Bitcoin (BTC) approached $93,000 on Mar. 2 as US President Donald Trump intensified his commitment to a strategic crypto reserve.
Trump states: “I also adore Bitcoin and Ethereum!”
Statistics from Cointelegraph Markets Pro and TradingView indicated BTC/USD increasing by 8% during an unusual weekend fluctuation.
Trump sparked a crypto frenzy as the week wrapped up after he posted on Truth Social about a crypto reserve that would encompass BTC, Ether (ETH), and several alternative coins.
Initially mentioning only XRP (XRP), Solana (SOL), and Cardano (ADA), the President’s account later included plans for more tokens.
“And, of course, BTC and ETH, as other significant Cryptocurrencies, will be central to the Reserve,” it declared in an additional post.
The diminished weekend order book liquidity consequently allowed rapid gains across crypto markets, with BTC/USD nearly touching $92,000 on Bitstamp.
“Market shifts occur when least expected,” crypto trader, analyst, and entrepreneur Michaël van de Poppe commented on X.
“The last downturn, possibly the largest manipulation ever for individuals to acquire substantial positions in $BTC and $ETH. The bottom is established. The low is set on Altcoins. The final straightforward cycle has commenced.”
The surge to local peaks thus confirmed a 17% increase compared to the multimonth low around $78,000 observed just two days earlier.
Within the volatility, XRP succeeded in overtaking ETH in terms of fully diluted valuation (FDV).
“This is what the crypto community has been anticipating,” trading platform The Kobeissi Letter remarked as part of its own feedback.
$93,500 BTC price reclaim remains crucial
Continuing, well-known trader and analyst Rekt Capital characterized the drop to $78,000 as a “downside deviation.”
Related: When will Bitcoin’s value reach its lowest point?
As Cointelegraph noted, such deviation incidents have marked previous Bitcoin bull markets.
“Bitcoin has recuperated almost all of its downside deviation,” Rekt Capital mentioned in a new analysis post.
“Price must now achieve a Weekly Close above the Re-Accumulation Range Low of $93,500 to reclaim the range. And Bitcoin is only just +2% from accomplishing this.”
This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers are encouraged to perform their own research before making a decision.
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