Bitcoin leaps toward $90K as US jobs data offers pre-crypto summit boost
Bitcoin (BTC) stayed close to $90,000 at the March 7 Wall Street open as positive US commentary accompanied the White House Crypto Summit.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Bitcoin seeks $90,000 reclaim amid risk-asset “fear”
Data from Cointelegraph Markets Pro and TradingView showed BTC price volatility staying measured at the start of a hectic day for crypto markets.
US unemployment numbers provided an initial boost as nonfarm payrolls (NFP) came in below forecast levels, hinting at the potential for financial policy easing to come sooner.
“Stock market futures are surging on the data release. This seems to be largely due to the fact that the report was not too far out of expectations,” trading resource The Kobeissi Letter wrote in part of an initial reaction on X.
“Another sign of a ton of fear priced-in to this market.”
Crypto market sentiment nonetheless got a helping hand in the form of US Treasury Secretary Scott Bessent, who preceded the Summit event with a call to bring Bitcoin “onshore.”
“I’m a big proponent of the US taking the worldwide lead in crypto. I think we have to bring it onshore and use our best practices and regulations,” he said in an interview with CNBC.
“I think that the Bitcoin Reserve — before you can accumulate it — you have to stop selling it.”
Bessent referred to the executive order signed by President Donald Trump the day prior, which halted sales of confiscated BTC while holding off on direct additional purchases — a move that initially caused BTC/USD to fall sharply.
Trading firm QCP Capital argued that the executive order had removed the bulk of intrigue around the Summit event.
“With the Strategic Bitcoin Reserve announcement now out of the way, expectations for tonight’s White House Crypto Summit have been tempered,” it told Telegram channel subscribers earlier on the day.
“Instead, the focus will be on tonight’s NFP. Given how fragile equities are looking, any surprises in the data could spark volatility across risk assets — including crypto.”
Liquidity crowds Bitcoin spot price
Looking at BTC price action, popular trader Daan Crypto Trades drew comparisons to Bitcoin’s consolidation phase, which took up more than half of 2024.
Related: Bitcoin gets March 25 ‘blast-off date’ as US dollar hits 4-month low
BTC/USD, he argued in his latest X analysis, could well copy the resulting upswing should support hold.
“As long as price keeps consolidating near the range low, I still think this scenario has a decent chance to play out,” the analysis read.
“We’ve seen this during every consolidation this cycle where it breaks lower, fails to see continuation, retakes the range and moves higher from there. Let’s see how this one turns out. That ~$90K level remains key.”
BTC/USDT perpetual swaps 1-day chart. Source: Daan Crypto Trades/X
Order book liquidation levels meanwhile formed the basis for a bullish thesis by fellow trader TheKingfisher.
“Liquidation map for $BTC shows MASSIVE short liquidations clustered between 90k-94k!” he reported alongside data from global exchange Binance.
“Below, longs get liquidated around 85k-87k. Expect volatility!”
BTC/USDT liquidation data for Binance. Source: TheKingfisher/X
Popular trader Patric H. added $92,500 as a key level to reclaim.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
