Bitcoin dropped to intraday lows after the Wall Street open on March 6, despite the first Crypto Summit at the White House.
Market Reaction to White House Summit
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading down 2% on the day, pulling back after attempting to reach local highs near $93,000. Despite expectations ahead of the summit and promises of announcements related to Bitcoin reserves, trader interest remained muted.
Analysts' Statements on Price Movements
Trader Justin Bennett, who previously foresaw a return to the $78,000 level, expressed his views on the $92,000 resistance. Another trader, Nihilus, highlighted the importance of $90,000 as a key support/resistance level.
Impact of Economic News on Fed Rates
Despite minor changes in U.S. jobless claims, the odds of a Federal Reserve rate cut increased. The Kobeissi Letter resource noted the growing probability of rate cuts, positively impacting crypto as an asset class.
Markets remain cautious in their assessment of the crypto summit, while macroeconomic factors increase the likelihood of Fed rate cuts, potentially impacting crypto assets.
