Bitcoin (BTC) price rose to an intraday high of $83,870.12

The apex cryptocurrency rose to an intraday high of $83,870.12 in the early trading hours before losing steam and falling to the $82,000 range.

Leading cryptocurrencies eked out gains on Monday after the Trump family stepped deeper into the space with a Bitcoin mining venture.

What Happened: The apex cryptocurrency rose to an intraday high of $83,870.12 in the early trading hours before losing steam and falling to the $82,000 range.

Ethereum hit $1,850 before reversing course and stabilizing in the early $1,800 zone.

The spike followed the launch of American Bitcoin, a new firm led in part by President Donald Trump's sons, Eric Trump and Donald Trump Jr., aiming to become the world's biggest Bitcoin mining company.

Bitcoin plunged 11.82% during the quarter, marking its worst performance since 2018. Ethereum recorded a much steeper decline at 45%.

About $224 million was liquidated from the market in the last 24 hours, with upside bets accounting for more than 50%.

That said, over $350 million in short positions for the BTC/USDT perpetual futures pair on Binance would be liquidated if the digital asset climbed to $85,000.

Moreover, about 51% of Binance traders were positioned short on Bitcoin, according to the Long/Short Ratio, suggesting a potential pullback.

"Fear" sentiment pervaded the market, according to the Crypto Fear and Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $2.67 trillion, following an increase of 0.85% over the previous day.

Major stock indexes ended Monday's session in the green. The Dow Jones Industrial Average jumped 417.86 points, or 1%, to close at 42,001.76. The S&P 500 rose 0.55% to end at 5,611.85. The tech-heavy Nasdaq Composite closed 0.14% lower at 17,299.29.

The market continued to trade against the backdrop of tariff uncertainty ahead of Trump's "Liberation Day," on which "reciprocal" levies would be imposed on partners deemed to have unfair trade barriers against U.S. goods.

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Analyst Notes: Popular blockchain analytics firm Santiment noticed a sharp spike in whale wallets, i.e., those holding between 1,000 and 10,000 BTC, amid the ongoing correction.

"There are now 1,993 Bitcoin wallets of this size, which is the highest level since December 2024," Santiment stated.

The firm added that a 2.6% spike in "one of the most important" key stakeholder tiers in cryptocurrency in five weeks could be taken as a "slight sign of confidence."

"Bitcoin's market value has fluctuated between $81K to $84K Monday. And while prices continue ranging as March draws to a close, whale wallets (specifically 1K-10K BTC holders) continue growing in number.

There are now 1,993 Bitcoin wallets of this size, which is the highest level since December 2024. It’s also a 2.6% increase in one of the most important key-holder tiers in crypto in five weeks, which could be taken as a slight sign of confidence.

"

Meanwhile, influential cryptocurrency analyst Ali Martinez highlighted that Bitcoin traders were sitting on average unrealized losses of over 14%, which may dissuade them from selling.

"Bitcoin traders are sitting on an average unrealized loss of 14.57%, which may discourage them from selling!"

The crypto analyst noted that Ethereum needed to retake $2,100, followed by $2,300, to confirm a bullish trend reversal.

"Ethereum needs to reclaim $2,100, and more decisively, $2,300, to confirm a bullish trend reversal. These are the levels to watch!"

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