Bitcoin saw strong buying momentum over the weekend after US President Donald Trump announced that Bitcoin, Ether, XRP, Solana, and Cardano would be part of a new crypto strategic reserve. Adding to the bullish sentiment, BlackRock made a significant move by incorporating the iShares Bitcoin ETF Trust (IBIT) into its $150 billion model portfolio, as reported by Bloomberg. The investment giant allocated 1% to 2% of portfolios that allow alternative assets, potentially unlocking fresh demand for Bitcoin ETFs. Meanwhile, Bitcoin has climbed to the 20-day exponential moving average (EMA) of $92,366, indicating aggressive buying at lower levels. However, sellers are likely to defend this level, attempting to stall the ongoing relief rally.
At the time of writing, BTC was trading at $92,800.
Last week, BTC experienced a sharp correction after breaking the key support level of $90,000. Prices dropped nearly 13%, hitting a low of $78,258. However, the asset formed a ‘Hammer’ candle, where the long lower shadow signaled strong buying interest, pushing prices back above $90,000. Notably, BTC secured a weekly close above this key level. For further upside, BTC must break, close, and sustain above $110,000.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $80,000 | $90,000 | BTC | $100,000 | $110,000 |
In the grand scheme of things, ZebPay blogs are here to provide you with crypto wisdom—get started today and join 6 million+ registered users to explore endless features on ZebPay!
