Bitcoin soared past $92,000 during Asian morning trading hours on Thursday, reflecting renewed investor confidence ahead of the first-ever White House Crypto Summit on March 7. The market-wide rally saw Dogecoin (DOGE) jump 10%, while Cardano (ADA), Solana (SOL), and Ethereum (ETH) posted 6% gains. However, XRP and BNB Chain’s BNB lagged behind, rising only 2.5%, underperforming the CoinDesk 20 index which climbed 3.5%.
The surge comes after a volatile week. On Sunday, markets soared by 12% after President Donald Trump announced plans for a strategic crypto reserve, including XRP, ADA, and ETH. However, the rally faded by Tuesday as investors awaited concrete policy details and new U.S. tariffs triggering broader market pullbacks.
White House Crypto Summit: A Defining Moment?
With Saturday’s summit approaching, crypto traders are bracing for either a breakout or a downturn. Singapore-based QCP Capital described the event as a high-stakes asymmetric risk, stating:
“Will it serve as the unexpected catalyst that sends prices soaring, or will it expose crypto’s fragility and trigger a deeper sell-off?”
Adding to the uncertainty, analysts are closely monitoring corporate bond markets, where high-yield spreads have widened to 290 basis points above U.S. Treasuries, while investment-grade vs. high-yield spreads sit at 200 basis points—a potential warning sign of risk aversion.
Bitcoin Dominance Signals Market Fear
According to FxPro senior market analyst Alex Kuptsikevich, Bitcoin’s market dominance has surged past 60%, signaling a period of investor caution. Meanwhile, Ethereum’s market share has dropped to a five-year low of 9%, a concerning trend for altcoin investors as capital continues to flow primarily into BTC.
“Bitcoin continues to flirt with the 200-day moving average (MA), bouncing back after touching levels below $83,000,” Kuptsikevich told CoinDesk.
“A return above the 50-day MA at $97,000 would mark a true bullish confirmation,” he added.
What’s Next for Bitcoin and Crypto Markets?
With Bitcoin consolidating above $90,000, the next move depends largely on regulatory signals from the White House summit. If policymakers outline favorable crypto strategies, BTC could challenge the $97,000 level, cementing a bullish trend. However, a lack of clarity or regulatory pushback may trigger a fresh wave of profit-taking.
As markets prepare for one of the most pivotal crypto events of the year, investors are watching closely—will Bitcoin soar to new highs, or is a pullback looming?
