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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Bitcoin (BTC) soared past $88,000, leading a crypto rally that saw Ethereum (ETH), Solana (SOL), and XRP post gains of up to 23% in a single day. The surge comes as macroeconomic conditions improve, with the U.S. manufacturing PMI climbing to 52.7, the highest since June 2022. This signals economic stability, prompting investors to shift towards riskier assets like cryptocurrencies.
However, market volatility remains elevated ahead of Trump’s Crypto Summit on March 7. While his proposed tariffs on China initially caused uncertainty, sentiment recovered amid growing optimism about institutional adoption and clearer regulations.
- Bitcoin surged past $88K, leading a market-wide rally.
- U.S. manufacturing PMI hit 52.7, supporting risk-on sentiment.
- Trump’s March 7 Crypto Summit could bring fresh volatility.
El Salvador’s Bitcoin Strategy Reinforces Market Confidence
El Salvador is doubling down on Bitcoin, despite IMF pressure to curb its BTC purchases. President Nayib Bukele has continued acquiring 1 BTC per day, bringing the nation’s total holdings to 6,101 BTC, worth approximately $534.5 million.
The IMF sought to halt these purchases as part of a $1.4 billion funding deal, also pushing for stricter Bitcoin regulations. While El Salvador agreed to some adjustments, including closing its Fidebitcoin trust fund by mid-2025, its commitment to Bitcoin remains unchanged.
- El Salvador holds 6,101 BTC, worth $534.5M, despite IMF pushback.
- The IMF deal limits BTC purchases but stops short of banning them.
- Bitcoin’s status as a national reserve asset strengthens long-term confidence.
Institutions and Billionaires Are Betting Big on Bitcoin
Mexican billionaire Ricardo Salinas has raised his Bitcoin holdings to 70% of his liquid portfolio, up from just 10% in 2020. He views BTC as a hedge against inflation, avoiding traditional assets like bonds and stocks.
Meanwhile, Canadian blockchain firm Blockstream is launching three Bitcoin-backed funds, providing capital for BTC lending. These funds, set to launch on April 1, further highlight growing institutional interest in Bitcoin-based financial products.
- Billionaire Ricardo Salinas now holds 70% of his portfolio in BTC.
- Blockstream is launching three BTC-backed funds to support lending.
- Institutional demand for Bitcoin is rising, boosting long-term price outlook.
Bitcoin (BTC/USD) Technical Outlook – March 5, 2024
Bitcoin is trading at $87,603, up 5.01%, holding above a key support level at $86,426. However, upside remains limited by the 50-day EMA at $87,962, a critical resistance level.
A breakout above $87,962 could push BTC towards $90,910, with $94,941 as the next target. Failure to hold $86,426 may lead to a decline towards $81,461, with further downside risk at $78,339.
Key Insights:
- BTC faces resistance at $87,962; a break could target $90,910 and $94,941.
- Holding above $86,426 maintains the bullish trend; a drop could test $81,461.
- Failure to hold support may accelerate losses towards $78,339.
BTC Bull: Earn Bitcoin Rewards with the Hottest Crypto Presale
BTC Bull ($BTCBULL) is gaining traction as a community-driven token that rewards holders with real Bitcoin. Unlike conventional meme tokens, BTCBULL airdrops BTC automatically when Bitcoin reaches key price milestones, offering a strong incentive for long-term investors.
Staking & Passive Income Opportunities
BTC Bull features high-yield staking, allowing users to earn passive income with an impressive 154% APY. This staking system has already seen strong community participation, with millions of BTCBULL tokens staked.
- Current Presale Price: $0.002395 per BTCBULL
- Total Raised: $3.2M / $3.66M target
With investor interest surging, this presale offers an opportunity to secure BTCBULL at early-stage prices before the next price jump.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
