Bitcoin Price Update
Bitcoin price wavered on Thursday as investors embraced a risk-off sentiment amid the ongoing trade war between the U.S. and its top trading partners.
Bitcoin (BTC) was trading at $90,000, up 15% from its lowest level this month, while American stock indices like the Dow Jones, Nasdaq 100, and S&P 500 dropped by over 1%.
Key Catalysts for BTC Price Increase
BTC has two key catalysts that may push its price to $100,000 in the next few days:
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Crypto Summit: Donald Trump will host the first-ever crypto summit in Washington, featuring top industry leaders, including Ripple’s Brad Garlinghouse, Coinbase’s Brian Armstrong, and Tether’s Paolo Ardoino.
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Strategic Bitcoin Reserve: The summit may lead to the launch of the Strategic Bitcoin Reserve by Trump, which could boost Bitcoin’s price because of the government’s balance sheet. The government currently holds 198,109 coins worth over $17.9 billion.
Possible Actions: The government might:
– Transform the Bitcoin it holds into reserves.
– Push the Cynthia Lummis bill, proposing the government buy and hold 200,000 coins annually for five years.
David Sacks, the AI and crypto czar, highlighted that the U.S. government sold 195,000 coins in the last decade for only $366 million, a fraction of their current value of $17 billion.
> “Over the past decade, the federal government sold approximately 195,000 bitcoin for proceeds of $366 million. If the government had held the bitcoin, it would be worth over $17 billion today. That’s how much it has cost American taxpayers not to have a long-term strategy.”
> — David Sacks (@davidsacks47) March 6, 2025
US Nonfarm Payrolls Data
Another potential catalyst for Bitcoin’s price on Friday will be the U.S. nonfarm payrolls (NFP) data. Analysts expect the NFP report to show 159,000 jobs added in February, while the unemployment rate remains at 4.0%. A weak report would be bullish for Bitcoin as it may increase the probability of the Fed implementing more rate cuts.
Bitcoin Price Technical Analysis
The weekly chart indicates Bitcoin’s price is showing signs of bottoming out after dropping to a low of $78,100 last week, remaining above the ascending trendline since Aug. 5. Bitcoin has formed two hammer patterns, suggesting bullish sentiment, and is currently above the 50-day moving average.
Therefore, Bitcoin’s price is likely to continue rising as bulls target the critical resistance level at $100,000. This outlook could change if it falls below the support level at $80,000.
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