Bitcoin (BTC) bounced back to around $82,000 after dropping below $78,000 on Sunday, sparking a small rally in major tokens. Ether (ETH), BNB, XRP, and Cardano’s ADA rose by up to 3%, helping to recover some losses from the past week.
SEC Delays Decisions On Multiple ETFs
Besides, the SEC has delayed decisions on XRP, Dogecoin, and Litecoin ETF filings, causing uncertainty in the market. Bloomberg analysts had predicted 90% odds for Litecoin, 75% for Dogecoin, and 65% for XRP ETF approval by year-end, but the SEC’s hesitation is causing uncertainty in the market.
Pullback to $74K More Likely
Some traders are waiting for a drop to $74,000 before expecting a rebound. Analysts note that a similar decline in the past attracted buyers for a bounce-back.
Also, the likelihood of a pullback to the $70-$74K range is now higher than before, due to the growing influence of traditional financial companies, which have linked the crypto market more closely with stock market trends. The analyst also pointed out that the rebound in early March has reduced the oversold conditions, making the pullback even more probable.
Senator Lummis Reintroduces BITCOIN Act
BTC gained momentum after Senator Cynthia Lummis reintroduced the BITCOIN Act, which proposed that the U.S. government purchase 1 million BTC over five years as a strategic reserve. Lummis initially introduced the bill last year. She noted that Bitcoin is not simply a technological opportunity, but a national imperative for America’s continued financial leadership in the 21st century.
Notably, between 2025 and 2029, the first $6 billion in remittances from reserve banks would be used to build the reserve, with the Fed’s gold certificates backing it. Some have speculated that major tokens could be included in the reserve in the future.
Besides, altcoins like XRP, SOL, and ADA surged more than expected after pro-crypto Senator Lummis reintroduced her Bitcoin reserve bill.
Macro Movements Weigh On Bitcoin
Bitcoin’s recent price movements reflect a market influenced by regulatory developments, institutional adoption, and broader economic conditions. The announcement of the Crypto Strategic Reserve has boosted optimism, but global economic uncertainties continue to affect investor sentiment.
Bitcoin is currently trading at $82,299, up over 1% in the past day. Despite this recovery, Bitcoin remains 24% below its all-time high.
