Bitcoin, Ethereum, Dogecoin Recover On Strategic Reserve Bill In Congress: Top Analyst Foresees BTC's 'Swift Move' To $88,000-$92,000 If This Happens

Benzinga2025-03-12

Leading cryptocurrencies bounced back Tuesday after a Strategic Bitcoin Reserve bill was tabled in the House of Representatives. CryptocurrencyGains +/-Price (Recorded at 8:45 p.m. ET)Bitcoin BTC/USD+...

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Nick Begich (R-AK) introduced the Bitcoin Act of 2025, aiming to fund the President Donald Trump-announced Strategic Bitcoin Reserve without taxpayer funding.\nThe positive sentiment rubbed off on the rest of the market as Ethereum rose above $1,950, a day after plunging below $1,800.\nMeanwhile, Bitcoin's market dominance hit a yearly high of 61.3%, while Ethereum's market share fell to 8.6%.\nThe relief rally hit bearish traders, wiping away $265 million worth of short positions in the last 24 hours. \nBitcoin's Open Interest jumped 3.37% over the last 24 hours, while the percentage of futures traders positioned long on the apex cryptocurrency rose to 51%.\nThe Crypto Fear and Greed Index sentiment moved from the \"Extreme Fear\" to the \"Fear\" zone.\nTop Gainers (24-Hours)\nCryptocurrencyGains +/-Price (Recorded at 8:45 p.m. ET)Kaspa (KAS)+27.07%$0.4805Bittensor (TAO)+20.60%$262.09Celestia (TIA)+19.59%$3.24\nThe global cryptocurrency market capitalization stood at $2.68 trillion, following an increase of 6.28% in the last 24 hours.\nStocks edged lower for the second straight trading day of the week. The Dow Jones Industrial Average slid 478.23 points, or 1.14%, to close at 41,433.48. The S&P 500 fell 0.75%, ending at 5,572.07. The tech-focused Nasdaq Composite lost 0.18% to close at 17,436.10.\nThe grim sentiment prevailed after Trump announced imposing an additional 25% tariff on steel and aluminum imports from Canada on Tuesday, bringing the total levy to 50%. However, hours later, White House said that only the previously planned 25% tariffs would go into effect.\nInvestors awaited February's consumer price index data, which is due Wednesday, hoping that price pressures will cool amid fears of a recession.\nSee More: Best Cryptocurrency Scanners\nAnalyst Notes: Popular on-chain analytics firm CryptoQuant noted significant whale interest in Bitcoin amid the corrective price action.\n\"Despite the continued correction in Bitcoin, whales have accumulated more than 65,000 BTC in the last 30 days, indicating high buying pressure from large network participants,\" CryptoQuant stated.\n\"If this pattern continues for a few more weeks, it will signal constant buying pressure similar to what we had between November and December.\"\n\nWhales accumulated over 65,000 BTC\"Despite the continued correction in bitcoin, whales have accumulated more than 65 thousand bitcoins in the last 30 days, indicating high buying pressure from large network participants.\" – By @caueconomy Read more ⤵️https://t.co/Hw72K0h47B pic.twitter.com/3RG7s0iR1j— CryptoQuant.com (@cryptoquant_com) March 11, 2025\n\nWidely followed cryptocurrency analyst Michaël van de Poppe weighed in on Bitcoin's relief rally, stating that the leading digital asset has yet to break through a crucial level.\n\"I think that the next test is the massive one. If $82,500-$83,500 breaks, probably we’ll see $88-92,000 in a swift move,\" he predicted.\n\n#Bitcoin didn't break through the crucial level, yet.I think that the next test is the massive one. If $82.5-83.5K breaks, probably we'll see $88-92K in a swift move. pic.twitter.com/BmkXPQtA42— Michaël van de Poppe (@CryptoMichNL) March 11, 2025\n\nPhoto by Avi Rozen on Shutterstock\nRead Next:    \n\nBitcoin Reserve Upgrades Crypto But Paypal, Ripple Stablecoins Lag Behind\n BTCGrayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest$36.835.26%Stock Score Locked: Want to See it?Benzinga Rankings give you vital metrics on any stock – anytime.Reveal Full ScoreEdge RankingsMomentum-Growth-Quality-Value-Price TrendShortMediumLongOverview$BTCBitcoin$83197.610.34%$DOGEDogecoin$0.16631.09%$ETHEthereum$1915.75-0.34%Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. 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