Bitcoin Surges 2% to $87,458 on Strong Trading Volume

Bitcoin (BTC) has surged to $87,458, driven by a robust 24-hour trading volume. The cryptocurrency has seen a nearly 2% increase within the last day, maintaining its dominant market position with a total market capitalization close to $1.74 trillion. With nearly 19.84 million BTC circulating from its limited supply of 21 million, investor enthusiasm is evident. On the technical front, the recent symmetrical triangle breakout on Bitcoin’s 4-hour chart signals strong bullish sentiment, breaking decisively above the critical pivot point of $86,462 and surging toward a significant resistance level at $89,024. This rally marks a critical turning point, although BTC has now entered a mild corrective phase, illustrating natural short-term profit-taking. The key level to watch closely is $86,400, as holding this support could catalyze another bullish upswing toward resistances of $90,750 and $92,800.

Michael Saylor, the co-founder of Strategy, is ready to bolster BTC investments after successfully raising approximately $711 million through a new preferred share issuance priced at $85 each. A provocative hint via his X account—captioned “needs more orange”—suggests a sizeable BTC acquisition may be imminent. This follows Strategy’s recent Bitcoin purchase of 130 BTC for $10.7 million, boosting their total holdings to 499,226 BTC. Saylor remains bullish, suggesting the U.S. government could own as much as 25% of Bitcoin by 2035. Historically, Saylor’s moves have significantly impacted market confidence, attracting institutional attention and potentially driving BTC prices higher amid current macroeconomic volatility.

Renowned economist Peter Schiff recently warned of a possible collapse of the U.S. dollar, citing America’s dependency on foreign production and persistent trade deficits. Schiff argues this unsustainable scenario could severely weaken dollar value, forcing a challenging economic shift toward increased domestic production and savings. Schiff’s cautionary stance could inadvertently bolster Bitcoin’s status as a safe-haven asset, potentially driving demand amid rising fears of dollar instability. Historically, weakening confidence in fiat currencies has correlated with increased adoption of Bitcoin, emphasizing its value preservation attributes.

El Salvador continues to cement its reputation as a tech-friendly, crypto-forward nation, with Cathie Wood, founder of Ark Invest, inaugurating the new CUBO AI education initiative. This public program aims to empower professionals and students with artificial intelligence skills, building on El Salvador’s successful Bitcoin and Lightning Network developer courses. This strategic emphasis on technology is attracting global investment, underscoring President Nayib Bukele’s ambitions to significantly enhance El Salvador’s GDP. The nation’s persistent focus on innovation reinforces Bitcoin’s long-term bullish prospects, positioning it attractively for future institutional investors.