Bitcoin Pulls Back After Failing to Hold Above $66,000 Following Trump Speech
Bitcoin pared earlier gains during Asian trading hours after failing to sustain its move above the $66,000 level, coinciding with a speech by U.S. President Donald Trump before Congress that made no direct reference to digital assets.
The world’s largest cryptocurrency had risen more than 3.5% ahead of the speech, briefly pushing past $66,000, before retreating to stabilize around $65,500. While this marked its strongest daily gain since February 13, the momentum faded as the address concluded without any explicit policy or regulatory signals supportive of the crypto sector.
The initial rally was driven by dip-buying activity following an extended sell-off that had pressured the market in recent days, particularly amid escalating geopolitical tensions and renewed concerns over potential 15% U.S. trade tariffs.
Although Trump is generally viewed as relatively supportive of cryptocurrencies since his return to the White House, the absence of any clear regulatory or legislative references disappointed traders, triggering a swift pullback in prices.
Meanwhile, derivatives market data point to growing downside hedging, with approximately $230 million in put options set to expire on March 6 clustered around the $58,000 level, signaling increased demand for protection against further declines.