Source: Cointelegraph Original: "{title}"
The uncertainty in the macroeconomy and Trump's trade policies have weakened the demand for venture capital. Bitcoin's price has remained sluggish since it fell below $90,000 at the end of last month, failing to effectively break through key resistance levels, and the overall trend has stagnated.
On Monday (March 24), U.S. government officials indicated that news of potentially using gold reserves to purchase Bitcoin briefly boosted market bullish sentiment. According to Gate.io data, as of 3 PM on Monday, Bitcoin was trading at around $87,000, with a 24-hour increase of approximately 3.4%.
Despite Bitcoin's stagnant price, debates continue in the market about whether the crypto market has entered a bear market, while institutional investors are doubling down on Bitcoin.
Currently, Strategy has sold 8.5 million shares of its 10% Series A Perpetual Strife Preferred Stock at a price of $85 per share, raising a total of $711.2 million after deducting underwriting fees, whereas the company initially planned to raise only $500 million.
Strategy co-founder Michael Saylor shared a Bitcoin chart on social media platform X last Sunday, captioned "Need more orange," suggesting he would be buying more Bitcoin.
According to SaylorTracker data, Strategy's last increase in Bitcoin holdings was on March 17, when the company purchased 130 Bitcoins worth $10.7 million, bringing its total holdings to 499,226.
Additionally, Japanese listed company Metaplanet announced on Monday that as part of its Bitcoin treasury strategy, the company has purchased another 150 Bitcoins at an average price of 12,570,173 yen (approximately $83,876), totaling about 1.886 billion yen. To date, the company holds a total of 3,350 Bitcoins, with a cumulative purchase amount of approximately 4.2216 billion yen.
Although El Salvador officially removed Bitcoin as legal tender in February under pressure from the International Monetary Fund (IMF), the Salvadoran government continues to purchase Bitcoin to further increase its digital asset reserves.
According to data from the Salvadoran Ministry of Finance, the country increased its holdings by 8 Bitcoins last week at an average price of $83,500. Currently, its Bitcoin holdings have reached 6,123.18.
Larry Fink, CEO of BlackRock, recently stated that Bitcoin is becoming a key tool for hedging against currency devaluation and geopolitical uncertainty, and institutional investors may soon allocate 2% to 5% of their portfolios to Bitcoin.
This Friday, the U.S. core personal consumption expenditures (PCE) data for February will be released, which is the Federal Reserve's preferred measure of inflation.
Sam Tombs, chief U.S. economist at Pantheon Macroeconomics, expects this data to rise by 2.8% year-on-year, up from 2.6% in January. Bank of America and Citibank predict this indicator to be at 2.7%. ING expects the data may show some stickiness and be slightly high. The Cleveland Fed's Nowcast model estimates that the overall PCE for February will slow from 2.5% to 2.4%, but the core PCE growth rate remains unchanged at 2.6%.
Analysts point out that if the U.S. February core PCE data exceeds market expectations, it may dampen market expectations for a rate cut by the Federal Reserve.
Markus Thielen, founder of 10x Research, noted in a report released last Sunday that Bitcoin is currently trying to find a bottom, a trend supported by Trump's recent display of 'flexibility' regarding the reciprocal tariff policy set to be implemented on April 2, with his rhetoric noticeably more moderate than before.
Thielen stated that although the outlook appears more positive, there is currently no clear catalyst to drive Bitcoin into a parabolic rise. Bitcoin will encounter significant upward resistance at the $90,000 mark; however, because the largest group of Bitcoin holders (those holding 100 to 1,000 Bitcoins) may be family offices and wealth management companies, Bitcoin is unlikely to fall below $73,000, thus avoiding entering a "deep bear market."
Related: Analysts say Bitcoin is forming a bottom due to Fed easing and Trump's tariff moderation.
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