Crypto summit disappoints, Bitcoin teeters on support Bitcoin surged on March 3 after Donald Trump announced a strategic crypto reserve, only to erase gains following erratic tariff announcements the following days.
Friday’s White House crypto summit, expected to be a turning point, fell flat. Trump met with top crypto executives, promising to ease Biden-era regulations, but offered only vague commitments. Instead of rallying, the market has declined further.
A silver lining for Bitcoin came with Friday’s weak jobs report, increasing the likelihood of Federal Reserve intervention. Historically, Bitcoin benefits when interest rates fall. Although this is yet to be reflected in the price.
Technically, BTC/USD is testing the first support on the pitchfork indicator, with the money flow index suggesting no buying pressure at the moment. A drop below Monday’s low of $81,620 could invalidate any bullish outlook.
