Bitcoin, Ethereum Extend Gains Ahead of Trump’s Crypto Summit

Bitcoin (BTC), Ethereum (ETH) and the broader crypto market extended their recovery as traders’ attention turned toward a flurry of Donald Trump-related news updates.

Trump Delays Auto Tariffs on Canada and Mexico

On March 6, Bitcoin rose by around 2.50% to $92,790 and Ethereum by 3.50% to $2,320. These gains appeared after the White House announced a one-month delay in implementing auto tariffs on Mexico and Canada.

Following discussions with Canadian Prime Minister Justin Trudeau, White House press secretary Karoline Leavitt stated that U.S. President Donald Trump is open to considering additional tariff exemptions.

That boosted short-term risk appetite among investors, benefiting Bitcoin and other crypto-assets which have been trending largely in tandem with the US stock market.

Another key driver appears to be the anticipation of a U.S. strategic Bitcoin reserve. Polymarket data shows a 65% probability of this happening by year-end, tied to expectations around the White House Crypto Summit on March 7.

While not guaranteed, this speculation is influencing market sentiment, with many seeing it as a potential game-changer for Bitcoin’s legitimacy and adoption.

ETFs are showing a recovery sentiment, as well. For instance, Bitcoin and Ethereum ETFs recorded their first positive net flow on March 5—almost after over a week of outflows, data from Farside Investors shows.

Trump-Linked Wallet Acquires $10M in Bitcoin and Ethereum

A wallet linked to World Liberty Financial (WLFI), the investment entity associated with Trump, has made major cryptocurrency acquisitions just a day before the White House Crypto Summit.

On-chain data reveals that the wallet received approximately 110.6 Wrapped Bitcoin (WBTC), valued at $9.95 million, and 4,468 ETH, worth $9.96 million, in transactions on March 6.

In addition to the Bitcoin and Ethereum purchases, WLFI acquired 3.42 million MOVE tokens valued at $1.45 million. Notably, the inflows were funded by an outgoing transaction of 25 million USDC ($25 million), suggesting a strategic capital deployment into crypto assets.

The timing of these transactions raises critical questions. With Trump scheduled to engage with key industry leaders at the upcoming White House Crypto Summit, the purchases have sparked speculation about potential regulatory shifts or upcoming policy announcements that could favor the digital asset space.

BREAKING: TRUMP JUST LOADED UP ON $10M IN $BTC & $10M IN $ETH!

JUST 1 DAY BEFORE THE WHITE HOUSE CRYPTO SUMMIT.

WHAT DOES HE KNOW?! pic.twitter.com/WoY4hMo7u5

— Merlijn The Trader (@MerlijnTrader) March 6, 2025

Bitcoin, Ethereum Technical Analysis

Bitcoin (BTC) and Ethereum (ETH) have both bounced from key support levels and are now trending toward the upper boundaries of their descending parallel channels, signaling a potential test of resistance in the near term.

Bitcoin Technical Outlook

BTC/USD is currently trading at $91,532, recovering after finding support in the $85,000–$87,000 zone, which previously acted as a strong demand area in December 2024. The price briefly dipped below the 200-day EMA ($85,838) before rebounding sharply, confirming its significance as a key support level.

Bitcoin is now challenging the descending trendline resistance, with the 50-day EMA ($94,315) acting as the next major barrier. If BTC can break above this resistance, it could signal a bullish breakout, potentially targeting $97,500–$100,000 in the coming sessions.

The Relative Strength Index (RSI) is climbing from oversold levels (38.30), indicating recovering momentum. A sustained push above 50 on the RSI would further strengthen the bullish case.

Ethereum Technical Outlook

ETH/USD has also rebounded after hitting a low near $2,136, aligning with the 0 Fibonacci retracement level, marking a strong support area. The price currently trades around $2,290, approaching the dotted trendline resistance inside the descending parallel channel.

Ethereum faces multiple resistance levels ahead, including the 0.236 Fibonacci level ($2,580) and the 50-day EMA ($2,731). A successful breakout above these levels could pave the way toward $3,000, aligning with the 0.5 Fibonacci retracement level.

The RSI is recovering from oversold conditions (37.44), similar to Bitcoin, suggesting that the bearish pressure is easing. However, ETH needs to clear $2,600–$2,731 to confirm a trend reversal.