- The top of the White House encryption can lead to the “news sale” event.
- Bitcoin support levels are 87,200 dollars and 82,908 dollars, with a possible decrease to $ 70,000.
- The basis for the cost of the short term of $ 92,000 is a key to determining the momentum.
The last Bitcoin outbreak of the support level of 90,000 dollars increased from fears of the seizure of potential liquidity under this decisive prices. On March 6, Bitcoin (BTC) amounted to $ 92,700, which represents a 19 % increase in the lowest level on February 28 at $ 78,200.
High price optimism in the market. However, the subsequent rejection of Bitcoin for $ 94,500, opened the door to an additional decrease in the coming days.
The effect of the top of the White House encryption
Everyone is waiting for the summit of the White House encryption summit March 7. Before a supporter of profit from the United States government, there is a possibility to pay the upward prices to the top. However, there is also the risk of a “Selling news” The situation if the results of the summits decrease to the market expectations.
The summit, hosted by US President Donald Trump, is seeking to unify industry leaders to address important matters such as organizational policies and the organization of Stablecoin and the location of encrypted currencies in the American financial system. Some prominent guests will be names such as Michael Sailor, the founder of the strategy, Brad Garlinghyus, CEO of Ripple, and Brian Armstrong, CEO of Coinbase.
Although the Trump administration was friendly to the encryption space, the results of the summit are far from certain. Any arrogant regulatory procedures, such as strict KYC regulations or taxes on unveiled gains, may have the ability to reduce investors. Previous incidents, such as disruption in 2022 after the Biden’s SEC campaign, Bitcoin is exposed to policy changes.
If the summit does not provide the expected organizational clarity or add unexpected compliance requirements, the Bitcoin price may decrease sharply by 20-30 %, as shown in previous patterns. This was the case after Trump’s launch of the strategic encryption reserve, where Bitcoin jumped for the first time, but in the end it decreased by 15 % from 95150 dollars to 81,483 dollars.
Important bitcoin prices
On March 6, Bitcoin for a short period of $ 92,000 before declining. Traders are now focusing on decisive support levels, especially in the range of less than $ 90,000, because Bitcoin may review these levels soon.
The main primary support space is $ 8,200, then the simple moving average level comes for 200 days (SMA) at 82,908 dollars. Less than these prices, Bitcoin may aim at the liquidity group in the region of 81,463 dollars -78200 dollars, which developed in early March and February, respectively. In the event of a collapse that exceeds the support level of $ 90,000, these levels can be the decisive fields, and the extension of the bitcoin losses may be a challenge of the range between 74,500 dollars -75,800 dollars, with an additional extension towards the level of $ 70,000.
On the contrary, Bitcoin resists $ 92,000 and $ 97,400, where SMAS meets for 50 days and 100 days. The penetration of this resistance area would represent the end of the current declining trend and may push bitcoin to new levels, with $ 100,000 or more in tourist attractions.
The basis for the STH cost of $ 92,000 is a level of viewing. Glassnode Analysts indicated that this level was important in the past while going up in the market. If the market continues to decline, the $ 71,000 area is an important area to see. The active price achieved at $ 70,000 also coincides with the lower range of STH cost, which makes the important support level $ 70,000.
Although Bitcoin showed strength and hope after recent price fluctuations, these main factors like the Crypto summit in the White House and future organizational changes may actually decide the short -term path of the market.
The encryption news was highlighted today
Michael Sailor calls for the American Bitcoin Reserve at the top of the White House encryption
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