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Bitcoin: Could Trump's Crypto Summit Trigger a New Bull Run?

By Investing.com (David Wagner)CryptocurrencyMar 06, 2025 09:21

ng.investing.com/analysis/bitcoin-could-trumps-crypto-summit-trigger-a-new-bull-run-208243

Bitcoin: Could Trump's Crypto Summit Trigger a New Bull Run?

By Investing.com (David Wagner) | Mar 06, 2025 09:21

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Bitcoin's volatility has soared in recent days.
Can the White House crypto summit trigger a rally?
We will also take a look at the current technical backdrop on BTC/USD.
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The past few days have been particularly volatile for Bitcoin and cryptocurrencies in general. After a sharp rally last weekend, the crypto plunged on Monday and Tuesday, followed by a gradual recovery.

More specifically, BTC/USD surged to a high of $95,283 last Sunday before tumbling to a low of $81,740 on Tuesday (-14.2%). It then rebounded to $92,200 by Thursday morning, marking a nearly 13% recovery from Tuesday’s low.

Several factors have influenced Bitcoin and the broader crypto market, including Donald Trump’s announcement last Saturday of a US Crypto Strategy Reserve.

The reserve will include Bitcoin, as widely expected, but also Ethereum, XRP, Solana, and Cardano—additions that surprised many and further boosted sentiment toward these cryptocurrencies.

However, macroeconomic concerns resurfaced on Monday, triggering a widespread wave of risk aversion after President Trump confirmed new tariffs on Mexico, Canada, and China, which took effect on Tuesday.

Yet, this same tariff issue has played a key role in Bitcoin’s rebound since yesterday, as Trump appears to be softening his stance. He delayed auto tariffs by a month and is considering exemptions for agricultural products.

Crypto Traders Turn Their Attention to Friday's White House Summit

Another factor fueling Bitcoin’s recovery from Tuesday’s low is the anticipation of the White House crypto summit scheduled for Friday.

Many expect this event to mark the official launch of the US Strategic Crypto Reserve, with key details such as its total size and the allocation among different cryptocurrencies potentially being revealed.

However, with up to 25 US crypto industry leaders expected to attend—including Michael Saylor of Strategy (formerly MicroStrategy)—discussions could extend well beyond just the strategic reserve.

This summit follows President Trump’s January announcement of a presidential executive order aimed at bolstering the digital asset sector.

As a result, Friday’s event could also introduce further developments related to this executive order, including:

Regulatory frameworks for digital assets
Guidelines for stablecoins
Oversight and risk management

Trump’s executive order also emphasized support for dollar-backed stablecoins, aiming to promote their adoption and development.

Additionally, rumors circulating on social media suggest the Trump administration could announce a capital gains tax exemption for US-based cryptocurrency projects—a move that would be highly bullish for the sector.

BTC/USD at a Crossroads from a Technical Perspective

From a technical standpoint, Bitcoin’s recent gains have not yet invalidated the bearish outlook. BTC/USD remains below multiple downtrend lines, visible in red on the daily chart.

Bitcoin Daily Chart

Bitcoin Daily Chart

Another factor warranting caution is that the 50-day moving average has crossed below the 100-day moving average—a bearish signal, albeit not as significant as the so-called "death cross," where the 50-day moving average crosses below the 200-day moving average.

On the other hand, BTC/USD is still holding above a longer-term uptrend line (in green) and remains above its 200-day moving average—though both levels were briefly tested on February 28 and March 4.

Conclusion

Whether Bitcoin’s rally continues from this week’s lows will largely depend on Friday’s White House crypto summit, given the mixed technical signals and a gradually improving macroeconomic landscape.

However, an escalation in the trade war could overshadow the summit’s positive impact, so crypto traders should closely monitor any new developments in this area over the coming days.

***

Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that all assets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk belongs to the investor. We also do not provide any investment advisory services.

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