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The Bitcoin price closed the past week on a positive note and will be hoping to start the new week on an even stronger foot. However, sideways movement has been a constant feature in the weekend price action of Bitcoin so far in 2025.

Similarly, the flagship cryptocurrency has struggled to build on Friday’s momentum, recording no significant change in the past day. A market analytics firm MoreCryptoOnline has identified specific price levels that might be crucial to the future price trajectory of BTC. 

Here’s Why Bitcoin Must Break Resistance At $86,700

In a March 15 post on the X platform, MoreCryptoOnline shared an interesting Bitcoin price analysis, identifying the important levels for potential short-term movements. In the past week, Bitcoin produced a rather choppy price movement characterized by a series of gains and losses of almost similar margins.

Most notably, the premier cryptocurrency broke above the week’s high of $84,294 to reclaim the $85,000 price level. However, bullish momentum proved unsustainable, as selling pressure quickly triggered an immediate retracement.

Source: @Morecryptoonl/X

As shown in the chart above, MoreCryptoOnline expects that if the Bitcoin price manages a successful close above the specified supply barriers, a surge to $89,012 could be on the cards. This move would likely be followed by a minor pullback to $87,204 before the Bitcoin price finally returns to around $92,017.

On the flip side, the next most important support for the BTC price lies around the $82,564 region. If the market leader slips below this price cushion, investors could effectively conclude that the recent price breakout was a failure. 

In this case, overwhelming selling pressure could force the price of Bitcoin to around $77,859, with the risk of falling to as low as $71,011. 

Bitcoin Price At A Glance

As of this writing, Bitcoin is priced at around $84,050, reflecting no significant movement in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is down by over 2% in the last seven days. With a market cap of $1.67 trillion, BTC remains the world’s largest cryptocurrency.

The price of BTC is hovering around the $84,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

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After a torrid start to the week, the price of Bitcoin appears to be finally stabilizing and building some bullish momentum. On Friday, March 14, the flagship cryptocurrency demonstrated this growing momentum, as it steadily climbed the charts and briefly crossed the $85,000 mark to close the week.

Interestingly, the BTC open interest (OI) has also been moving in a similar direction as the price over the past few days. With the rising open interest, the pressing question that demands a quick answer is — is the Bitcoin bull run back on track?

BTC Open Interest Jumps To $27.9 Billion — What Does It Mean?

In a new post on the X platform, a CryptoQuant community analyst with the pseudonym Maartunn revealed that the Bitcoin open interest is on the rise. For context, the open interest metric tracks the total amount of money poured into BTC derivatives at any given time. 

According to data from CryptoQuant, the Bitcoin OI witnessed a notable upswing on Friday, rising to $27.9 billion. Maartunn noted that this significant move marked an over 13% jump (more than $3.3 billion) from the metric’s most recent low.

Source: @JA_Maartun

Typically, an increase in the Bitcoin open interest suggests that investors are opening up new positions in the futures and options market. It implies that investors are pouring money into BTC derivatives at the time. Conversely, a falling OI value indicates that derivatives traders are leaving their positions or getting liquidated in the market.

A growing open interest could be a healthy bullish sign for the premier cryptocurrency — especially if historical precedence is anything to go by. The influx of fresh capital into the market suggests surging investor sentiment (typically confidence) or speculation on the Bitcoin price trajectory.

As more investors flood the derivatives market and continue to bet on BTC’s price, the rising open interest could further heighten volatility in the Bitcoin market. Increased volatility signals that the flagship cryptocurrency could potentially experience large price movements soon.

What Next For Bitcoin Price?

BTC’s price does appear to be gearing for a significant move to the upside. Chartered Market Technician Tony Severino shared on the X platform that the market leader could make a run to around $95,000 over the next few days.

Source: @tonythebullBTC

As of this writing, the price of Bitcoin stands at around $84,500, reflecting an almost 5% increase in the past 24 hours.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image created by DALL-E, chart from TradingView

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A Democrat lawmaker has opposed US President Donald Trump’s plan to increase the government’s Bitcoin holdings by creating a strategic reserve.

House Rep. Gerald E. Connolly of Virginia urged the US Department of the Treasury to halt the proposed Bitcoin reserve, suggesting that Trump has a conflict of interest in pushing for it.

Lawmaker: Stop BTC Reserve

Connolly wrote a letter to US Department of Treasury Secretary Scott Bessent urging the Secretary to “cease all attempts” that push for the establishment of a strategic Bitcoin reserve, claiming that it will only enrich Trump and his allies.

“The creation of a strategic cryptocurrency reserve is poised to enrich the President and his closest allies at the expense of American taxpayers,” Connolly said. “I urge you to cease all plans to create a strategic cryptocurrency reserve.”

The Virginia lawmaker criticized the cryptocurrency proposal because only Trump and his donors will benefit from it.

Rep. Connolly urges U.S. Treasury to scrap plans for strategic crypto reserve

Virginia Rep. Gerry Connolly sent a letter to U.S. Treasury Secretary Scott Bessent on March 13, urging the department to halt plans for establishing a strategic crypto reserve. According to a press…

— CoinNess Global (@CoinnessGL) March 14, 2025

Major Crypto Holders

Connolly said that Trump, his family, and his closest allies are owners of cryptocurrencies, citing that the President’s family owned The Trump Organization, which maintains “significant ownership in World Liberty Financial.”

The lawmaker described it as a cryptocurrency venture that “aspires to be a sort of digital asset bank, where customers will be encouraged to borrow, lend and invest in digital coins” with even the President claiming World Liberty Financial as “the future of finance.”

He added that the President’s sons, Eric Trump and Donald Trump Jr., have advocated several cryptocurrencies, pointing out the connection between the Trump family and cryptocurrencies.  

The Democrat legislator mentioned that the American President even introduced a new meme coin in January called TRUMP, saying, “Entities related to President Trump have reportedly made as much as $100 million in trading fees alone for this venture, which has been called his “most lucrative get-rich scheme yet.”

He noted that a crypto strategic reserve has “no discernible benefit to the American people.”

Unsound Fiscal Policy?

Connolly argued that the Bitcoin reserve is an “unsound fiscal policy” because the selection of winning currencies will be done through social media, adding that it will only waste “taxpayer dollars on a plan that one federal reserve official described as ‘the dumbest idea’ ever.”

“The United States has historically, through acts of Congress, created reserves of certain commodities of strategic value, such as petroleum, particularly during times of economic crisis. However, no strategic need has arisen that would necessitate investment in the volatile and speculative cryptocurrency market,” the lawmaker said.

He described the Bitcoin reserve as “nothing more than a highly speculative taxpayer-backed hedge,” saying that if crypto crashes, “the State will deploy this fund to rescue it.”

Featured image from The Independent, chart from TradingView

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