Data from CoinMarketCap and TradingView reveal that BTC's price trading is at $91,569, 17.5% above its weekly low of $78,200, reached on February 28.
With the rising bullishness in the crypto market, is the Bitcoin bull run back?
Bitcoin Will Be the “Heart of” Strategic Crypto Reserve – Trump
On March 2, 2025, US President Donald Trump announced that he had directed his Working Group on Digital Assets to “move forward” with establishing a Strategic Reserve that includes Solana (SOL), XRP and Cardano.
In a follow-up Truth Social post, Trump added that Bitcoin (BTC) and Ether (ETH) could also be included in the reserve, emphasizing that they would be at the “heart of the reserve.”
Source: Donald J. Trump
This announcement builds on a January executive order directing the Presidential Working Group on Digital Assets to explore a national digital asset stockpile, signalling a shift away from the Biden administration’s regulatory crackdowns on the crypto sector.
Trump emphasized that this reserve would bolster the US digital asset industry, countering years of what he called “corrupt attacks” under Biden.
Further details are expected at the first-ever White House Crypto Summit scheduled for March 7, although questions remain about implementation and whether Congressional approval is needed, particularly for a Strategic Bitcoin Reserve. This bold step underscores Trump’s pro-crypto stance, promising significant implications for the global digital economy.
While on the campaign trail, Trump promised to make the US the “Crypto Capital of the World.”
The declaration triggered an immediate market rally, with Bitcoin surging over 11% to $94,164, Ether climbing 13% to $2,516, and XRP, Solana, and Cardano posting gains of up to 50%.
The total crypto market capitalisation swelled by 7% in the past 24 hours to rest at $3.03 trillion at the time of writing, reflecting widespread optimism.
Still, market participants believe there is more work ahead before the current rally can be considered sustained.
“BTC is still trading near the bottom of its multi-month range, and front end crypto volumes are still relatively elevated with both majors still reflecting a Put Skew till the end of March,” crypto asset management firm QCP Capital said in a Telegram note to investors.
“The VIX is also elevated, signalling broader market unease in risk assets overall, particularly after the recent tariff escalations from the US administration.”
Bitcoin Price Must Hold Above $90,000 for Bulls
The Bitcoin price found support at the 200-day SMA around $82,000 and launched a recovery that has seen it produce a weekly above the crucial level of $90,000, which bulls must hold to sustain the recovery.
This was an unexpected move as Bitcoin declined by more than 20% over the last week in US Dollar terms, leading to several market participants calling the start of a bear market.
The latest close above $90,000 increases the chances of BTC price reclaiming the $100,000 level and probably making a run for all-time highs above $109,000.
The weekly chart shows a bullish weekly candlestick characterized by a long lower wick in what popular analyst Matthew Hyland described as a “superb weekly close.”
According to Hyland, this price action sets Bitcoin up for a “disbelief rally.”
BTC/USD weekly chart. Source: Matthew Hyland
Historically, such candlesticks have triggered significant moves in Bitcoin price as shown on the chart below.
For instance, the largest cryptocurrency by market capitalization produced a weekly candlestick with a long lower week on March 6, 20,23, preceding a 41% uptick in price.
A similar close was produced in January 2024 and August 2024, leading to 91% and 87% rallies in Bitcoin price, respectively.
BTC/USD weekly chart. Source: TradingView
“$BTC had a massive bounce off the news that the US will be creating its national crypto reserve, reclaiming the 90K range with momentum,” noted popular Bitcoin analyst Mark Cullen in a March 3 post on X.
The analyst said that the best scenario for BTC price would be not to close below the $90,000 level again.
“A dip to 85K again is possible, especially with the inefficiency created and the new CME gap below. Below 85k, and I worry the market is done for quite some time and we see more of the 70’s or even lower.”
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