Bitcoin's (BTC) price action has registered a stumble during the current session after reaching an intraday high of $92,910. The decline sees the flagship cryptocurrency retreat back below $90,000, down over 1% during the current session. Despite the decline, BTC remains marginally up over the past 24 hours. However, a decline below $90,000 could see the price drop towards $85,000 or lower. Donald Trump Delays Canada, Mexico Auto Tariffs Bitcoin (BTC) went past $90,000 earlier today after President Donald Trump announced he was delaying tariffs on Canadian and Mexican auto imports. The decision grants a one-month exemption for automakers, easing concerns a trade war could damage domestic manufacturing. The decision came after Trump met with Ford, General Motors, and Stellantis executives. Investors were also happy with the delay, indicating that tariffs may not cause as much economic upheaval as previously expected. BTC is trading just below the $90,000 level after declining during the current session. However, crypto-related stocks have registered substantial gains, with Coinbase (COIN) up 4% while Strategy (MSTR) jumped 12%. However, interest in Bitcoin futures is at its lowest since October 2024, indicating that traders remain cautious. Blockchain analytics firm Sentiment has noted that the Bitcoin network continues to grow, with smaller wallets registering a substantial increase. Trump’s Crypto Reserve Likely To Contain Mostly Bitcoin: Bitwise Bitwise Chief Investment Officer Matt Hougan believes President Trump’s planned crypto reserve will be made up almost entirely of Bitcoin, despite the inclusion of other cryptocurrencies. Hougan stated in a March 5 market note, “Market participants have soured on the announcement because the proposed reserve holds more than Bitcoin. The inclusion of small-cap assets in the announcement unnecessarily complicated matters.” Trump had initially stated the reserve would include SOL, ADA, and XRP, causing confusion in the crypto community. He later clarified BTC and ETH would be at the heart of the reserve. Hougan added, “After the dust settles, I suspect the final reserve will be nearly entirely Bitcoin, and it will be larger than people think.” BTC rallied after its inclusion in the reserve but lost momentum the following day, recovering after Trump announced he was delaying auto tariffs on Canada and Mexico. However, the flagship cryptocurrency has fallen into the red during the ongoing session, down over 1%. “The inclusion of speculative assets like Cardano feels more calculating than strategic. Despite the flawed rollout, he thinks the market is misreading things.” Mt.Gox Transfers 12,000 BTC To New Wallet Defunct cryptocurrency exchange Mt.Gox has transferred over 12,000 BTC worth over $1.2 billion to a new wallet. The transfer is one of the largest transactions by the exchange since its bankruptcy in 2014. Such transfers are generally a consolidation of holdings to new addresses before they are sent to a crypto exchange and sold on the open market. Mt.Gox was one of the biggest exchanges in the market before its unraveling, handling over 70% of all BTC transactions. A major hack decimated the exchange as it lost over 740,000 BTC , valued at over $15 billion at current prices. Mt.Gox trustees have put together a repayment plan with a deadline of October 31, 2025. Bitcoin (BTC) Price Analysis Bitcoin (BTC) faces volatility during the ongoing session as it struggles to hold on to the $90,000 price level. BTC had risen to $92,910 as markets anticipated the first-ever White House Crypto Summit, scheduled for March 7. However, profit-taking saw the price decline and settle closer to $90,000. BTC registered a substantial rally on Sunday but lost momentum as traders were rattled by a fresh round of tariffs and the prospect of a trade war with China. Singapore-based QCP Capital stated, “Investors view this as an asymmetric event with high stakes. Will it serve as the unexpected catalyst that sends prices soaring, or will it explore crypto’s fragility and trigger a deeper selloff? Lens out. Corporate bond spreads are widening, with high-yield spreads now sitting at 290 bps above Treasuries, while the investment-grade vs. high-yield spread stands at 200 bps. While this isn’t signaling panic, it's a trend worth monitoring closely.” BTC traded in the red for most of last week, declining nearly 5% on Monday and slipping below $90,000 on Tuesday to an intraday low of $85,984. It recovered from this level but could not reclaim $90,000, ultimately settling at $88,657. Bearish sentiment intensified on Wednesday as BTC fell over 5% to $84,129. Despite the overwhelming selling pressure, BTC recovered on Thursday, rising to an intraday high of $87,045 before settling at $84,656, ultimately registering a marginal increase. However, the price was back in the red on Friday as it plunged below $80,000, falling to an intraday low of $78,173. It recovered from this level to reclaim $80,000, ultimately settling at $84,362. Source: TradingView Sentiment changed on Saturday as BTC registered an increase of over 2% and settled at $86,182. Bullish sentiment intensified on Friday as markets rallied. As a result, BTC surged over 9% to reclaim $90,000 and go past the 20-day SMA to settle at $94,322. However, it lost momentum on Monday, dropping nearly 9% to give up Sunday’s gains and settle at $86,225. BTC fell to an intraday low of $81,500 on Tuesday as selling pressure intensified. It recovered from this level to register an increase of 1.27% and settle at $87,316. Buyers retained control on Tuesday as the price rose nearly 4% to reclaim $90,000 and settle at $90,369. The current session sees BTC marginally up as it faces volatility and struggles to remain above $90,000. The RSI sits under the neutral zone while the MACD has turned bearish, indicating buyers have the upper hand. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
