Bitcoin price surged to $95,000 after Trump's announcement of creating a cryptocurrency reserve
On Sunday, March 2, Bitcoin demonstrated a bullish impulse after U.S. President Donald Trump confirmed his plans to create a strategic cryptocurrency reserve. Compared to the low on February 28, the asset has risen by more than 20%.
1-day BTC/USDT chart. Source: Cryptovizor cryptocurrency screener
Trump stirred a cryptocurrency storm
Trump caused quite a stir in the market before the week closed, mentioning in his posts on the Truth Social platform that a cryptocurrency reserve would be created, which would include Bitcoin, Ethereum, and several altcoins.
Initially, the president mentioned only XRP, Solana, and Cardano, but then he announced plans to include the two main cryptocurrencies.
"And, of course, BTC and ETH, as other valuable cryptocurrencies, will be at the core of the Reserve," was said in a following post.
"I also love Bitcoin and Ethereum!"
"Market changes happen when no one expects them," commented crypto trader, analyst, and entrepreneur Michaël van de Poppe on his X account.
"The recent drop is likely the largest manipulation in history, created to provide an opportunity to secure substantial positions in BTC and ETH. The bottom is over. For altcoins, the lows are in the past. The final phase of the cycle, which promises to be easy, has already begun."
"This is exactly what the cryptocurrency industry was waiting for," added The Kobeissi Letter analytical account.
The weekly candle closed above $93,500
Trader and analyst Rekt Capital described the recent Bitcoin price plunge to $78,000 as a "fallout."
"The weekly candle needs to close above the lower boundary of the reaccumulation range at $93,500 to return to the range. And Bitcoin was just +2% away from this," he wrote on Sunday. Bitcoin successfully met Rekt Capital's condition, ending the week at $94,270.
1-week BTC/USD chart. Analytics: Rekt Capital