21Shares: Bitcoin is still defending the $84,000-85,000 support area, and long-term positive catalysts are forming

Matt Mena, a cryptocurrency research strategist at 21Shares, said that while the U.S. stock market is experiencing volatility amidst macro uncertainty, BTC is showing resilience and defending the $84,000-$85,000 support area. Nic Puckrin, founder of The Coin Bureau, pointed out that the PCE data released this Friday may lead the Fed to postpone its recent rate cut plans, and it is expected that Bitcoin will not return to its all-time high before the Fed cuts rates again.

However, long-term bullish catalysts are forming in the crypto market, one of which is the confirmation of crypto-friendly figure Paul Atkins as the chairman of the U.S. Securities and Exchange Commission, which may unlock Ethereum ETF collateral and approve other digital asset ETFs; in addition, the proposed U.S. strategic Bitcoin reserve legislation is expected to be introduced in May. If formally implemented, it will position Bitcoin alongside gold as a sovereign-level asset.