Bitcoin (BTC) prices rose to an intraday high of $87,453 early in the New York trading session, but soon retreated profits to $83,655 shortly after President Donald Trump made a video appearance at the New York Digital Assets Summit.
Before the video statement, rumors spread over X, suggesting that President Trump will either announce a zero capital gains tax on certain cryptocurrencies or make a favorable statement about the US strategic Bitcoin reserve.
In response to the disappointment of some traders, neither rumor turned out to be true, so Trump doubled his promise not to sell Bitcoin confiscated by the government and called on Congress to enact clear, stable laws as soon as possible.
The most positive statement made by President Trump was his revised goal of becoming a crypto leader for everything.
“Together, we will make America the indisputable Bitcoin superpower and the capital of the world’s cryptocurrency.”
As is common for Crypto Markets, traders were explicitly acquired by rumors that Trump would create some kind of Pro-Bitcoin executive order statement.
In an X’s post, chartered market engineer Aksel Kibar said there is still a possibility that the Bitcoin price could be revised to $73,700.
BTC/USD 1 day chart. Source: Aksel Kibar/X
Kibal said,
“BTC/USD long-term chart. It still looks like a pull back to a broken 73.7k. What follows from here will determine the price action for the next few months.”
Not all of Bitcoin’s recent strengths stem from excitement over Trump’s statement today. On March 19, BTC responded proactively to the release of FOMC minutes, with Federal Reserve Chairman Jerome Powell confirming that the Fed’s quantitative tightening regime has reduced its pace and that the potential for two interest rate cuts in 2025 remains on the table.
Bitmex co-founder Arthur Hayes won the winning lap on April 1st after he described as Fed approval that QT essentially ended, but warned that $77,000 might have been the price of Bitcoin, but that a surprise match of volatility could lead to more pain in stock and BTC.
Hayes said,
“The Jaypow was basically delivered by April 1. The next thing you have to hold your breath to the GT for the Reals is either an exemption or a QE restart.
Related: Trump says that when BTC prices break the four-month downward trend, we become “Bitcoin Super Power”
As reported by Cointelegraph, the majority of Bitcoin’s recent price action has been driven by activities in the futures market, but a reenactment of the BTC Coinbase Premium could be a sign that spot demand is returning to the market.
Bitcoin Coinbase Premium Index. Source: Cryptoquant
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
