Bitcoin Goes Through Emotional Trials as Price Swings from $88.5K to $85.8K
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Bitcoin has been holding around the $87,000 mark after falling to $85,869 on Wednesday afternoon, with gains tempered by a sudden surge in volatility.
Bitcoin's Calm Dance
Bitcoin has been trading in a tight range throughout March 26, falling as low as $85,869 at 3 p.m. ET. Global trading volume reached around $79.59 billion, with bitcoin alone accounting for $26.84 billion.
Bitcoin (BTC) is currently hovering below its March 25 peak of $88,539, recorded around 4 p.m. ET, as traders recalibrate expectations following historic price gains.
At the time of writing, BTC was trading at $86,990. The current silence mirrors historical periods when Bitcoin has experienced a pause in narrow channels after peaks. Market indicators suggest that this is a time of indecision, with the $90,000 threshold acting as a major psychological barrier. If this threshold is broken, Bitcoin could trigger an explosion of automated algorithms, fueling a strong rally towards the $100,000 target.
Political turmoil due to President Donald Trump’s tariff statements, especially the 25% tariff on non-US cars, has shaken both the stock and crypto markets. Major US indices closed in the red at the end of the day. Meanwhile, Gamestop continued its strategy of raising $1.3 billion to bolster its BTC reserves, adding an element of intrigue amid the financial turmoil.
While BTC is trading at $86,990 on global exchanges like Bitstamp, in South Korea, on platforms like Bithumb and Upbit, Bitcoin is trading at a premium.
In South Korea, BTC is seeing a modest premium, with the KRW (Korean Won) pair moving against the EUR (euro). Dominant trading pairs on the day include USDT, FDUSD, USD, USDC, EUR, and KRW, while Cryptoquant’s Coinbase Premium Index is showing mild bullish signals.
Bitcoin’s price action continues to navigate through complex trading channels, with an unpredictable trajectory. Growing institutional adoption, through spot bitcoin ETFs and corporate balance sheet strategies, could continue to support the bullish momentum.
A Federal Reserve policy shift, driven by cooling inflation or other economic factors, could send Bitcoin surging. But uncertainty still hangs over the market, reminding investors that Bitcoin thrives on ambiguity. Trump’s dual role as both a cryptocurrency advocate and a tariff policymaker further complicates matters, illustrating how policy changes can impact both growth and instability at the same time.