Bitcoin has made a significant move, climbing over $87,000 today—a 2.97% increase in the past 24 hours . This surge marks its highest price since March 28 .
What’s Driving the Rally?
China's Gold Accumulation: China's recent addition of five tons to its gold reserves has influenced investor sentiment, indirectly boosting Bitcoin's appeal as a hedge .
Stable Hashrate: The Bitcoin network's hashrate remains robust, indicating strong miner confidence.
Market Momentum: A rebound of 16% from the April 9 low suggests renewed bullish momentum .
Price Prediction:
Short-Term: If momentum continues, BTC could test the $90,000 resistance level.
Mid-Term: Sustained bullish sentiment might propel BTC towards the $100,000 mark.
Long-Term: Some analysts predict BTC could reach between $180,000 and $200,000 by the end of 2025 .
Key Levels to Watch:
Support: $85,000
Resistance: $90,000
Stay informed and trade wisely!