Bitcoin, Ethereum, Dogecoin Surge on Trump's Crypto Reserve Announcement: ATH Possible This Month
Sunday, Mar 2, 2025 9:14 pm ET
4min read Bitcoin, Ethereum, and Dogecoin have rallied significantly following President Donald Trump's announcement of a U.S. strategic cryptocurrency reserve, with analysts predicting a potential new all-time high (ATH) for Bitcoin this month. The cryptocurrency market has responded positively to the news, with Bitcoin surging past $95,000 and Ethereum climbing above $2,500.
Trump's executive order, which directed the Presidential Working Group to move forward on a Crypto Strategic Reserve, has elevated market sentiment and fueled a surge in cryptocurrency prices. The reserve will initially include Bitcoin (BTC), Solana (SOL), Ripple (XRP), and Cardano (ADA), reflecting a diversified approach to U.S. digital asset holdings. However, Trump later clarified that the reserve would also include Bitcoin and Ethereum (ETH) at its "heart."
The global cryptocurrency market capitalization stood at $3.12 trillion on Sunday, surging 10.57% in the last 24 hours. This rally liquidated $813 million from the cryptocurrency market, with $545 million in short positions getting hammered. Bitcoin's open interest jumped 7.26% in the last 24 hours, while 55% of traders on Binance were positioned long on the apex cryptocurrency, suggesting more upsides in the offing. The Crypto Fear and Greed Index improved from "Extreme Fear" to "Fear" on this news.
Analysts weigh in on Bitcoin's potential ATH
Crypto Rover, a renowned market analyst, believes that Bitcoin could embark on a bullish trend if it surpasses the $48,500 resistance level and reaches the 0.618 Fibonacci level. At the time of writing, Bitcoin was trading at $48,234, up 0.2% and 13.7% in the daily and weekly timeframes, respectively. If Bitcoin breaks the $48,500 mark, it could mark the official trend reversal to a bull market.
Ki Young Ju, CEO of analytics platform CryptoQuant, predicts that by the end of the year, the price of a bitcoin might soar to an astounding $112,000 per unit. However, he notes that the next few weeks are crucial for Bitcoin, as the market could face a potential downtrend if key indicators confirm a bearish trend. In the worst-case scenario, Bitcoin could find itself near the $77,000 level before eventually mounting a recovery.
In conclusion, President Trump's announcement of a U.S. strategic cryptocurrency reserve has sparked a significant rally in Bitcoin, Ethereum, and Dogecoin. Analysts predict a potential new all-time high for Bitcoin this month, as market sentiment remains bullish. However, traders should remain vigilant and monitor key indicators to assess the potential risks and opportunities in the cryptocurrency market.
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