Bitcoin Price Struggles Below $90K as Market Eyes Trump’s Crypto Summit

Bitcoin price dropped below $90,000 on March 6 after failing to hold gains above $92,000. The pullback followed a broader risk-off move in traditional markets, as investors reacted to economic uncertainty and geopolitical tensions.

Bitcoin Price Rejected at $92K as Macro Pressures Weigh

Bitcoin briefly reclaimed $92,000 before retreating, mirroring weakness in U.S. equities. The S&P 500 dropped 1.3% after Philadelphia Federal Reserve President Patrick Harker warned of economic stress in lower-income households.

Harker’s comments signaled potential Fed rate cuts but also highlighted economic weakness. YahooFinance quoted him stating that price pressures would “continue to retreat,” but uncertainty remained high.

Rising tensions in Ukraine and uncertainty over U.S. digital asset reserves added pressure. The S&P 500 volatility index (VIX) spiked to 24, its highest level in 11 weeks, further dampening risk appetite.

“Bitcoin is almost testing an important level of resistance,” analyst Crypto Fella noted on X. “With all the volatility expected from tomorrow’s Crypto Summit, this could be a breakout.”

Trump’s Crypto Summit: Buy the Rumor, Sell the News?

The market remained wary ahead of Trump’s March 7 Crypto Summit, where reports suggest the administration may outline a Bitcoin reserve strategy. Despite speculation of bullish announcements, traders showed limited enthusiasm, with Bitcoin falling 2% after the Wall Street open.

Crypto trader Justin Bennett remained skeptical, revealing a short BTC position from $91,000. “There’s the retest of $92K resistance. It worked so well the first time bulls wanted to do it again,” he wrote.

Some analysts warned of a “sell the news” effect. Earlier this week, U.S. Commerce Secretary Howard Lutnick reportedly indicated that Trump would unveil details of a Bitcoin reserve at the summit. Crypto trader Ali Martinez reacted, saying, “Buy the rumor, sell the news.”

Bitcoin Price On-Chain Metrics Show Key Levels to Watch

According to Glassnode, Bitcoin’s price action hinges on the $92,000 short-term holder cost-basis level. If BTC fails to reclaim this threshold, support at $71,000 could become critical. The firm also highlighted that recent market conditions mark the second-largest capitulation event in the current cycle.

K33 Research echoed these concerns, citing ongoing uncertainty tied to Trump’s tariff policies and geopolitical risks.

“Headlines surrounding President Trump continue to cause sharp market moves,” K33’s Vetle Lunde stated.

Meanwhile, defunct exchange Mt. Gox transferred 12,000 BTC worth over $1 billion to a new wallet, sparking concerns over potential selling pressure.

Market Awaits Clarity on U.S. Bitcoin Policy

Despite Bitcoin’s current weakness, macro trends suggest growing institutional interest. Lyn Alden, a macroeconomic analyst, pointed out that Bitcoin moves in the “direction of global liquidity 83% of the time over 12 months.”

China recently signaled “more room to act on fiscal policy,” while the European Central Bank noted that its stance is becoming “meaningfully less restrictive.”

The Chinese authorities announced their willingness to use fiscal policy more freely and the European Central Bank reported its policy position is becoming considerably looser.