Bullish Sentiment Returns to the Crypto Market as Bitcoin Surpasses $87,000 Again!

TradingKey - Bitcoin Rallies Past $87,000: Can It Break Through the $90,000 Barrier?  

The crypto market has recently experienced a resurgence in bullish sentiment, with Bitcoin (BTC) once again breaking through the $87,000 mark. On March 23, Bitcoin surged nearly 3%, and it continued its upward momentum today reaching a high of $87,300 as it eyes the significant $90,000 milestone.  

Bitcoin Price Chart, Source: TradingView.

The market's recovery is largely fueled by two key developments that have reignited investor optimism:  

(1) The International Monetary Fund (IMF) has officially incorporated cryptocurrencies into its global economic reporting framework, classifying various types of digital assets. For instance, BTC is designated as a non-productive, non-financial asset; platform tokens like ETH and SOL are categorized as equity-like instruments; and stablecoins are recognized as financial tools. This move effectively legitimizes and acknowledges the growing role of cryptocurrencies in the global financial economy.  

(2) Bo Hines, Executive Director of President Trump's Digital Asset Advisory Committee, suggested in an interview that the U.S. could leverage proceeds from its gold reserves to purchase additional Bitcoin. This budget-neutral proposal is viewed as a viable strategy may be considered for future implementation.  

Despite the current momentum, Bitcoin faces resistance at the $90,000 level. On March 20,it briefly rallied to $87,400 before pulling back. Now, as Bitcoin approaches this level once again, a strong catalyst or positive development will likely be needed to push it decisively past the $90,000 threshold.