Bitcoin extended its upward trajectory as it broke through the $86,000 mark on March 24, continuing to ride the bullish momentum that began over the weekend. At the time of writing, Bitcoin was trading at $86,821.98, marking a 3.24 percent gain over the last 24 hours. The global cryptocurrency market cap surged to $2.83 trillion, reflecting a 2.47 percent daily increase and showcasing widespread optimism among investors.

Altcoins followed suit, with Ethereum (ETH) climbing 1.41 percent to $2,031.35. In the Indian market, Ethereum stood at Rs 1.74 lakh. Solana (SOL) witnessed a solid 6.59 percent gain to reach $138.56, maintaining its recent momentum. Other key players like Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE) also turned green, showing daily gains of 2.84 percent, 1.07 percent, and 4.31 percent respectively.

Despite the positive market sentiment, the Fear & Greed Index remained at 31 (Fear), reflecting lingering caution among retail investors. However, analysts suggest that institutional interest is growing, especially in Ethereum, where the number of wallets holding $100,000 or more has increased significantly over the past two weeks, according to data from Glassnode.

SPX6900 (SPX) emerged as the biggest gainer of the day with an impressive 18.75 percent jump, trading at $0.6086. It was closely followed by FORM, Sonic, Avalanche, and the Official Trump token, each posting gains above 8 percent. On the flip side, Tron (TRX) was the top loser, falling by nearly 5 percent in the last 24 hours. Other notable losers included Pi (PI), Story (IP), OKB, and Movement (MOVE), all showing mild to moderate dips.

Market experts remain divided on the short-term direction. Edul Patel, CEO of Mudrex, noted that Bitcoin is testing its resistance at $87,500, with strong support at $81,600. He also pointed out a 33 percent gain in Bitcoin’s price compared to March last year. Ethereum, though facing a downtrend, is witnessing accumulation by large investors, a potentially bullish signal for the weeks ahead.

CoinSwitch’s market desk highlighted that 60.52 percent of Binance Futures traders were in long positions, indicating that many expect an upward breakout. Meanwhile, Avinash Shekhar of Pi42 commented on growing market liquidity and a stablecoin cap that has swelled to $220 billion, further reinforcing bullish undertones.

Sathvik Vishwanath of Unocoin shared that Bitcoin’s performance near the 20-day EMA at $85,246 is critical. A breakout could open the door to a rally toward $95,000, but any slip below $81,000 could hint at a temporary decline. He emphasized key support levels at $80,000, $76,606, and ultimately $73,777.

Adding to the optimistic outlook, Shivam Thakral of BuyUcoin praised the resilience of the crypto market, with BTC, ETH, and SOL all showing encouraging growth. He also noted that regulatory dialogues, like the SEC's crypto roundtable, are playing a role in lifting investor confidence.

CoinDCX’s research team echoed similar sentiments, stating that Bitcoin remained firm above $86,000 throughout the weekend. With Ethereum sustaining levels above $2,000 and memecoins like TRUMP and BONK gaining steam, the market appears primed for a steady upward path. However, bearish pressures persist for select tokens such as Tron (TRX) and Story (IP), which have struggled to keep up.

While the broader crypto landscape continues to experience dynamic shifts, today’s rally sends a strong signal that the bulls aren’t backing down just yet. With Bitcoin inching closer to the $90,000 mark and altcoins gaining traction, investors are eyeing the charts with cautious optimism as Q2 approaches.