Bitcoin (BTC) is back in the spotlight as speculation mounts ahead of the White House Crypto Summit on Friday, March 7. The event, hosted by David Sacks, an advisor to President Trump, is expected to bring together major industry leaders to discuss digital asset policies in the U.S.
One of the key discussions will focus on the potential creation of a U.S. strategic Bitcoin reserve—a move that could significantly impact BTC’s long-term value and role in global finance.
Investors are watching closely, as confirmation of this policy could fuel strong institutional demand and price appreciation.
Bitcoin Dips to $85,000 Despite Pro-Crypto U.S. Policies
Bitcoin’s price has slipped to $85,000, reflecting a 5.10% decline, despite the U.S. government signaling a more supportive stance on cryptocurrency.
Commerce Secretary Howard Lutnick recently confirmed that Bitcoin will receive special regulatory treatment, setting it apart from other digital assets. President Trump has also expressed strong interest in establishing a Bitcoin reserve, and sources suggest that an official announcement could come as soon as Friday.
While Bitcoin and Ethereum are expected to play a central role in the strategic reserve, XRP, Solana, and Cardano will reportedly be treated differently but still benefit from the administration’s evolving stance on crypto.
Industry Leaders Attending the Summit
Michael Saylor (MicroStrategy Chairman)
Brian Armstrong (Coinbase CEO)
Top U.S. policymakers and crypto executives
Reports also indicate that President Trump may introduce tax incentives, including eliminating capital gains tax on U.S.-based crypto projects. Such a policy could accelerate institutional investment and bolster Bitcoin’s long-term bullish case.
Market Reactions & Economic Uncertainty
Bitcoin briefly touched $90K before retreating to $85K, facing resistance at $89,998.
The upcoming summit could introduce tax benefits, driving institutional adoption.
The Federal Reserve Bank of Atlanta forecasts a 2.8% Q1 GDP decline, raising economic concerns.
Although Bitcoin’s long-term outlook remains positive, broader economic concerns and increasing volatility suggest potential price swings in the near term.
Bitcoin (BTC/USD) Technical Outlook
Bitcoin (BTC/USD) is currently trading at $86,295, reflecting a 4.25% decline in the last 24 hours as selling pressure intensifies. The cryptocurrency was rejected at $89,998, turning that level into a key resistance, reinforcing a short-term bearish trend.
Bitcoin (BTC/USD) is currently trading at $86,295, reflecting a 4.25% decline in the last 24 hours as selling pressure intensifies. The cryptocurrency was rejected at $89,998, turning that level into a key resistance, reinforcing a short-term bearish trend.
If Bitcoin fails to hold $84,351, it could decline further toward $81,461 and $78,111. However, a rebound above $88,574 could revive buying interest, setting up a potential retest of $89,998 and $94,381.
Key Insights:
Bitcoin fell 4.25% to $86,295, breaking below the 50-day EMA at $88,574.
A bearish engulfing candle signals potential further downside toward $84,351.
A recovery above $88,574 could push BTC back toward resistance at $89,998.
With the White House Crypto Summit approaching, traders are positioning for high volatility, as any confirmation of a U.S. Bitcoin reserve strategy could trigger a significant market reaction.
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The post Bitcoin Reserve Confirmation Coming? Trump’s Summit Could Send BTC Soaring appeared first on Cryptonews.
