Bitcoin Skyrockets Past $88K as Institutions and Nations Bet Big; Is $95K the Next Stop?

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

March 5, 2025

Bitcoin (BTC) soared past $88,000, leading a crypto rally that saw Ethereum (ETH), Solana (SOL), and XRP post gains of up to 23% in a single day. The surge comes as macroeconomic conditions improve, with the U.S. manufacturing PMI climbing to 52.7, the highest since June 2022. This signals economic stability, prompting investors to shift towards riskier assets like cryptocurrencies.

However, market volatility remains elevated ahead of Trump’s Crypto Summit on March 7. While his proposed tariffs on China initially caused uncertainty, sentiment recovered amid growing optimism about institutional adoption and clearer regulations.

• Bitcoin surged past $88K, leading a market-wide rally.
• U.S. manufacturing PMI hit 52.7, supporting risk-on sentiment.
• Trump’s March 7 Crypto Summit could bring fresh volatility.

El Salvador’s Bitcoin Strategy Reinforces Market Confidence

El Salvador is doubling down on Bitcoin, despite IMF pressure to curb its BTC purchases. President Nayib Bukele has continued acquiring 1 BTC per day, bringing the nation’s total holdings to 6,101 BTC, worth approximately $534.5 million.

The IMF sought to halt these purchases as part of a $1.4 billion funding deal, also pushing for stricter Bitcoin regulations. While El Salvador agreed to some adjustments, including closing its Fidebitcoin trust fund by mid-2025, its commitment to Bitcoin remains unchanged.

• El Salvador holds 6,101 BTC, worth $534.5M, despite IMF pushback.
• The IMF deal limits BTC purchases but stops short of banning them.
• Bitcoin’s status as a national reserve asset strengthens long-term confidence.

Institutions and Billionaires Are Betting Big on Bitcoin

Mexican billionaire Ricardo Salinas has raised his Bitcoin holdings to 70% of his liquid portfolio, up from just 10% in 2020. He views BTC as a hedge against inflation, avoiding traditional assets like bonds and stocks.

Meanwhile, Canadian blockchain firm Blockstream is launching three Bitcoin-backed funds, providing capital for BTC lending. These funds, set to launch on April 1, further highlight growing institutional interest in Bitcoin-based financial products.

• Billionaire Ricardo Salinas now holds 70% of his portfolio in BTC.
• Blockstream is launching three BTC-backed funds to support lending.
• Institutional demand for Bitcoin is rising, boosting long-term price outlook.

Bitcoin (BTC/USD) Technical Outlook – March 5, 2024

Bitcoin is trading at $87,603, up 5.01%, holding above a key support level at $86,426. However, upside remains limited by the 50-day EMA at $87,962, a critical resistance level.

A breakout above $87,962 could push BTC towards $90,910, with $94,941 as the next target. Failure to hold $86,426 may lead to a decline towards $81,461, with further downside risk at $78,339.

Key Insights:

• BTC faces resistance at $87,962; a break could target $90,910 and $94,941.
• Holding above $86,426 maintains the bullish trend; a drop could test $81,461.
• Failure to hold support may accelerate losses towards $78,339.

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With investor interest surging, this presale offers an opportunity to secure BTCBULL at early-stage prices before the next price jump.