Bitcoin Must Hold This Level Ahead Of Trump’s Crypto Summit
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Some market observers warn investors about potential market volatility on Friday as Bitcoin (BTC) attempted to recoup the $90,000 mark. Analysts of all kinds believe that the flagship’s encryption performance can be “in either direction” based on the results of the White House crypto summit.
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Bitcoin price evaporated on Friday
Over the past two days, the cryptocurrency market has recovered from its lows before the cryptocurrency summit this week. Last Friday, U.S. President Donald Trump will host the news of the first ever White House crypto summit to recognize the views of investors and industry participants.
Planned on March 7, several high-profile figures will be part of the event, including Strategy Michael Saylor, Coinbase CEO Brian Armstrong and Robinhood CEO Vladimir Tenev.
Bitcoin price since Tuesday surge From $81,500 support, about 9% had more than $90,000 barriers, but some market observers warned investors about expected volatility at Friday’s crypto summit.
Analyst Altcoin Sherpa Famous Despite retesting its post-November breakout range and maintaining a 200-day exponential moving average (EMA), Bitcoin is “not clear about the higher timeline.”
Sherpa recommends holding $89,000 in support is key to BTC price volatility Leave “all options on the table.” He added that the cryptocurrency market could “whip” in both directions this Friday.
Meanwhile, trader Daan cryptocurrency trading tip In the next few days, Bitcoin’s current level is worth a look, as it “still struggles to maintain range, but the Bears failed to collapse further after the initial rejection.”
However, he believes that the crypto summit is a “very promising sign of the next 4 years”, regardless of the outcome:
This is something we can’t dream of in the past few years. With the industry’s regular attacks. We hope that the focus will be on the right things and that the government is choosing the right approach.
BTC recovery target surges to $140,000
“The situation is going well, but it all depends on Friday’s crypto event,” analyst Crypto Jelle affirmed. He noted that an incredible event could be trigger Another sell-off because there are no other potential bullish catalysts.
Jelle also advises investors to “not be too excited until we get more clarity.” However, he highlighted the potential power of 3 on the BTC chart, with a goal of $140,000 “once the range low is successfully recovered.”
This model divides the price cycle into three unique stages. In the first phase, the price accumulates, after a strong price action, the price merges near the nearest high.
Operations in the second phase include the price of the token below the support level in the previous phase and trading within the range below that area. The third phase distribution saw a strong price breakthrough that built the momentum and drove participants into the market.
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According to the post, Bitcoin is “pushing the recycling of the lower range that breaks through after November.” The third phase of the “power of three settings will be triggered” through the $90,000-$92,000 area, which will expand the price of BTC to New highs.
After rejecting the $90,000 range today, analysts Send a signal The Bitcoin may form a higher low or so before retesting the range again.
At the time of writing, BTC was trading at $88,372, a daily time range that fell by 1.3%.
Featured images from Unsplash.com, charts from TradingView.com
