Bitcoin's price surged by 4% in the last 24 hours to surpass $86,000 on March 20, reaching an intraday high of $87,470. This rise is attributed to a favorable reaction to the Federal Reserve's dovish signals and increased accumulation among long-term Bitcoin holders. The Fed's decision to maintain interest rates and a reassuring stance from Chair Jerome Powell have bolstered investor confidence, making risk assets like Bitcoin more appealing. Additionally, long-term holders have shown a tendency to accumulate rather than sell, contributing to the upward trend. The price increase comes after Bitcoin tested the lower boundary of an ascending channel pattern, reinforcing optimistic market sentiment. Analysts note that the market may face resistance around the channel's upper boundary and could experience a pullback if it breaks below key support levels.

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