- Summary:
- Bitcoin price is down on the day when a potentially definitive White House Crypto Conference will take place. What does this mean for BTC?
Bitcoin price traded downward on Friday, on the day when its journey as a Federal Reserve currency was set to begin at the White House Crypto Summit. The crypto market bellwether is among the five digital coins mentioned last week by US President Donald Trump for inclusion into the Strategic Federal Cryptocurrency Reserve. However, tariff-fueled risk aversion in the broader financial markets have overshadowed an otherwise transformative milestone for Bitcoin.
BTCUSD was at -0.6% and traded at $89.360 at the time of writing, recording its second successive day of decline. The crypto summit is the first one of its kind to be led by a US President and brings together key decision makers and leading voices in the global cryptocurrency market. The invite list includes Michael Saylor, whose company, MicroStrategy has been at the forefront of institutional accumulation of Bitcoin.
President Trump signed an Executive Order officially establishing a reserve for holding cryptocurrencies forfeited to the Federal Government as part of civil or criminal proceedings. However, many investors view it as a lukewarm approach to Federal investment in cryptocurrencies, hence Bitcoin’s continued decline.
Nonetheless, the White House Crypto Summit could inject new volatility into the market. According to Trump’s crypto czar, David Sacks, the US Government currently holds 200,000 BTC coins valued at about $17 billion, accumulated from multiple legal victories. Congressional approval could be needed to enable a bigger spend by the Federal Government, which could delay long-term gains by Bitcoin price.
Bitcoin Price Prediction
Bitcoin price pivots at $90,070 and the momentum favours the downside to prevail. The coin will likely find initial support at $87,700, but an extended control by the sellers could take action lower to test the second support at $85,620.
Conversely, if the price goes above $90,070, the momentum could shift to the upside, with the first resistance likely to be at $91,975. The downside narrative will be invalid if the price breaks above that level, and the resulting momentum could lift BTC price higher and test $93,510.
