Bitcoin Shows Signs of Recovery Ahead of Trump’s Major Announcement at Crypto Summit
Following recent steep declines in Bitcoin (BTC) and altcoin prices, the market is looking to the upcoming Crypto Summit at the White House on March 7, where President Donald Trump is expected to make significant announcements.
According to U.S. Commerce Secretary Howard Lutnick, Trump will unveil a Bitcoin reserve strategy during the event.
As this news began to circulate, Bitcoin and altcoins saw a rise in value. Bitcoin, which had been hovering around the $90,000 mark, showed signs of potential recovery.
Market analyst Omkar Godbole pointed out that Bitcoin has held steady above its 200-day simple moving average (SMA), suggesting the possibility of a price rebound.
READ MORE: Bitcoin’s Post-ATH Struggles: Slow Climb Back Expected
Godbole observed that the recent BTC price charts revealed candles with long lower wicks, indicating that the selling pressure may be weakening.
Such chart patterns typically appear after a prolonged downtrend and are often seen as a signal for an impending reversal. This, coupled with the support at the 200-day SMA, hints at the potential for Bitcoin to bounce back.
The analyst noted that if Bitcoin maintains its position above the 200-day SMA, the price could reach levels of $95,000 to $100,000. However, if the price falls below this crucial support level, further declines could follow.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
