While Bitcoin (BTC) and altcoins have experienced sharp declines in recent weeks, the market expects Donald Trump to make important statements at the Crypto Summit to be held at the White House on March 7. At this point, US Commerce Secretary Howard Lutnick said that President Donald Trump will announce the Bitcoin (BTC) reserve strategy at the White House Crypto Summit. Related News: Minister Announced: Tomorrow is a Big Day for Bitcoin (BTC)! Trump's Move is Expected! As this expectation was priced in, Bitcoin and altcoins started to rise again. While BTC was pushing the $90,000 level, market analyst Omkar Godbole said that Bitcoin maintained important support and signaled a possible recovery. Stating that sellers are exhausted and the Bitcoin price is holding above its 200-day simple moving average (SMA), the analyst said that the candles on the BTC chart show long lower wicks. This indicates that the selling waves may be over and there is strong buyer support. “Appearing after a pronounced downtrend, such candles signal a possible reversal into an uptrend. Traders often see this as evidence of weakening selling pressure that could lead to a renewed bullish phase. “With BTC price holding on to the 200-day SMA support, technical data suggests a potential price bounce.” The analyst last said that if the 200-day SMA support holds, Bitcoin could return to the $95,000 and $100,000 levels. However, a break below the 200-day SMA could trigger further declines. *This is not investment advice. Continue Reading: Are the Hard Days Over for Bitcoin? Experienced Analyst Shares What May Happen Next in the Falling Bitcoin Price!
