On March 19, Bitcoin reached a new intraday high of $87,453, driven by rumors regarding U.S. President Donald Trump's upcoming statements at the Digital Asset Summit in New York.
Trump's Speech at the Digital Assets Summit
Prior to Trump's speech, rumors suggested possible changes in tax policy for cryptocurrencies or the creation of a U.S. Bitcoin reserve. However, Trump only reiterated his promise not to sell confiscated Bitcoins and called on Congress to pass stablecoin legislation. Following his address, BTC fell to $84,000.
Analysts' Bitcoin Forecasts
Despite the drop, analysts expect further correction. Analyst Aksel Kibar indicated a possible decline to $73,700, which will determine market direction in the coming months.
Futures and Spot Market Activity
Bitcoin's volatility was largely driven by futures market activity. The return of the Coinbase premium suggests renewed demand in the spot market. BitMEX co-founder Arthur Hayes noted that QT policy could soon end, but warned of potential further volatility.
Bitcoin exhibited significant volatility due to policy rumors and futures market activity, highlighting the importance of external factors in crypto markets.
