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The Bitcoin price surged 4% in the last 24 hours to trade at $84,307 as of 11:22 p.m. EST on trading volume that plunged 8% to $29 billion.
This comes after Bo Hines, the executive director of the Presidential Working Group on Crypto Assets, said the US government wants to buy as much Bitcoin as possible for its Strategic Bitcoin Reserve.
🇺🇸 PRESIDENT TRUMP’S ADMIN JUST OPENLY SAID THE USA WILL BE BUYING AS MUCH #BITCOIN AS POSSIBLE
SUPPLY SHOCK INCOMING 🚀 pic.twitter.com/fafl7mG4Bt
— Vivek⚡️ (@Vivek4real_) March 14, 2025
Hines also emphasized that any acquisitions would be budget-neutral and not burden taxpayers.
Bitcoin Price Indicates A Potential Trend Reversal
The BTC price has been moving within a falling channel since early March, experiencing lower highs and lower lows.
However, a recent rebound from the lower boundary of this channel suggests strong buying interest near the $78,800 support level.
Currently, the Bitcoin price is attempting to break out of the channel, hovering around $84,307.
Additionally, the BTC price is testing the 50-day Simple Moving Average (SMA) ($83,597), which serves as immediate support. If the price of Bitcoin manages to break above the upper channel boundary, a strong upside move could follow.
Meanwhile, the 200-day SMA is trending downward, indicating that BTC is still in a broader downtrend.
The Relative Strength Index (RSI) stands at 55.77, which is in neutral territory. This suggests that BTC has room for further upside before reaching overbought conditions. The RSI is also trending upwards, signaling growing bullish momentum.
Moreover, the Moving Average Convergence Divergence (MACD) shows signs of a bullish crossover, with the blue MACD line crossing over the orange signal line.
BTC/USDT Chart Analysis (Tradingview)
BTC Price Prediction
According to the 4-hour chart analysis, the Bitcoin price action is approaching a critical decision point.
If BTC successfully breaks out of the descending channel and holds above $87,000, it could trigger a 13.36% rally toward the $96,000 resistance zone. A sustained bullish pressure could push the price of Bitcoin towards the psychological resistance of $100,000.
On the downside, failure to break above the upper trendline may result in another rejection, potentially driving the price of BTC back toward $79,000.
Meanwhile, investors are piling into a new Bitcoin-themed meme coin called BTC Bull Token (BTCBULL) that is giving away free BTC.
99Bitcoins, a prominent YouTube channel with over 725k subscribers, says BTCBULL has the potential to soar 10X after launch.
A Promising Alternative
Investors are pouring funds into the BTC Bull Token presale at a rapid pace, with over $3.6 million raised since its launch.
BTCBULL vows to help drive the Bitcoin price to $1 million and beyond while rewarding investors at key milestones along the way.
If you hold BTCBULL tokens in Best Wallet, you’ll earn BTC airdrops when Bitcoin’s price reaches $150,000, and for every $50,000 gain after that.
🚨 $BTCBULL is Live in Upcoming Tokens! 🚨@BTCBULL_TOKEN is a Bitcoin rewards-based meme token that delivers milestone-based airdrops as Bitcoin hits new price levels.
With built-in incentives for buying, holding, and trading, $BTCBULL gives holders a new way to stack BTC.… pic.twitter.com/BMzBHcLltU
— Best Wallet (@BestWalletHQ) February 10, 2025
A huge BTCBULL token airdrop will also await the strongest holders when BTC hits $250,000, weighted by the Community Sale purchase amount.
In addition, each $25,000 move higher in Bitcoin’s price after $125k will trigger a BTCBULL token burn, making the meme coin more scarce and further strengthening the bull case for the BTCBULL token.
BTCBULL token holders also have an opportunity to earn passively through the project’s staking platform, which offers a massive 118% annual percentage yield (APY).
Investors interested in participating in the presale can visit the official website to buy BTCBULL tokens for $0.00241 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in less than 1 day to lock in the best deal.
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