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24.03.2025 01:27 PM
Bitcoin and Ethereum show signs of revival
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Bitcoin and Ethereum are back in recovery mode after traders took a pause over the weekend.

While the latest movement hints at a return of bullish sentiment, it is still too early to talk about a full-fledged uptrend. Both assets remain within descending correction channels and have not yet re-entered a technical growth phase. We will take a closer look at the technical picture below.

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But first, let us touch on a noteworthy development. The International Monetary Fund (IMF) has released the seventh edition of its Balance of Payments Manual (BPM7), in which it formally includes digital assets—such as Bitcoin and other cryptocurrencies—into the structure of the balance of payments. Classified as non-produced assets, these digital instruments are now part of global economic statistics under the IMF's updated standards. Countries are encouraged to adopt both the revised and original standards by 2029–2030. The IMF also pledged to support implementation of BPM7 by providing additional guidance and technical assistance upon request.

This move marks a significant milestone in recognizing the growing role of digital assets in the global economy. Including cryptocurrencies in the balance of payments will allow countries to more accurately track and account for digital asset transactions. In turn, this may pave the way for more effective regulation and taxation across the crypto space.

Adopting the new standards will no doubt require countries to adapt their statistical systems and train personnel. However, with the IMF's promised support, the transition could be smoother and encourage broader, more consistent use of BPM7 globally. The step underscores the commitment of international financial institutions to stay current with the rapidly evolving digital economy.

As noted earlier, from a technical standpoint, Bitcoin has a real shot at returning to a bullish trend in the short term, but it first needs to overcome several critical resistance levels. The fact that Ethereum has reclaimed the $2,000 mark also adds weight to a more optimistic outlook.

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Looking at Bitcoin, buyers are now targeting a move back to $87,000, which could open the door toward $89,500 and then $91,600. A breakout above the latter would suggest a full return to a medium-term bull market. On the downside, support is expected at $85,000. If BTC drops below that zone, it could quickly fall toward $83,200, with the next major support at $81,500.

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For Ethereum, a solid hold above $2,082 sets the stage for a push to $2,123. The key target lies at the yearly high of $2,168. A successful breakout above that level would signal a return to a medium-term bullish cycle. If ETH slips lower, buyers are expected to defend the $2,027 area. A drop below this support could send the asset down to $1,989, with $1,954 as the next major floor.

Jakub Novak,
Analytical expert of InstaForex
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