The first cryptocurrency summit will be held on Friday at the White House, hosted by President Trump, with leading figures from the cryptocurrency industry in attendance. Bitcoin bulls are still struggling to lift BTC out of a 7-week slump. Will the cryptocurrency summit ignite the fire of resistance?
Cryptocurrency Summit
The cryptocurrency summit held at the White House on Friday could have a significant impact on the future of Bitcoin and determine how the U.S. treats Bitcoin.
Currently, it remains unclear how much the summit will achieve. The White House's statement on the matter is very broad regarding what will be covered and does not set clear goals.
That said, certain topics are likely to be focused on, including the U.S. Bitcoin/Crypto Strategic Reserve, digital asset regulatory framework, tax policy, and stablecoin regulation.
President Trump will speak at the meeting, and artificial intelligence and cryptocurrency czar David Sacks will moderate the session. Bo Hines, executive director of the cryptocurrency working group, will also participate.
Confirmed guests attending the summit include Michael Saylor, co-founder and executive chairman of Strategy, Brian Armstrong, CEO of Coinbase, Arjun Sethi, co-CEO of Kraken, and several other well-known figures in the field.
Ahead of the summit, there is an air of optimism in the cryptocurrency space, with some specific details regarding the establishment of a U.S. Bitcoin/Crypto Strategic Reserve likely to emerge, which is just one of the factors that could truly ignite the existing optimism and drive the entire cryptocurrency space forward.
The W pattern has the potential to push BTC higher.
The 4-hour chart of BTC shows how the price forms higher lows and successfully touches the main upward trend line thereafter, although it has not yet shown sufficient intent to break through and hold above it. This might indicate another rejection and another short-term correction phase.
However, since the last time BTC touched the wedge top, the price action has formed a W pattern. If the bulls can keep the price roughly around these levels until Friday's cryptocurrency summit, and very positive news emerges, breaking the main upward trend line and the neckline of the W pattern could lead to a significant rise in BTC.
The indicator may suggest positive price action
Although the BTC price seems to be breaking away from the upward trend line, the stochastic RSI at the bottom of the chart shows that this upward trend may still have some momentum. The indicator line has broken the trend, as shown in the image above, and is moving higher.
The relative strength index is slightly above that level, indicating potential for a breakout of the indicator line. It is also important to remember that since August 2023, the indicator line on the daily chart has never fallen to such a low level. The continuation of this rebound indeed looks very likely.
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