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 has risen by 0.3% in the past week. The price of Bitcoin broke through $86,000, mainly boosted by the expectation of former US President Trump's speech at the Digital Asset Summit, and market speculation on cryptocurrency policy updates drove optimism. In addition, the Federal Reserve's decision to slow quantitative tightening further boosted the rise of risky assets. MicroStrategy announced that it had purchased Bitcoin for $10.7 million, demonstrating the company's strong confidence in cryptocurrency, further supporting price increases. At the same time, news that Russia cooperated with China and India through cryptocurrency to circumvent sanctions also injected additional bullish sentiment into the market.

Earlier 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 .