Market Braces for Historic White House Crypto Summit
Bitcoin (BTC) stands at a crucial crossroads as it attempts to reclaim the $90,000 mark ahead of today’s historic White House crypto summit. Market analysts warn of potentially extreme volatility, with Bitcoin’s recent surge to $90K hanging in the balance.
Summit Details and Market Impact
The first-ever White House crypto summit, hosted by President Donald Trump, has drawn unprecedented attention from both institutional and retail investors. Key attendees include Michael Saylor of MicroStrategy, Coinbase CEO Brian Armstrong, and Robinhood CEO Vladimir Tenev.
Since Tuesday, Bitcoin has demonstrated remarkable resilience, climbing approximately 9% from $81,500 to briefly touch $90,000. However, analysts remain cautious about potential market swings during the summit.
Technical Analysis and Price Targets
According to analyst Altcoin Sherpa, the $89,000 level represents a critical support zone that Bitcoin must maintain. The cryptocurrency’s price action shows uncertainty on higher timeframes, despite holding above the 200-day EMA.
Trader Daan Crypto Trades emphasizes the significance of current price levels, noting Bitcoin’s struggle to maintain its range while bears fail to force a decisive breakdown. The analyst views the summit as a positive long-term catalyst, regardless of immediate market reaction.
Power of 3 Pattern Suggests $140K Target
Crypto Jelle identifies a potential Power of 3 (PO3) pattern forming on Bitcoin’s chart, projecting a possible surge to $140,000 if key levels hold. This technical formation consists of three phases: accumulation, manipulation, and distribution.
The pattern suggests Bitcoin needs to maintain the $90,000-$92,000 zone to trigger the final phase of the setup. A successful breakout could catalyze a significant price expansion to new all-time highs.
Short-term Outlook
Currently trading at $88,372, Bitcoin faces immediate resistance at $90,000. Analysts suggest a potential higher low formation around $87,500 before the next attempt at range highs. The summit’s outcome could significantly influence price action in the coming days.
Source: NewsBTC