How Will Bitcoin Price React to Trump's March 7 Crypto Summit and Nonfarm Payrolls?

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How Will Bitcoin Price React to Trump’s March 7 Crypto Summit and Nonfarm Payrolls? – Crypto News

Published

1 week ago

March 6, 2025

Dripp

Bitcoin (BTC) price surged to a three-day high of $92,000 on March 6, 2025, as crypto traders bought into the rally likely driven by the buzz around Friday’s White House Crypto Summit. Speculation is rife that President Donald Trump may announce zero capital gains tax on US coins. Meanwhile, the upcoming US non-farm payroll data is driving expectations of heightened BTC volatility.

Bitcoin price today trades at $91,247 after a 1.4% rise in 24 hours. BTC has fluctuated between a daily low of $87,000 and a daily high of $92,000.

Bitcoin Price Gains Ahead of Crypto Summit

Bitcoin price is not showing signs of retracing after clearing the psychological level of $92,000. Traders are likely holding as they wait to see the impact that this summit will have on BTC prices.

Speculation is mounting that President Trump will announce tax relief for US Coins. This tax relief could apply to BTC as it has been included in plans for a crypto reserve. Trump’s crypto push could drive institutional demand and fuel a rally.

Additionally, Commerce Secretary Howard Lutnik has hinted at a Bitcoin-only reserve being announced during the summit. In an interview with The Pavlovic, Lutnik stated,

“A Bitcoin strategic reserve is something the President is interested in. He spoke about it all during the campaign trail, and I think you’re going to see it executed on Friday.”

Michael Saylor, who will also attend the summit has stated that the US government will buy 1M BTC over a period of four years, which is also fuelling a bullish Bitcoin price prediction.

Upcoming US Nonfarm Payroll Data May Spike Bitcoin Volatility

Besides the summit, Bitcoin is gaining due to macroeconomic factors. The US non-farm payrolls (NFP) data for February will be released on Friday, which will affect Bitcoin price based on market expectations.

An ADP National Employment Report predicts that the labor market has weakened, with only 77,000 new jobs, a notable decline from January’s 143,000. On the other hand, Reuters anticipates that the jobs data will show growth in the labor market with a gain of 160,000 jobs.

If the NFP data declines, it will show a weak labor market, which can lead to the Federal Reserve slashing interest rates. This will bode well for Bitcoin price. However, if the results come in higher than expected and show a strong labor market, it could trigger a drop in BTC price as the Fed will likely maintain or hike interest rates to tame inflation.

Bitcoin Price Technical Analysis

Bitcoin bulls seem to be regaining their control over the price action. The volume profile bar shows that after its recent rally, BTC has entered a high-demand zone between $92,000 and $98,000 where previous buying activity was concentrated.

If Bitcoin continues to rise within this range, it can flip resistance at $97,840 and fuel a continuation past the $100,000 level. However, if it fails to maintain the momentum, it may retest a lower support level of around $86,000.

The RSI at 48 shows that BTC is recovering from oversold territory but has yet to confirm strong bullish momentum. However, this indicator has been making higher lows, hinting at a possible trend reversal.

BTC/USDT: 1-day Chart

With macroeconomic events in focus. Bitcoin price trajectory will depend on the market reaction to the White House Crypto Summit and the NFP data. A weak jobs report could drive speculation of Fed rate cuts, driving further upside for BTC price.

Frequently Asked Questions (FAQs)

President Trump will likely announce a Bitcoin Strategic Reserve during the summit. As traders anticipate this announcement, it is fueling gains for BTC price.

If the NFP data shows a weak labor market, it could drive the Fed to trim interest rates, which will fuel Bitcoin gains. However, a strong labor market could trigger another price drop due to the expectation that the Fed will hike or maintain rates.

Bitcoin price can rally to $106,235 if the buying pressure grows strong.