Bitcoin's Wild Ride: Volatility Surges Amidst Trump's Crypto Summit and SEC's Lawsuit Drop

Coin WorldTuesday, Mar 4, 2025 8:59 am ET

1min read

Bitcoin's price has been volatile in recent weeks, with the cryptocurrency initially plunging from near $100,000 to $78,200 last week and then bouncing back to $95,000 on Monday, before falling to $83,800 today. One crypto analyst believes that the BTC price will remain in a wide range between $70K and $90K for a while.

BTC and other cryptocurrencies have numerous catalysts ahead. There are rumors that Donald Trump will use his crypto summit to pitch no capital gains tax for US coins and hinted that the US will start a strategic crypto reserve. Additionally, the SEC has dropped numerous crypto lawsuits against top companies like Uniswap and coinbase.

In an X post, Alphractal estimated that Bitcoin price will remain inside the wide range of between $70,000 and $90,000 for a while. This case is based on the fact that this is where metrics like open interest, trade count, and buying volume intersect. Alphractal estimates that there will be frequent liquidations before a clear breakout emerges.

The Bitcoin price prediction came as its volatility jumped. The average Bitcoin volatility has more than doubled in the last ten days. Santiment data shows that the four-week Bitcoin volatility has jumped to 0.052, the highest level since December 8 last year, after bottoming at 0.027 last month.

This volatility has been driven by the trade war between the United States and its top trading partners that will impact trade worth over $2.2 trillion a year. The US is now levying a 25% tariff on goods from Canada and Mexico, risking slow growth and high inflation.

BTC has been highly volatile in the past few days, after crashing below the crucial support level at $89,000. This price was the neckline of the double-top pattern at $108,200. The coin has crashed below the 50-day and 200-day Weighted Moving Averages. With the spread between the two narrowing, there is a risk that the coin may form a death cross, where the two cross each other.

Bitcoin price has dropped below the 38.2% Fibonacci Ret

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