Bitcoin Surges $10K, Trump Backs Crypto Reserve

Bitcoin (BTC) has made a strong comeback this week, with a significant CME futures gap of $85,000 and several key developments in the crypto space. Here are five things to know about Bitcoin this week:

1. BTC Price Action: Bitcoin's price action has abandoned its recent slump, sealing a $10,000 daily "green" candle and creating a giant CME futures gap. This sudden rebound has caught the attention of traders and investors alike.

2. Trump Champions Crypto Reserve: US President Donald Trump has seemingly confirmed the strategic crypto reserve, which has sparked excitement in the crypto community. This news comes ahead of the first White House crypto summit, which promises "more to come."

3. US Employment Data and Fed Chair Powell: A big week of US employment data will culminate in Fed Chair Jerome Powell speaking on crypto summit day. Markets are keen to hear Powell's insights on the crypto market and the broader economy.

4. Bitcoin Market Indicators Show Signs of Recovery: Bitcoin market indicators are showing signs of recovery, including a solid rebound in onchain profitability. This suggests that the crypto market may be on the mend.

5. Sentiment Remains Fearful: Despite the positive developments, crypto market sentiment remains fearful. Traders are still digesting the latest developments and are cautious about a potential bull market comeback.

Bitcoin traders are now focusing on identifying important support areas in case of a retest. Popular trader Daan Crypto Trades has highlighted the $90K-$91K area as a key region to watch, as it has acted as the range low for several months. Daily closes will be crucial in determining the next move for Bitcoin.

The upcoming US crypto summit, hosted by Trump, is expected to yield further news triggers. Trading resource The Kobeissi Letter has noted that the event could be a significant catalyst for the crypto market, potentially marking the "biggest sentiment shift in crypto’s history."

The week's remaining macroeconomic developments are focused on key US employment data, with initial jobless claims on March 6 and the US jobs report on March 7. Fed Chair Powell is set to speak following the jobs report, which could provide valuable insights into the Fed's stance on the crypto market and the broader economy.

Crypto market demand is showing signs of