Here’s What’s Driving Bitcoin’s March Higher
The bitcoin price is little changed at last check and is down 1.2% over the past 24 hours. The flagship cryptocurrency is up just over 3% in the past seven-day stretch but a better 10%-plus since its March bottom in the ballpark of $76,000. Investors might need to look at the BTC price through a […] The post Here’s What’s Driving Bitcoin’s March Higher appeared first on 24/7 Wall St..
The bitcoin price is little changed at last check and is down 1.2% over the past 24 hours. The flagship cryptocurrency is up just over 3% in the past seven-day stretch but a better 10%-plus since its March bottom in the ballpark of $76,000. Investors might need to look at the BTC price through a slightly wider lens to appreciate its march higher this month.
Meanwhile, bitcoin rival – precious metal gold – continues to hit new all-time highs above the $3,000 per ounce threshold. Gold is acting like the portfolio diversifier and inflationary hedge that it was designed to be. Bitcoin, on the other hand, has been more sensitive to the same market headwinds that are haunting stocks, including inflation, tariff uncertainty and worries of an economic recession. The bitcoin price remains 20% below its all-time high reached in early 2025 of just over $109,000 per BTC.
Key Points
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The bitcoin price is little changed at the moment and has fallen 1.2% in the past 24 hours.
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The very same headwinds that are holding back the stock market appear to be limiting BTC to its current range.
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Bitcoin Catalysts
While bitcoin has its own monetary policy, including a supply limit of 21 million coins, the biggest crypto can still be swayed by what is going on with central banks. For example, BlackRock’s digital asset head Robert Mitchnick reportedly believes an economic recession in the U.S. would be a positive catalyst for the bitcoin price. If a recession were to rear its head, the Federal Reserve would likely pivot to more dovish monetary policy on interest rates.
Video game retailer GameStop (NYSE: GME) reportedly has plans to add bitcoin to its balance sheet, taking a page out of the books of early movers like Tesla (Nasdaq: TSLA) and MicroStrategy (Nasdaq: MSTR). GameStop, the stock that was at the center of the WallStreetBets-fueled rally in 2021, plans to direct its cash flow toward acquiring bitcoins in the hopes of riding the cryptocurrency’s eventual rise higher.
Bitcoin bull Michael Saylor, whose company he founded has been adding bitcoin aggressively, welcomed GameStop Ryan Cohen to what he called “Team Bitcoin.” While all the excitement has sparked a rally in the GME stock, it has failed to lift the bitcoin price higher today.
Now What?
Bitcoin bulls are coming out of the woodwork on expectations that another bull cycle is up ahead for the cryptocurrency. By looking at the BTC price through a wider lens, it’s clear to see it’s having a good March despite hovering below its record high price. When the bitcoin price decides to break out further remains to be seen, but companies like GameStop and asset managers like BlackRock are betting it eventually will.
The post Here’s What’s Driving Bitcoin’s March Higher appeared first on 24/7 Wall St..
