Bitcoin price dumps again — Will $90K turn into resistance or support?
Favorable macroeconomic conditions and the potential of a US strategic crypto reserve launch could help Bitcoin flip $90,000 to support.
Bitcoin (BTC) price plunged from $93,700 to $89,250 in under an hour on March 3, wiping out half of the previous day’s gains. The drop likely triggered panic among traders as S&P 500 index futures fell 1% following China’s announcement of retaliatory measures against the United States’ additional 10% import tariffs.
Despite the sell-off, Bitcoin’s chances of reclaiming the $90,000 support remain strong. On March 2, US President Donald Trump stated that Bitcoin and Ether (ETH) would be key components of the country’s strategic digital asset reserves. Trump also hinted that further details would be disclosed during the first government crypto summit on March 7.
Bitcoin/USD (left, orange) vs. S&P 500 futures (right). Source: TradingView/Cointelegraph
