- Bitcoin surged 8% to peak at $95,043 after Trump’s crypto reserve plan announcement.
- BTC is trading at $91,821.69, with a $1.82 trillion market cap and a 209% volume surge.
Bitcoin surged to $95,043 on March 3 after U.S. President Donald Trump revealed plans for a strategic crypto reserve. The announcement fueled strong buying, pushing BTC up 8% during an unusual weekend rally. Currently, Bitcoin is trading at $91,821.69, reflecting a 6.97% gain in the past 24 hours.
The total market capitalization has climbed to $1.82 trillion, marking a 7% increase over the day. Trading volume has also spiked significantly, rising 209.38% to reach $72.97 billion within 24 hours. The fully diluted valuation now stands at $1.92 trillion, while Bitcoin’s circulating supply remains 19.83 million BTC out of the maximum 21 million BTC.
Trump’s latest remarks have further energized the crypto community. He reiterated his support for Bitcoin, Ethereum, and major altcoins such as XRP, Solana, and Cardano. By highlighting their role in a proposed U.S. crypto reserve, Trump signaled a pro-crypto stance that encouraged strong market activity. Following this statement, Bitcoin spiked to a peak of $95,043 on Bitstamp, with weekend liquidity conditions amplifying volatility.
Will Bitcoin Surge Further?
Market analysts have also noted Bitcoin’s recent pullback to $78,000, which created an opportunity for whale accumulation. Crypto analyst Michaël van de Poppe believes the market has established a local bottom, setting the stage for an expansion phase in the broader crypto space. His sentiment aligns with other traders who see Bitcoin’s current price action as a bullish continuation.
From a technical standpoint, Bitcoin is testing a critical resistance level at $93,500. A decisive breakout above this level could drive prices toward the highly anticipated $100,000 mark. On the downside, support at $90,000 remains crucial, with a further drop potentially leading to a retest of $87,500.
The Relative Strength Index (RSI) stands at 62.77, indicating bullish momentum but nearing overbought conditions. The RSI average of 55.32 suggests a steady upward trend, while moving averages signal continued bullish momentum.
Trader Rekt Capital emphasized the significance of $93,500 as a confirmation level for Bitcoin’s recovery. If Bitcoin stabilizes above this zone, a move toward $100,000 appears increasingly likely. However, failure to hold $90,000 may indicate a deeper correction before further upside potential materializes.
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- Source: https://thenewscrypto.com/bitcoin-reaches-95k-as-trump-announces-crypto-reserve-plan/
