As the sun gleamed wanly over Wall Street on that fateful third day of March, Bitcoin (BTC) found itself in a rather unpleasant predicament—selling off as if it were the last slice of pie at a dreary family gathering. The ever-watchful traders, squeamish over U.S. trade tariffs, vacillated like a cat on a hot tin roof.
Bitcoin Braces for Trump’s “Investment Extravaganza” 🎩
As observed by the wise seers at CryptoMoon Markets Pro and TradingView, the BTC/USD pair dipped below the hallowed ground of $90,000—what a fine spectacle! A loss of 5% on the day, akin to losing your umbrella in a storm.
Excitement bloomed at the prospect of a strategic crypto reserve, only to wilt under the pressure of a sell-off as traditional finance made its grand entrance. Ah, the joys of modern economics!
Meanwhile, on the hallowed grounds of CNN, U.S. Commerce Secretary Howard Lutnick suggested that perhaps President Donald Trump should wield his mighty pen and decide on tariffs against our friendly neighbors to the north. Thus, the stock market trembled like a child before a thunderstorm.
Bitcoin, too, felt the repercussions of such high-level discussions, with cries of woe echoing through the cryptosphere as cross-crypto liquidations soared past a staggering $150 million within mere hours. A tragedy worthy of a Greek play!
Yet, not all hope was lost! Whispers of a purported “investment announcement” from Trump loomed like a promising cloud on the financial horizon—scheduled for the not-to-be-missed hour of 1:30 pm Eastern Time.
In the cluttered landscape of trading, the firm QCP Capital suggested maintaining a nonchalant attitude as if one were sipping tea during a mild panic.
“In light of last night’s gripping announcement, we suspect Trump will scramble, doing all in his power to avoid presiding over a lengthy stock market drawdown—a rather serious topic he had previously championed, yet now finds himself staggering through,” they eloquently noted in their latest dispatch to Telegram.
They further pointed out the raised levels of the VIX volatility index, indicating a rather amusing uncertainty swirling through risk assets galore.
“Just when we thought the man had played all his cards, it appears he has a few surprises lurking in his pocket,” they mused, pursuing a prompt for laughter amid the anxiety.
“Which key events could lead this week—might they indeed catapult us toward that elusive all-time high?”
BTC Price Flirtations with a Higher Low 💔📉
Amidst all the tumult, Bitcoin traders retained a flicker of hope, eagerly anticipating a structured rebound toward the fortified support levels near $100,000, a distant realm that seemed to mock them from afar.
“Bitcoin plunged from its range, tumbled like a drunken sailor, and then promptly scuttled back up to reclaim its lows,” noted the ever-optimistic trader Jelle in one of the day’s X posts.
“A higher low around this area would be perfect. Let’s wait and see.”
Fellow trader Daan Crypto Trades chimed in, likening recent range violations to those quaint earlier days of the bull run.
“$BTC exhibits a charmingly similar pattern to those past consolidations with its recent breakup and happy reunion,” he exclaimed, addressing his X followers.
“Expansion —> Range —> Breakdown —> Retake —> Liftoff!”
Just the day before, the wise Keith Alan, co-founder of Material Indicators, pointed to the 21-week simple moving average (SMA) as the pivotal reclaim level—like the North Star for a ship lost at sea.
Achieving a weekly close above this beacon brought optimistic crowds to their feet, waving imaginary flags of “extremely bullish” intent!
“However,” he warned, “one must remain wary of fierce resistance around $90k, and brace for the possibility of a false rise above the 21-Week MA before tumbling back down for a support test.”
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2025-03-03 19:38