Following the White House Crypto Summit, Bitcoin’s price fell below $90,000, ending a brief rise to $93,000. Traders are cautious as market reactions were muted despite positive expectations. Meanwhile, factors like jobless claims impact predictions of Federal Reserve interest rate cuts, which could influence cryptocurrency markets.

Bitcoin (BTC) experienced a downturn following the Wall Street opening on March 6, witnessing a decline of 2% as the market seemingly dismissed the positive developments from the inaugural White House Crypto Summit. Despite a temporary increase to nearly $93,000, bullish momentum faltered as traders expressed caution, likely influenced by the impending Crypto Summit which was expected to yield optimistic announcements regarding Bitcoin and potential reserves.

Recent events indicate that Bitcoin is struggling to maintain momentum as it dips below critical price points. Market reactions to macroeconomic factors, particularly surrounding interest rate expectations, suggest traders remain hesitant. With key support and resistance levels being tested, the future trajectory of Bitcoin remains uncertain, and it is advisable for investors to conduct thorough research before making any financial decisions.

Original Source: cointelegraph.com

Related posts:

Bitcoin Declines to Two-Week Low Following Federal Reserve Rate Guidance Bitcoin Stabilizes at $95K Amid Regulatory Concerns and Market Volatility Elon Musk’s Plans for D.O.G.E. Office May Impact Bitcoin’s Price Growth Trump Tariffs Ignite Fears of Bitcoin and Crypto Price Collapse