Bitcoin Price Enters Risky Zone as Trump’s Crypto Czar blames Biden for missing 4,500% BTC profits

Bitcoin (BTC) price performed underwhelmingly on Thursday, posting a mild 2% dip before stabilizing at $89,000 while the aggregate market cap rose by 6%. With Bitcoin market dominance down, early media chatter suggests the upcoming White House crypto summit scheduled for Friday, is expected to drive another wave of volatile price action in the days ahead.

Bitcoin Faces Stiff Resistance at $93,000 as Traders Rotate Into Altcoins

Bitcoin (BTC) performance on Thursday was underwhelming despite bullish sentiment across global financial markets, including cryptocurrencies.

BTC price formed a local bottom at $81,400 on Wednesday, before rebounding 14% after the U.S. Secretary of Commerce hinted that Trump may ease the 25% tariffs imposed on Canada and Mexico.

Bitcoin Price Action

However, Bitcoin bulls encountered resistance at $92,790, prompting traders to shift capital toward other high-performing assets. The latest charts indicate BTC has since retraced 4% to $88,900 at press time, signaling hesitation ahead of key macro developments.

Bitcoin Market Dominance Dips as Investors Bet on Altcoins Ahead of White House Crypto Summit

When Bitcoin underperforms the broader market, it often signals shifts in investor sentiment and risk appetite. In alignment with recent trends, the upcoming White House Crypto Summit has become a dominant discussion point among traders.

Following the announcement of the U.S. Crypto Strategic Reserve last weekend, altcoins outperformed Bitcoin’s 13% price gain.

Notably, Cardano (ADA) surged 100% within 24 hours of the announcement. Investors now anticipate that if the White House summit delivers favorable regulatory measures or investment plans for the reserve, altcoins could see another explosive rally.

Bitcoin Dominance (BTC.D) | March 6

Bitcoin dominance (BTC.D) has plunged 5% since Trump announced the Crypto Strategic Reserve on March 2. On Thursday, BTC.D fell 0.6 percentage points to 61.28%, indicating investors are rotating capital into altcoins, betting that regulatory clarity could fuel short-term gains beyond BTC.

Trump’s Crypto Czar Berates Biden Administration for Missing 4,500% BTC Profits

David Sacks, Trump’s newly appointed Crypto Czar, has criticized the Biden administration for what he calls a massive financial blunder. Sacks pointed out that the U.S. government auctioned off 195,000 BTC over the past decade for just $366 million, missing out on $17 billion in potential profits as Bitcoin surged 4,500% since those sales.

“The Biden administration had a golden opportunity and fumbled it,”

Trump’s Crypto Czar, David Sacks, hinting that over 195,000 BTC that could have been added to US reserves, March 5, 2025. 

With the White House Crypto Summit kicking off within 24 hours, expectations are mounting that the Trump administration could introduce expansive crypto-friendly policies, potentially reshaping U.S. digital asset regulation.

Bitcoin Price Forecast: Death Cross Flashes Short-term Risk Signals as BTC Fails $93,000 Test

Bitcoin price forecast show that BTC currently hovers around $89,112, showing signs of weakness as bearish momentum gains traction. The Super SMA 5-8-13 crossover indicates a Death Cross, with the 5-period SMA ($89,626) slipping below the 8-period ($88,864) and 13-period ($88,171).

This bearish alignment suggests a potential continuation of the downtrend, with BTC at risk of retesting the $80,727 support marked by the Parabolic SAR.

Bitcoin Price Forecast

Momentum indicators confirm downside risks. The MACD histogram has entered positive territory, yet the MACD line at -934 remains below the signal line at -1,663, suggesting a lack of bullish conviction.

The previous rally failed to breach key resistance, reinforcing sellers’ dominance as volume on the latest red candle suggests strong rejection above $90,000.

A decisive break below $88,171 could trigger cascading sell orders, driving BTC toward $84,000, with $80,727 as the next major support.

However, if bulls reclaim $89,626, Bitcoin could aim for a reversal, targeting $92,500 before challenging $97,500. Failure to reclaim momentum risks accelerated liquidation, reinforcing the bearish structure hinted at by the recent Death Cross.

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