136, with downside targets around $84,000 – $80,000.
Bitcoin is at a critical juncture where a confirmed breakout above $86,136 could lead to significant upside potential.
BTC Bull Token (BTCBULL) Presale Surges Past $3 Million – Best Crypto To Buy Now?
As the Bitcoin price continues its bullish momentum, investors are flocking to a new meme coin called BTC Bull Token (BTCBULL), which has just surged past $3 million in presale.
BTC Bull Token is a Bitcoin-themed meme coin designed to support the top cryptocurrency on its journey to $1 million per coin and beyond.
BTCBULL has breached the system. Bitcoin is here to stay. ⚡ $CTX $PRQ $SPA pic.twitter.com/1ri7pxPFD8
— Nadeem632 (@Nadeem6321) February 24, 2025
Investors holding BTCBULL tokens in Best Wallet can benefit from free Bitcoin airdrops triggered when BTC reaches key price milestones. The first airdrop occurs when Bitcoin hits $150K, and for every $50k increase after that.
Beyond airdrops, BTCBULL will also undergo token burns, starting at $125K and then for every additional $50k increase. That will put upward pressure on the meme coin’s price as supply is reduced.
Adding to the excitement, investors can also earn a 146% annual return when they stake their BTCBULL tokens.
Alessandro De Crypto, a crypto analyst and YouTuber with over 14.4K subscribers, says he’s buying the token and that it could print massive gains.
BTC Bull Token is currently priced at $0.00239 and can be purchased using either a bank card or crypto.
Buy before a price hike in less than 3 days to secure the best price.
Check out BTC Bull Token on the official website.
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