Bitcoin Rebounds from $85,000 Low, Eyes $109,000 High as ETH Holds $2,111 Support

Coin WorldFriday, Mar 7, 2025 12:26 pm ET

1min read

On March 7, Bitcoin (BTC) experienced a rebound from its intraday low, attempting to regain ground above the $90,000 resistance level. This movement indicated buying at lower levels, despite a sell-off following the US Strategic Bitcoin Reserve executive order, which fell short of market expectations. Some analysts view the reserve formation as bullish, anticipating that other nations may follow suit in establishing their own strategic Bitcoin reserves. This development is seen as mitigating fears among institutional investors about purchasing Bitcoin. Swan Bitcoin CEO Cory Klippsten noted that Bitcoin is in a consolidation phase, but this is not expected to end the bull run. Bitcoin is projected to reach a new all-time high above $109,000 by the end of June.

However, not all analysts are optimistic in the near term. Some believe that Bitcoin will remain range-bound as the US is not expected to make new purchases. Nevertheless, the move is seen as a positive step, with Trump’s Bitcoin reserve being a softer approach that may face less resistance and serve as a starting point for experimenting with Bitcoin as a reserve asset.

Bitcoin's price analysis shows that it rebounded from the $85,000 level on March 7, signaling that bulls are attempting to form a higher low. A break and close above the 20-day exponential moving average ($90,977) would indicate that bulls are regaining control. The BTC/USDT pair could then rise to the 50-day simple moving average ($96,861). Sellers are expected to defend the zone between the 50-day SMA and $100,000, but if bulls prevail, the pair could surge toward $109,588. Conversely, if bears maintain the price below $85,000, the pair could drop to $78,258 and subsequently to $73,777.

Ether (ETH) fell to the $2,111 support level on March 7, indicating sustained bearish pressure. However, bulls are defending this level, as seen from the long tail on the candlestick. The bulls will attempt to push the price to the 20-day EMA ($2,423), which is a key short-term level to watch. If buyers push the price above the 2

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