Bitcoin hits $84K, battling important bullish level; SOL and LINK lead

The recovery in risk assets helped BTC break above the 200-day moving average, a key indicator for the long-term trend.

Christian Sandor | Edited by Steven Alpher Updated 14 Mar 2025 17:05 UTC Published 14 Mar 2025 16:49 UTC

Key points:

• Cryptocurrencies rebounded on Friday, with BTC climbing to $85,000. Chainlink's LINK, Solana's SOL, and SUI were the top gainers on the CoinDesk 20 Broad Market Index.
• Risk appetite also returned to traditional markets, with the S&P 500 and Nasdaq up 1.7% and 2.3%, respectively. Gold retreated from its new record of over $3,000.
• Renowned trader Bob Lucas claims that stocks and BTC will have more room to rise in the coming weeks as they recover from periods of oversold conditions.

Risk sellers took a break on Friday, with cryptocurrency markets and U.S. stocks posting strong gains after a week of weak price performance.

Bitcoin briefly topped $85,000 during U.S. trading hours and is currently trading at $84,400, up 4.7% over the past 24 hours. Every cryptocurrency in the CoinDesk 20 Index has seen gains over the same period, with Chainlink's LINK, Solana's SOL, and SUI leading the way.

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The price action comes as risk appetite returns to traditional markets, too. The S&P 500 and tech-heavy Nasdaq indexes rose 1.7% and 2.3%, respectively. Meanwhile, gold, which has outperformed Bitcoin in recent weeks, slipped below $3,000 after crossing that level for the first time in its history yesterday.

“The market bouncing off recent lows is likely a combination of macro news around risk assets (inflation/tariffs) and suggests that crypto is finding a more stable footing given the drop from highs just a few months ago,” Paul Howard, senior director at crypto trading firm Wincent, wrote on Telegram.

According to Howard, approximately $2.6 billion in leveraged crypto derivatives, mostly long positions, have been liquidated over the past seven days, allowing the market to recover as excessive leverage is reduced.

Can BTC Bulls Reclaim the 200-Day Moving Average?

Today's bounce also lifted BTC above its 200-day moving average after it fell below that trendline for the first time since the cryptocurrency's August correction. The 200-day moving average is a widely used benchmark for traders and investors to gauge the long-term price trends of assets, often serving as support for price rebounds in a bull market, while a loss of the level signals the need to reduce risk or a bear market.

A daily close above the moving average, currently at $83,767, would be a success for bulls, fueling hopes that the worst of the correction may be behind us. Otherwise, confirmation of the moving average as resistance could herald a deeper correction.