Bitcoin (BTC) neared $93,000 on Mar. 2 as US President Donald Trump doubled down on a strategic crypto reserve.
BTC/USD 1-day chart. Source: Cointelegraph/TradingView
Trump writes: “I also love Bitcoin and Ethereum!”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining 8% in rare weekend volatility.
Trump ignited a crypto firestorm into the weekly close after posts on Truth Social referenced a crypto reserve that would include BTC, Ether (ETH) and several altcoins.
After initially referencing only XRP (XRP), Solana (SOL) and Cardano (ADA), the President’s account added plans for additional tokens.
“And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve,” it stated in a further post.
“I also love Bitcoin and Ethereum!”
Source: Truth Social
Reduced weekend order book liquidity thus ensured swift gains across crypto markets, with BTC/USD almost hitting $92,000 on Bitstamp.
“Market changes happen when nobody expects it,” crypto trader, analyst and entrepreneur Michaël van de Poppe responded on X.
“The last crash, probably the biggest manipulation ever for people to scoop up big positions in $BTC and $ETH. The bottom is in. The low is in on Altcoins. The final easy cycle has started.”
Source: Lookonchain/X
The run to local highs thus sealed upside of 17% versus the multimonth bottom near $78,000 seen just two days prior.
As part of the volatility, XRP managed to surpass ETH by fully diluted valuation (FDV).
“This is what crypto has been waiting for,” trading resource The Kobeissi Letter added in part of its own reaction.
$93,500 BTC price reclaim is still key
Continuing, popular trader and analyst Rekt Capital classified the dive to $78,000 as a “downside deviation.”
Related: When will Bitcoin price bottom?
As Cointelegraph reported, such deviation events have classified previous Bitcoin bull markets.
“Bitcoin has recovered almost the entirety of its downside deviation,” Rekt Capital wrote in a fresh analysis post.
“Price needs to now Weekly Close above the Re-Accumulation Range Low of $93500 to reclaim the range. And Bitcoin is only just +2% away from doing so.”
BTC/USD 1-week chart. Source: Rekt Capital/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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