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Bitcoin (BTC) surged to a new intraday high of $87,453 during the early hours of the New York trading session on March 19. The rally was largely driven by speculation around U.S. President Donald Trump’s virtual appearance at the Digital Asset Summit in New York. However, following his speech, BTC quickly retracted its gains, falling to $84,000, as traders were left disappointed by the lack of groundbreaking crypto policies.
Ahead of Trump’s statement, rumors circulated on X, suggesting he might announce zero capital gains taxes on certain cryptocurrencies or unveil a strategic U.S. Bitcoin reserve plan. Neither materialized. Instead, Trump reiterated his promise not to sell Bitcoin confiscated by the government and urged Congress to pass clear stablecoin legislation. His most significant comment was a pledge to make the U.S. a global leader in cryptocurrency.
However, traders who bought into the pre-speech hype swiftly sold on the news, triggering the sharp price correction.
Analysts Predict a Potential Bitcoin Correction
While Bitcoin’s rapid dip disappointed some, chartered market technician Aksel Kibar noted that the price could still correct further, potentially falling to $73,700. He highlighted that BTC’s long-term chart still suggests a pullback to this level, which could determine the market’s direction in the coming months.
Bitcoin’s price action wasn’t entirely driven by Trump’s remarks. On March 19, BTC also responded positively to the release of the FOMC minutes, where Federal Reserve Chair Jerome Powell indicated that the central bank’s quantitative tightening (QT) regime would slow down. Powell also hinted at two possible interest rate cuts in 2025, boosting market optimism.
Futures and Spot Market Activity
A large portion of Bitcoin’s recent volatility has been driven by futures market activity, but the reappearance of the BTC Coinbase premium suggests that spot market demand may be returning. This could indicate renewed buying interest, providing some stability to the market despite the recent pullback.
BitMEX co-founder Arthur Hayes celebrated what he described as the Fed’s implicit confirmation that QT would essentially end by April 1, but he warned that BTC could still face volatility.
