Bitcoin surges 9% ahead of White House crypto summit, eyes $90,000
1min read Bitcoin is currently trading near the $88,000 mark, with investors closely monitoring the cryptocurrency's performance ahead of the first-ever White House crypto summit. The summit, scheduled for March 7, has generated a mix of anticipation and caution among market participants, as they await potential regulatory developments and industry insights from high-profile attendees.
Over the past few days, Bitcoin has shown signs of recovery, surging approximately 9% from its weekly low of $81,500 to briefly surpass the $90,000 mark. This price movement comes as investors prepare for the historic summit, which will feature key industry figures such as Michael Saylor, Brian Armstrong, and Vladimir Tenev. The event is seen as a significant milestone for the cryptocurrency industry, which has historically faced regulatory challenges.
Market analysts have noted the lack of clear direction on higher timeframes, emphasizing the importance of key support levels. Altcoin Sherpa highlighted that Bitcoin must hold the $89,000 support level to maintain its positive momentum through the summit. The analyst suggested that price movement could go in either direction, with all options on the table. Traders are preparing for increased volatility that could test recent support and resistance levels, with many waiting for clearer signals before making larger moves.
Despite short-term uncertainty, many industry leaders view the summit as a positive development. Daan Crypto Trades called it a "very promising sign for the next 4 years," regardless of the immediate outcome. This sentiment reflects a shift from previous years when the industry faced regular regulatory challenges. However, analysts caution investors not to get too excited until after the summit, as disappointing news could trigger another sell-off, especially since few other bullish catalysts are on the immediate horizon.
Some technical analysts see bigger potential ahead. Crypto Jelle identified a possible "Power of 3" pattern forming on Bitcoin's chart, which could target a price of $140,000 if range lows are successfully reclaimed and held. This pattern divides price cycles into three phases: accumulation, manipulation, and distribution. According to this analysis, Bitcoin is pushing to reclaim the post-November breakout's lower range, with holding the $90,000-$92,000 zone potentially triggering the pattern's third phase.
Swan Bitcoin CEO Cory Klippsten shared a cautiously optimistic outlook, stating 