Bitcoin Price Analysis: White House Crypto Summit Fails To Spark BTC Rally

Bitcoin (BTC) slipped below $90,000 late on Friday as it fell to a low of $86,713. The price continued to decline, falling to $85,323 before registering a marginal recovery and moving to its current $85,800. The flagship cryptocurrency is down nearly 4% over the past 24 hours. 

BTC’s latest decline came as the White House hosted the first-ever crypto summit, meeting top executives from prominent digital asset firms. 

Donald Trump Endorses Stablecoins

President Donald Trump has said he would support legislative efforts to create a regulatory framework for stablecoins to keep the US Dollar as the world’s dominant reserve currency. President Trump and the White House Crypto and AI Czar hosted a meeting of prominent members from the crypto industry, described by the administration as the first-ever White House Digital Assets Summit in Washington. Trump addressed the gathering of executives, stating, 

“I also want to express my strong support for the efforts of lawmakers in Congress as they work on bills to provide regulatory certainty for dollar-backed stablecoins and the digital assets market. They’re working very hard on that.”

Treasury Secretary Scott Bessent also addressed the gathering, stating he would work with regulators and agencies to update the guidance issued by the Biden administration. 

“We are going to keep the US (dollar) the dominant reserve currency in the world, and we will use stablecoins to do that.”

Trump also hit out at the Biden administration, accusing his predecessor of selling billions worth of BTC, adding that the current administration would not sell BTC anymore. 

“Unfortunately, in recent years, the US government has foolishly sold tens of thousands of additional bitcoins that were worth billions and billions of dollars had they not sold them. From this day on, America will follow the rule that every bitcoin investor knows very well: never sell your bitcoin.”

Trump signed an executive order on Thursday, directing officials to create a Bitcoin reserve and a stockpile of other crypto assets. 

White House Crypto Summit Fails To Impress

The White House hosted its first-ever crypto summit, inviting some of the most prominent leaders of the crypto ecosystem. The summit discussed the administration’s commitment to rolling back the aggressive regulatory stance adopted by the previous Biden administration. However, the summit left many disappointed because the administration did not indicate more active support for the industry. As a result, markets remained muted on Friday, with BTC registering a decline to slip below $90,000. 

White House AI and Crypto Czar David Sacks announced that the President signed an executive order to create a strategic Bitcoin reserve. While the crypto community wanted a Bitcoin reserve, the order stated the reserve would only comprise Bitcoin holdings previously seized by the federal government. The order also issued directives for creating a separate digital asset stockpile to hold other digital tokens like ETH, XRP, and ADA. However, the order did not say when the government would begin making new cryptocurrency purchases. 

President Trump doubled down on his promise to make the US the crypto capital of the world and a leader in financial technology. However, some investors were left wanting more. 

Jeff Park, an executive with Bitwise, said Trump was officially “off the hook” for what the Bitcoin community did for him during his campaign. 

“Trump is now officially ‘off the hook’ for what the Bitcoin community did for him. We asked for too little. Having only bitcoin and not the rest of the altcoins in the strategic reserve is not a win. Exploring’ or studying concepts is not a win. Not selling is not a win. None of these things at the core require an EO at all to do anything.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) struggled to reclaim $90,000 as selling pressure and volatility impacted investor sentiment. The flagship cryptocurrency is down nearly 3% and trading just above the $86,000 mark. The price faces resistance at $90,000, with the 20-day SMA also acting as a dynamic resistance level. Analysts expect a breakout, but heavy selling around the $90,000 level indicates profit-taking at that level. The White House crypto summit also failed to ignite investor confidence, with price action remaining muted. 

BTC has encountered substantial volatility this week as wild price swings shook investor confidence. The price plunged below $80,000 on Friday, dropping to a low of $78,173. However, it recovered from this level to reclaim $80,000 and settle at $84,362, ultimately registering a marginal decline. Sentiment changed on Saturday as BTC rose over 2% and settled at $86,812. Markets rallied Sunday after President Trump announced cryptocurrencies to be included in the strategic reserve. As a result, BTC surged over 9% to reclaim $90,000 and settle at $94,322. However, bullish momentum was short-lived as the price fell nearly 9% on Monday, slipping below $90,000 and the 20-day SMA and settling at $86,225.

Source: TradingView

BTC fell to an intraday low of $81,500 on Tuesday as selling pressure intensified. It recovered from this level to register an increase of 1.27% and settle at $87,316. Buyers retained control on Wednesday as BTC reclaimed $90,000 after an increase of nearly 4% and settled at $90,639. BTC faced considerable volatility on Thursday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand, and the price dropped nearly 1%, slipping below $90,000 and settling at $89,957. Bearish sentiment intensified on Friday as BTC dropped 3.53%, falling to a low of $84,718 before settling at $86,781. The current session sees BTC marginally down as buyers look to drive BTC below the 200-day SMA. If sellers retain control, BTC could decline to $83,000, where it is expected to find support. A break below this level could see the price drop to $80,000. On the other hand, if buyers regain control, they will look to drive the price above $90,000. If BTC can break above this level, its next target will be $95,000. The MACD has turned bearish, indicating BTC could see a decline. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.