Crypto Surge: Bitcoin Tops $86K as Markets Rebound – March 24 Report

The cryptocurrency market is showing strong recovery signs this Monday morning, with Bitcoin leading a broad-based rally amid positive sentiment from U.S. equity futures.

Most major cryptocurrencies have posted significant gains over the past 24 hours as fears about Trump’s potential tariffs have eased. The crypto market has bounced back significantly from recent lows.

As of this morning, Bitcoin is trading at $86,857 (+3.16%) and Ethereum at $2,064.38 (+3.15%). This upward movement comes after a weekend that saw surprising strength in altcoins, with many posting double-digit gains despite overall bearish market sentiment.

“Financial markets gave risk-on vibes early Monday East Asia time based on reports that the next round of Trump tariffs due on April 2 could be more measured than initially expected,” notes the latest market analysis from CoinDesk.

The Fear and Greed Index currently stands at 30, firmly in the “Fear” zone, which many analysts view as a potential buying opportunity for long-term investors. This sentiment metric has remained unchanged from a week ago but has declined significantly from 55 (Greed) a month earlier.

Bitcoin Analysis

Bitcoin has recovered impressively after forming a base above the $82,000 level. Technical analysis shows BTC established support and has now cleared several resistance levels, currently eyeing the $87,200 mark as its next hurdle.

Crypto Surge: Bitcoin Tops $86K as Markets Rebound – March 24 Report. (Photo Internet reproduction)

“Bitcoin traded at around $86,500, up 2.7% on a 24-hour basis,” reported CoinDesk early Monday, with the price continuing to rise throughout the morning hours.

ETF flows continue to support Bitcoin’s price action. According to Lookonchain, on March 20, Bitcoin ETFs experienced a net inflow of 1,498 BTC (approximately $125.86 million), with iShares (BlackRock) alone seeing inflows of 2,046 BTC ($171.88 million).

Looking ahead, CoinCodex predicts Bitcoin could reach $103,487 by March 28, 2025, representing a potential 21.43% increase in just 5 days. Technical indicators show immediate resistance at $86,500 with stronger resistance at $87,200, while support levels sit at $85,500 and $85,200.

Ethereum and Major Altcoins

Ethereum is showing recovery signs alongside Bitcoin, trading at $2,064.38 with a 24-hour volume of 4.8B. Unlike Bitcoin, Ethereum ETFs saw a net outflow of 5,908 ETH ($11.52 million) on March 20, with iShares (BlackRock) reporting outflows of 4,542 ETH.

XRP is performing strongly at $2.455 (+2.82%), trading above its 50-day simple moving average after two consecutive weeks of positive price action. Technical analysts note that XRP is currently experiencing a squeeze between its 50-day and 100-day exponential moving averages, which typically precedes a significant price movement.

“XRP is in a consolidation phase, which limits volatility,” according to Binance’s market analysis. Some ambitious analysts like Dark Defender predict XRP could reach $5-$8 first, then $18-$23, with an ultimate target of $77.7 in this bull cycle based on Fibonacci extensions and Elliott Wave theory.

Solana Leads Major Altcoins

Solana (SOL) is among today’s top performers, trading at $137.985 (+5.54%) with volume of 337.15M. This represents a strong recovery after SOL declined to around $127 last week.

On the hourly chart, SOL has broken above the local resistance of $134.06, suggesting continued upward momentum toward the $150 zone if this bullish trend persists.

Other notable gainers include:

• AVAX: $21.593 (+10.51%)
• DOT: $4.684 (+5.61%)
• SOL: $137.985 (+5.54%)
• EOS: $0.5737 (+5.4%)
• LINK: $15.015 (+4.89%)

Meanwhile, TRX is the only major cryptocurrency showing significant losses, down 4.38% at $0.2283.

Weekend Market Activity

This morning’s rally follows a weekend that saw extraordinary performance from several altcoins. On March 23, crypto analyst Michaël van de Poppe reported that his portfolio project $W showed a remarkable 35% increase. Similarly, Fetch.ai (FET) experienced a 27.5% increase in a single day on March 23, reaching a peak price of $2.15.

AI-related tokens performed particularly well over the weekend, with SingularityNET (AGIX) increasing by 18% and Ocean Protocol (OCEAN) rising by 12%. The weekend also saw significant growth from KLAY (+6.55%), TKX (+5.74%), and SHIB (+1.97%).

Market Drivers

Several key factors are driving today’s market movements:

1. Easing tariff concerns: Reports suggest that President Donald Trump’s planned “reciprocal tariffs” expected April 2 could be more focused than originally feared, with some countries exempted.

2. Federal Reserve stance: Last week, the Fed held rates steady and confirmed that the economy remains healthy despite increasing uncertainty. Fed Chair Jerome Powell stated that the Fed views any possible tariff impacts as “transitory,” and the central bank still expects 50 basis points of cuts this year.

3. ETF flows: Continued strong inflows to Bitcoin ETFs are providing support for BTC prices, while Ethereum ETFs have seen outflows.

4. Technical breakouts: Many cryptocurrencies have broken through key resistance levels, triggering technical buying.

Looking Ahead

Key events to watch in the coming days include Friday’s PCE reading, which is the Fed’s preferred inflation gauge. Additionally, the Senate Banking Committee will hold a hearing with SEC nominee Paul Atkins and Comptroller of the Currency nominee Jonathan Gould on March 27.

From a technical perspective, Bitcoin faces key resistance at $87,200, and breaking this level could send the price toward $88,500 or even $90,000. The market remains in a fear zone (30 on the Fear and Greed Index), which historically has presented buying opportunities for long-term investors.

Michaël van de Poppe noted that the weekend’s altcoin surge “highlights a potential bullish trend in the altcoin market.” He added that this could provide trading opportunities for investors in the days ahead.