Bitcoin briefly surged past $86,000 on Tuesday, reaching levels not seen since early April, before slipping back slightly.
The move coincided with renewed interest in digital assets following a high-profile meeting between former U.S. President Donald Trump and El Salvador’s President Nayib Bukele. Speculation swirled around Trump’s broader economic strategy, including possible plans to build up Bitcoin reserves using tariff revenue.
Investor sentiment was also buoyed by data showing large holders—known as whales—have resumed accumulating Bitcoin. Glassnode reports that wallets containing between 1,000 and 10,000 BTC have grown significantly since early March, a trend last seen ahead of a major rally in April 2024.
That resurgence in whale activity comes as gold continues to hold firm and market volatility, measured by the VIX, remains subdued.
From a technical standpoint, Bitcoin has broken above a long-standing descending trendline, a move that typically signals a potential shift in direction. However, not everyone is convinced. Veteran trader Peter Brandt downplayed the significance of the breakout, arguing that trendline breaks alone don’t confirm reversals. In his view, only a consistent close above $88,000 would validate a full recovery from this year’s pullback.
Despite the cautious take from Brandt, optimism is growing across the broader crypto space, with coins like Solana and XRP also gaining traction. Whether this momentum holds or fizzles will likely depend on macro developments and how key resistance levels are handled in the days ahead.
After more than four weeks of uninterrupted investor enthusiasm, BlackRock’s iShares Bitcoin Trust has reported its steepest daily outflow since its inception, signaling a potential shift in sentiment.
Pakistan’s aggressive embrace of Bitcoin mining has drawn scrutiny from the International Monetary Fund (IMF), which is now demanding clarity on the country’s allocation of 2,000 megawatts of electricity to digital assets and AI infrastructure.
A new analysis from China’s International Monetary Institute (IMI) suggests that Bitcoin is quietly gaining ground as a serious player in the global reserve system.
Bitcoin may be on the verge of a major supply squeeze, with dwindling availability and accelerating institutional interest setting the stage for potentially explosive price action, according to Sygnum Bank’s Katalin Tischhauser.