Bitcoin and other cryptocurrencies have shown intriguing price movements recently. On February 28th, BTC dipped to around $78,000 (USD) but rebounded over the weekend. A key catalyst was a March 2nd social media post by former U.S. President Donald Trump advocating for "strategic crypto reserves," sparking a market-wide rally affecting BTC, ETH, SOL, ADA, and XRP.
While this news provided temporary momentum, sustained upward movement isn't guaranteed. The upcoming March 7th White House Crypto Summit could dictate market direction—disappointing outcomes may trigger sell-offs, but optimism currently prevails.
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Will Bitcoin Break Through the Descending Trendline?
BTC/JPY daily chart analysis reveals prices approaching a descending trendline resistance. This level often prompts pullback selling, but a breakout seems plausible. Key observations:
- Immediate Target: ¥15 million (~SMA90 resistance)
- Buying Strategy: Look for dips between ¥13.8–13.85 million or deeper support at ¥13.35 million
- Timeline: Bullish bias until the March 7th summit
The 4-hour chart suggests shallow pullbacks post-surge, with SMA90 (blue) acting as primary support. Traders might consider two-tiered buying:
- Shallow dip near ¥13.8M
- Deeper correction at ¥13.35M support
Ethereum (ETH) Reverses: ETF Rebound Potential
ETH/JPY 4-hour charts mirror BTC's trajectory, with prices stabilizing above ¥355K support. Technical indicators suggest:
- MACD nearing positive territory
- SMA30 (yellow) as secondary support (~¥347K)
- ETF-related buybacks could accelerate during NY trading hours
Short-term upward momentum appears likely, especially if ETH spot ETFs gain traction. March 3rd presented particular opportunities pre-NY open.
FAQ Section
Q: Is Bitcoin's current rally sustainable?
A: While technically bullish, sustainability hinges on policy developments like the March 7th summit.
Q: What are key ETH price levels to watch?
A: Monitor ¥355K (immediate support) and ¥347K (SMA30). Break above ¥370K may confirm uptrend.
Q: How do ETF flows impact crypto prices?
A: Significant ETF buybacks (especially BTC/ETH) often precede short-term price surges.