Bitcoin price rallied to $87,453 on March 20, but quickly retraced to $83,655 following U.S. President Donald Trump’s virtual appearance at the Digital Asset Summit. Traders had anticipated bold announcements such as zero capital gains tax on crypto, but Trump focused instead on reaffirming America’s leadership in crypto and pushing for clear stablecoin legislation.

Despite the lack of groundbreaking news, Bitcoin held steady near $85,000. Technical analyst Aksel Kibar suggested Bitcoin may still revisit $73,700 support before determining its longer-term trend.

Additionally, market optimism was supported by the Federal Reserve’s recent signal to slow down quantitative tightening, with potential rate cuts in 2025. BitMEX co-founder Arthur Hayes welcomed the Fed's move but warned of possible volatility ahead, advising traders to “stay nimble and cashed up.”

The return of the Bitcoin Coinbase premium could signal renewed spot demand, potentially adding further stability to $BTC price action.

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