21Shares: Bitcoin is still defending the $84,000-$85,000 support area, a long-term bullish catalyst is forming

PANews reported on March 29, according to Benzinga, Matt Mena, a cryptocurrency research strategist at 21Shares, said that US stocks have been volatile amid macroeconomic uncertainty. In contrast, BTC has shown resilience and defended the $84-85k support area. Nic Puckrin, founder of The Coin Bureau pointed out that the PCE data released this Friday could cause the Federal Reserve to delay its recent interest rate cut plan. It is expected that Bitcoin will not return to its historical highs before the Fed cuts rates again.

However, long-term positive catalysts for the crypto market are forming. One of them is Paul Atkins - a crypto-friendly figure who is about to be confirmed as chairman of the U.S Securities and Exchange Commission (SEC). This could unlock Ethereum ETF pledges and approve other digital asset ETFs; in addition, proposed legislation for strategic Bitcoin reserves in the United States is expected to be introduced in May. If officially implemented it would make Bitcoin equivalent to gold as a sovereign-level asset.