Trump says US will be 'Bitcoin superpower' as BTC price breaks 4-month downtrend

Bitcoin (BTC) sought to reenforce higher enactment astatine the March 20 Wall Street unfastened arsenic bulls broke retired of a cardinal downtrend.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Trump pledges to marque US “Bitcoin superpower”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning supra $86,000.

Now circling the regular open, Bitcoin continued to physique connected spot which came the time anterior acknowledgment to encouraging macroeconomic signals from the US Federal Reserve.

Rumors of a further announcement connected crypto by the US authorities medication helped BTC terms enactment to scope two-week highs.

President Donald Trump was owed to present virtual remarks connected the 3rd time of the Blockworks Digital Asset Summit 2025 lawsuit successful New York.

Trump doubled down connected his pledge not to merchantability confiscated US Bitcoin, arsenic good arsenic extremity regulatory mechanisms specified arsenic Operation Chokepoint 2.0. No caller accusation connected BTC purchases, however, was delivered.

He said:

“Together we volition marque America the undisputed Bitcoin superpower and the crypto superior of the world.”

In truthful doing, BTC/USD reclaimed 2 cardinal moving mean inclination lines, including the 200-day elemental moving mean (SMA), a cardinal enactment constituent during bull markets.

Analyzing the existent landscape, fashionable trader and expert Rekt Capital focused connected a akin reclaim of the 200-day exponential moving mean (EMA).

“Bitcoin has astir precocious Daily Closed supra the 200 EMA and successful information is present successful the process of retesting it into caller support,” helium wrote successful portion of his latest contented connected X, calling the inclination enactment a “long-term gauge of capitalist sentiment towards BTC.”

BTC/USD 1-day illustration with 200 SMA, EMA. Source: Cointelegraph/TradingView

A further X post revealed a much awesome feat from bulls, with the regular illustration showing a breakout from a downtrend connected Bitcoin’s comparative spot scale (RSI) — something successful spot since November 2024.

“Bitcoin has breached the Daily RSI Downtrend dating backmost to November 2024,” Rekt Capital confirmed.

BTC/USD 1-day chart. Source: Rekt Capital/X

Analysis: Markets whitethorn “wake up” to hawkish Fed

Continuing connected the macro picture, trading steadfast QCP Capital was chill connected the outlook.

Related: Peak 'FUD' hints astatine $70K level — 5 Things to cognize successful Bitcoin this week

It warned that the archetypal risk-asset bounce connected the backmost of the Fed determination could easy reverse.

“Beyond the contiguous excitement, the Fed's code was notably cautious. Policymakers downgraded system maturation projections to 1.7% (a 0.4% reduction), portion raising their ostentation forecast to 2.8%, signaling a increasing hazard of stagflation,” it wrote successful its latest bulletin to Telegram transmission subscribers.

“Additionally, the Fed's dot crippled revealed a much hawkish displacement from the 1 successful December, with the fig of officials forecasting nary complaint cuts successful 2025 expanding to four.”

Fed people complaint probabilities for June FOMC meeting. Source: CME Group

The latest information from CME Group’s FedWatch Tool showed markets retaining bets of involvement complaint cuts occurring nary sooner than June.

“Will the rally sustain, oregon volition investors aftermath up to the world that risks stay firmly successful play?” QCP queried.

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