White House Crypto Summit to Reveal Bitcoin Dominance in US Reserve

The cryptocurrency community is eagerly anticipating the first-ever White House Crypto Summit scheduled for March 7. This event is expected to provide more details on the planned crypto reserve announced by the US President on March 2. The initial announcement included Bitcoin (BTC), Ether (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA). However, the idea of including centralized altcoins alongside Bitcoin in the reserve has faced criticism. US Commerce Secretary clarified that Bitcoin is likely to have a special status in the nation’s crypto reserve.

Bitwise chief investment officer Matt Hougan stated that the US crypto reserve “will be nearly entirely Bitcoin, and it will be larger than people think.” He also suggested that similar announcements in other countries will likely follow a US crypto reserve. The cryptocurrencies proposed to be included in the crypto reserve surged after the announcement but then gave back a large part of their gains. Their weekly charts have been analyzed to avoid the near-term noise, helping to understand the levels at which a trending move begins.

Bitcoin price analysis shows that Bitcoin rebounded from its recent sell-off, and a positive sign is that the bulls have not allowed the price to close below the 20-week exponential moving average. This indicates that the bulls are active at lower levels. The bulls will try to strengthen their position by pushing the price above the psychological barrier at $100,000. If they manage to do that, it will clear the path for a retest of the all-time high at $109,588. The sellers will try to defend the $109,588 level, but if the bulls prevail, the BTC/USDT pair could surge to $138,000. Conversely, if the price fails to hold above $100,000, it will suggest that the bears are trying to form a lower high. The pair could then descend to the 50-week simple moving average.

Ether has formed a large range between $2,111 and $4,094. The price slipped below $2,000 recently, but the long tail on the candlestick shows buying at lower levels. A weak rebound off the $2,111 level suggests that demand is drying up, increasing the risk of a breakdown below $2,