Biggest CME gap ever at $85K: 5 Things to know in Bitcoin this week

Key Points

  • Bitcoin experiences a significant price surge, known as the "Trump pump," following President Trump's endorsement of a strategic crypto reserve.
  • Traders are cautious, warning of potential price dips as the market tests new support levels ahead of a key White House crypto summit.
  • The crypto market shows signs of recovery with on-chain profitability and a rebound in the Coinbase premium index.
  • The upcoming week features critical US employment data and a speech by Fed Chair Jerome Powell, which could influence market volatility.
  • Market sentiment remains fearful despite positive news, with traders closely watching for further developments and potential policy shifts.

Summary

This week, Bitcoin has seen a notable price increase, dubbed the "Trump pump," following President Trump's endorsement of a strategic crypto reserve. Despite this surge, traders are cautious, highlighting the risk of price retests as the market approaches a significant White House crypto summit. The market indicators suggest a recovery, with on-chain profitability improving and the Coinbase premium index showing signs of a demand rebound in the US. However, the sentiment remains cautious, with the Crypto Fear & Greed Index still indicating fear among traders. Key economic events this week include US employment data releases and a speech by Federal Reserve Chair Jerome Powell, which could sway market dynamics. The crypto community is also watching for any policy shifts or comments from Trump that could either bolster or undermine the current market optimism.

cointelegraph
March 3, 2025
Crypto
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