Bitcoin, Ethereum, and Dogecoin Surge as White House Official Teases Gold-Backed BTC Purchases: Analyst Highlights Crucial BTC Levels to Monitor – Grayscale Bitcoin Mini Trust (BTC) Common Fractional Undivided Beneficial Interest (ARCA:BTC)

Major cryptocurrencies saw gains on Sunday as speculations arose that the U.S. government might leverage its gold reserves for Bitcoin acquisitions.

What Happened: Bitcoin spiked to an intraday peak of $86,632.21 during the overnight hours, while Ethereum fluctuated around the $2,000 mark for most of the day.

This surge followed comments from Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, who proposed that the U.S. could harness its gold reserves to acquire more Bitcoin.

In March, the two leading cryptocurrencies have shown divergent paths; Bitcoin has increased by 1.94%, while its younger counterpart has dropped more than 10%.

Furthermore, Bitcoin’s market dominance remained stable at 60%, whereas Ethereum’s share fell from 9.4% to 8.6%.

This price increase led to the liquidation of $143 million across the cryptocurrency market over the last 24 hours, with short liquidations making up $91 million of that total.

Bitcoin’s Open Interest rose by 5.43% in the past 24 hours. Interestingly, most futures traders had short positions as of this writing, according to the Long/Short ratio, indicating the possibility of a market pullback.

The overall market sentiment stayed in the “Fear” zone, as indicated by the Crypto Fear and Greed Index.

Top Gainers (24-Hours)

The total cryptocurrency market capitalization reached $2.81 trillion, reflecting a 1.95% increase from the previous day.

In overnight trading on Sunday, stock futures edged higher. The Dow Jones Industrial Average Futures increased by 190 points, or 0.45%, as of 8:39 p.m. EDT. Futures tied to the S&P 500 rose by 0.62%, while Nasdaq 100 Futures gained 0.78%.

This uptick followed a positive week for stocks, during which the Dow and the S&P 500 increased by 0.77% and 0.079%, respectively, amidst concerns over a potential economic slowdown due to President Donald Trump’s tariff policies.

The rally followed a successful week for stocks, with the Dow Jones Industrial Average dropping 11.31 points, or 0.03%, to close at 41,953.32. The S&P 500 decreased by 0.22%, settling at 5,675.29. The tech-heavy Nasdaq Composite fell 0.33%, finishing at 17,691.63.

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Analyst Notes: Renowned cryptocurrency analyst and trader Ali Martinez highlighted significant levels in Bitcoin’s price chart.

“Support lies between $82,590 and $85,150, where 1.16 million investors acquired 625,000 BTC,” Martinez noted.

He also pointed out a crucial resistance zone between $95,400 and $97,970, where 1.77 million investors purchased 1.44 million BTC.

Another prominent trader, Crypto Feras, indicated that Ethereum needs to reclaim $2150 as support; otherwise, the recent surge may be regarded as a bearish retest.

“A successful recovery could propel it towards $2.8k and $4k, but that needs to happen first. If not, $1539 is the next target,” the trader projected.

Photo by Avi Rozen on Shutterstock

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