Bitcoin Must Hold This Level Ahead Of Trump’s Crypto Summit

As Bitcoin (BTC) attempts to reclaim the $90,000 mark, some market watchers have warned investors about Friday’s potential market volatility. Various analysts suggest that the flagship’s crypto performance could “go either direction” depending on the White House crypto summit’s outcome.

Related Reading

Bitcoin Price To See Volatile Friday

Over the past two days, the crypto market has recovered from this week’s lows ahead of the US crypto summit. Last Friday, news that US President Donald Trump would host the first-ever White House crypto summit filled investors and industry participants with bullish expectations.

Scheduled for March 7, several high-profile figures will attend the event, including Strategy’s Michael Saylor, Coinbase CEO Brian Armstrong, and Robinhood CEO Vladimir Tenev.

Since Tuesday, Bitcoin’s price has surged around 9% from the $81,500 support to surpass the $90,000 barrier, but some market watchers have warned investors about the expected volatility for Friday’s crypto summit.

Analyst Altcoin Sherpa noted that Bitcoin “doesn’t have much clarity on higher timeframes” despite retesting its post-November breakout range and holding the 200-day Exponential Moving Average (EMA).

Sherpa suggested holding the $89,000 support is key for BTC’s price as the crypto summit’s volatility leaves “all options on the table.” He added that the crypto market will likely “whipsaw in both directions” this Friday.

Meanwhile, trader Daan Crypto Trades pointed out that Bitcoin’s current levels are worth watching over the next few days, as it “is still struggling to hold on to the range, but bears have also failed a further breakdown after the initial rejection.”

Nonetheless, he considers that the crypto summit is a “very promising sign for the next 4 years,” regardless of the outcome:

It’s something we couldn’t have dreamt of the past few years. With the industry being attacked on a regular basis. Let’s hope the focus will be on the right things and that the administration is choosing the right way to do things.

BTC Recovery Targets Surge To $140,000

Analyst Crypto Jelle affirmed that “things are developing well, but it all hinges on the crypto event on Friday.” He noted that an underwhelming event could trigger another sell-off, as there aren’t other potential bullish catalysts on the horizon.

Jelle also advised investors “Don’t get too excited until we get some more clarity.” However, he highlighted a Potential Power of 3 (PO3) forming on BTC’s chart, targeting $140,000 “once range lows are successfully reclaimed.”

This pattern divides the price cycle into three distinctive phases. In the first phase, accumulation, the price consolidates near the recent high following strong price action.

The second phase, manipulation, consists of a token’s price falling below the previous phase’s support level and trading within a range below this zone. The third phase, distributions, sees a strong price breakout, building momentum and driving participants to enter the market.

Related Reading

According to the post, Bitcoin is “pushing for the reclaim” of the post-November breakout’s lower range. Holding through the $90,000-$92,000 zone “would trigger the power of three set up” third phase, which would see BTC’s price expand to new highs.

After today’s rejection from the $90,000 range, the analyst signaled that Bitcoin could form a higher low around $87,500 before retesting the range lows again.

At the time of writing, BTC trades at $88,372, a 1.3% drop in the daily timeframe.

Featured Image from Unsplash.com, Chart from TradingView.com