The cryptocurrency community keenly awaits the first-ever White House Crypto Summit on March 7, which is expected to provide more details on the planned crypto reserve announced by US President Donald Trump on March 2.
Although the initial announcement included Bitcoin (BTC), Ether (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA), several critics slammed the idea of adding centralized altcoins alongside Bitcoin in the reserve. US Commerce Secretary Howard Lutnick clarified in an interview with The Pavlovic Today that Bitcoin is likely to have a special status in the nation’s crypto reserve.
Crypto market data daily view. Source: Coin360
Bitwise chief investment officer Matt Hougan said in a March 5 market note that the US crypto reserve “will be nearly entirely Bitcoin, and it will be larger than people think.” He added 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. That will help in understanding the levels at which a trending move begins.
Bitcoin price analysis
Bitcoin price 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 ($90,664). This shows that the bulls are active at lower levels.
BTC/USDT weekly chart. Source: Cointelegraph/TradingView
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.
Contrary to this assumption, 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 ($75,543).
Ether price analysis
Ether has formed a large range between $2,111 and $4,094. The…
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