PANews reported on March 21 that according to 10x Research analysis, Bitcoin (BTC-USD) is currently below the 7-day and 30-day moving averages, showing a bearish trend, but with a 0.3% increase over the past week. In the early morning of Beijing time today, Bitcoin price broke through $86,000, mainly boosted by expectations of former US President Trump's speech at the digital asset summit, with market speculation about cryptocurrency policy updates driving optimistic sentiment. Additionally, the Federal Reserve's decision to slow down quantitative tightening further pushed risk assets higher. MicroStrategy announced the purchase of Bitcoin for $10.7 million, demonstrating strong corporate confidence in cryptocurrency and further supporting price increases. Meanwhile, reports suggest Russia is using cryptocurrency to cooperate with China and India to circumvent sanctions, injecting additional bullish sentiment into the market.

Previous news, 10x Research: As long as Bitcoin remains below the resistance zone of $90,000-$92,000, the market may still be in a consolidation phase.