Can Bitcoin Price Breakout to $100K Amid ‘Digital Asset Summit’ at the White House?

Highlights:

• Bitcoin price plunges 1% to $88,945 as trading volume spikes 19%.
• This comes as U.S. President Donald Trump approves a strategic Bitcoin reserve.
•  Essential figures in the crypto world will be at the digital asset summit, with various analysts highlighting bullish developments.

The Bitcoin price is currently trading at the $88,945 mark, indicating a 1% decrease in the day. Despite the plunge, its daily trading volume has surged 19% to $57.73, indicating growing market activity. Meanwhile, the U.S. government made a major move in crypto, with President Donald Trump approving a strategic Bitcoin reserve. This effort, financed by confiscated assets, protects Bitcoin holdings without using taxpayer money. 

🇺🇸VIDEO: President Trump officially signs an executive order creating a Bitcoin Strategic Reserve. 👀 pic.twitter.com/MPIgPEDxBv

— Crypto Crib (@Crypto_Crib_) March 7, 2025

Moreover, crypto industry leaders are meeting in Washington soon, where more updates may emerge. Although many expect a bullish development, market reactions have been turbulent, causing Bitcoin to plunge before finding stability. 

Trump to host the first ever Crypto Summit at the White House and you’re bearish? pic.twitter.com/6TLM95LbxY

— 0xLawyer (@0xLawyah) March 1, 2025

Meanwhile, this afternoon, essential figures in the crypto world will be at the digital asset summit Trump hosts. Today, we can expect further crypto developments from Washington, DC. Although some call this development bullish, the market has not reacted positively to this news for now. Since the announcement, the market has lost nearly $200 billion in capitalization, which is equal to 5%. BTC dropped almost $5,000 before recovering and now is trading around the $88K mark.

Bitcoin Price Outlook

The BTC/USD 3-hour chart shows that the price currently trades at $88,945, reflecting a 1.7% decline from the previous day. Despite the recent drop, the price is still above the 50-day MA ($88,309) as the bulls aim to break the first resistance zone at (92,597), coinciding with the 200-day MA. This suggests that the market is attempting to sustain a bullish bias if the bulls breach the $92K barrier. 

However, the price action is still within the symmetrical triangle, which has been shaping the market trend for the past few weeks. Meanwhile, the recent rejection near the triangle’s upper boundary at $92,597 indicates that bearish pressure remains strong. Unless bulls push decisively above this resistance, the price may struggle to maintain its upward momentum.

If sellers continue to dominate, the next key support is $88,307, which nears the lower boundary of the triangle. A break below this level could signal a continuation of the broader downtrend, potentially leading to further declines at $87,696, $87,153, and $86,766. 

Where Could BTC Head Next?

However, if buyers step in near the moving averages and defend the price above the 50-day MA, the market may consolidate before making another attempt to break higher. Meanwhile, volume levels have shown periodic spikes, suggesting intermittent interest from traders, but a sustained increase in volume is needed to confirm a strong breakout.

On the flip side, if Bitcoin price breaks above the $92,597 resistance level, it could trigger a trend reversal, allowing the price to escape the symmetrical triangle and target higher levels. Therefore, a decisive daily close above this level would likely attract more buyers and push the price toward new highs at $93,332, $94,491, and $100K respectively. 

A quick look at the RSI shows it at the 50-mean level, indicating indecision in the BTC market. Increased momentum from either direction could potentially decide the price direction. In the meantime, traders should watch for price action around the moving averages and for further clues on market direction.