Bitcoin Plunges Below 90000 Amid White House Crypto Summit Disappointment

Bitcoin (BTC) experienced a decline late on Friday, slipping below $90,000 and reaching a low of $86,713. The price continued to drop to $85,323 before a marginal recovery brought it to $85,800. This decline occurred as the White House hosted its first-ever crypto summit, inviting top executives from prominent digital asset firms. The summit aimed to discuss the administration’s commitment to rolling back the aggressive regulatory stance adopted by the previous administration. However, the event failed to impress the market, as BTC continued to decline, slipping below $90,000.

President Donald Trump expressed strong support for legislative efforts to create a regulatory framework for stablecoins, emphasizing the importance of keeping the US dollar as the world’s dominant reserve currency. He also criticized the previous administration for selling billions worth of BTC, stating that the current administration would not sell any more. Trump signed an executive order directing officials to create a Bitcoin reserve and a stockpile of other crypto assets. However, the order stated that the reserve would only comprise Bitcoin holdings previously seized by the federal government, which left many investors disappointed.

Despite the summit and Trump's statements, the market remained muted, with BTC registering a decline. The crypto community had hoped for more active support from the administration, but the summit did not provide the expected boost. Analysts noted that BTC struggled to reclaim $90,000 due to selling pressure and volatility, which impacted investor sentiment. The price faced resistance at $90,000, with the 20-day SMA also acting as a dynamic resistance level. Heavy selling around the $90,000 level indicated profit-taking at that level, and the White House crypto summit failed to ignite investor confidence, with price action remaining muted.

Throughout the week, BTC encountered substantial volatility, with wild price swings shaking investor confidence. The price plunged below $80,000 on Friday, dropping to a low of $78,173, but it recovered to reclaim $80,000 and settle at $84,362. On Saturday, BTC rose over 2% and settled at $86,812. Markets rallied on Sunday after Trump announced that cryptocurrencies would be included in the strategic reserve, causing BTC to surge