Share this article
Bitcoin Tops $84K, Battling Key Level for Bulls; SOL, LINK Lead Gains
The rebound in risk assets propelled BTC above its 200-day moving average, a key benchmark for the long-term trend.
Updated Mar 14, 2025, 5:05 p.m. Published Mar 14, 2025, 4:49 p.m.
What to know:
- Cryptocurrencies rebounded on Friday, with BTC climbing to $85,000. Chainlink's LINK, Solana's SOL, and SUI led gains in the broad-market CoinDesk 20 Index.
- Risk appetite returned to traditional markets as well, lifting the S&P 500 and Nasdaq indexes up 1.7% and 2.3%, respectively. Gold backed off from its fresh record above $3,000.
- Well-followed trader Bob Loukas said stocks and BTC have more room to run in the next weeks, recovering from oversold levels.
Sellers of risk assets are taking a breather on Friday, with crypto markets posting sizable gains along with U.S. stocks after a week of lame price action.
Bitcoin topped $85,000 at one point during U.S. hours and is now trading at $84,400, up 4.7% over the past 24 hours. All cryptos in the CoinDesk 20 Index were higher during the same period, with Chainlink's LINK, Solana's SOL and SUI leading gains.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The price action happened as risk appetite returned to traditional markets as well. The S&P 500 and the tech-heavy Nasdaq indexes were 1.7% and 2.3 up, respectively. Meanwhile, gold, whose price action trounced that of bitcoin during the selling of the past few weeks, backed down below $3,000 after crossing the level yesterday for the first time in its history.
"To see the market bouncing off these recent lows is most likely a combination of the macro news around risk assets (inflation/tariffs) and a sign that a more stable base for cryptocurrencies is coming into place given the drawdowns from the top just months ago,” Paul Howard, senior director of crypto trading firm Wincent, said in a Telegram note.
Some $2.6 billion in leveraged crypto derivatives positions have been liquidated over the past 7 days, predominantly longs, Howard pointed out, leaving the market on a healthier footing with flushing excessive leverage.
Can BTC bulls reclaim the 200-day moving average?
Today's bounce also propelled BTC back above its 200-day moving average after dipping below that trendline for the first time since last August's crypto correction. The 200-day moving average is a widely-used benchmark for traders and investors to gauge long-term trends for asset prices, often serving as support for prices to bounce in a bull market, while losing the level providing a risk-off or bear market signal.
Closing the day above the moving average, currently at $83,767, would be a win for bulls, fueling hopes that the worst of the correction might be over for now. Otherwise, confirming the moving average as resistance could foreshadow a deeper pullback.
Well-followed cross-asset trader Bob Loukas noted that bitcoin and stocks have more room to run "at least for a while," bouncing from oversold levels. "Feels like should be close to end of panic, for now at least, and spend at least a few weeks back recovering," he said earlier this week. "Then the market reassess."
UPDATE (March 14, 17:05 UTC): Adds analyst comment from Paul Howard, senior director at Wincent.
More For You
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
More For You
This article is created to test tags being added to image overlays
Dek: This article is created to test tags being added to image overlays
What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
Top Stories
