Bitcoin surged close to $95,000 on March 3 following the news of US President Donald Trump’s announcement for a strategic crypto reserve. Currently, Bitcoin is trading around $92,000.
Trump took to Truth Social, declaring his love for Bitcoin and Ethereum, adding that these cryptocurrencies, along with altcoins like XRP, Solana, and Cardano, would play a central role in his proposed reserve in the future.
The announcement caused investors to buy heavily which resulted in an 8% Bitcoin price increase during an unusual weekend market boost. Bitcoin reached a peak of nearly $95,000 on Bitstamp after the market volatility and limited weekend trading liquidity propelled its price.
Crypto trader Michaël van de Poppe pointed out market unpredictability by saying that Bitcoin’s decline to $78,000 two days ago provided major players with a chance to build up their positions. According to him the market bottom has been reached which leads to a new expansion period for alternative cryptocurrencies.
Bitcoin achieved a 17% price increase which restored its previous market low. XRP achieved a short-lived victory over Ethereum in terms of fully diluted valuation which demonstrated emerging market direction changes.
Will Bitcoin Reclaim $100K?
The well-known trader Rekt Capital stated Bitcoin needs to surpass $93,500 and stabilize above it as a requirement to prove its price recovery. Market participants closely monitor Bitcoin as it stands only 2% short of reaching its next target price.
The continuous momentum of Bitcoin could push it towards testing the $100,000 psychological threshold which would boost bullish sentiment throughout the crypto market.
Also Read: XRP Price Pumps 38% As Trump Places It In Crypto Reserve
