Bitcoin (BTC) Price Drops 4% After Trump Speech at Blockwork's Crypto Summit

Bitcoin (BTC) experienced volatile price action on Thursday as US President Donald Trump spoke at Blockwork's Digital Asset Summit.

Bitcoin price action hit a new 10-day low of $83,600 on Thursday, March 20, following US President Donald Trump’s speech at Blockwork’s crypto digital asset summit. On-chain data shows that BTC whale transactions increased significantly this week aligning with expectations of the dovish Fed as macroeconomic indices showed slowing inflation.

Why Is Bitcoin (BTC) Price Tumbling After Trump Speech At Blockwork’s Crypto Summit?

Bitcoin experienced volatility price action on Thursday as US President Donald Trump spoke at Blockwork’s Digital Asset Summit. During the speech, Trump further expressed his support for the crypto industry.

While emphasising his intention to push forward with the crypto strategic reserve proposal, he hinted that his regime would “hold crypto assets long-term rather than sell early for a fraction of their future values, as the Biden administration did.”

However, considering that investors had already priced in most of the talking points during previous rallies this month, Trump’s speech failed to generate new bullish narratives.

Consequently, within hours of the speech, BTC price tumbled to new lows around $83,600, down 4% from the day’s peak of $85,900. With a longer upper shadow, BTC’s latest price action appears to be a bearish leg.

However, with market volumes trending significantly lower than the previous trading session, the sell-off lacked sufficient momentum to trigger massive downward moves.

After Trump's speech Bitcoin price dropped below $84,000 down 4% from the 24-hour high of $85,900. This signals that a large number of short-term traders opted to execute the sell-the-news- strategy, as Trump failed to deliver fresh policy announcements during the speech.

Digging deeper on-chain data trends suggest Bitcoin is unlikely to witness rapid declines in the coming trading sessions.

Validating this stance, on-chain data from IntoTheBlock shows that Bitcoin's 10% price rally which peaked at the $85,900 level on Thursday after the US Fed pause, had been accompanied by a significant increase in whale demand.

The large transactions count metric from IntoTheBlock represents the total value of all transactions on a blockchain network that exceed $100,000 in value on a given day. This serves as a proxy for measuring whale activity around certain market events.

As seen in the chart above Bitcoin had recorded only $32 billion worth of large transactions on Sunday March 15. However, as the week began, BTC whale transactions rose steadily to hit the $45.7 billion mark during the rally that accompanied the US Fed decision on March 19.

This shows that Bitcoin whale transactions had increased by nearly $14 billion this week, coinciding with a 10% rally, which saw BTC tap the $85,900 level for the first time in 10-days.

When a cryptocurrency rally is accompanied by a prolonged whale accumulation as observed in IntoTheBlock’s on-chain Bitcoin data this week, the price is likely to hold relatively high support levels, when the rally subsides.

Notably, whale investors are known to be shrewd with long-term staying power.

Hence, if the whales who executed the weekly time-frame peak of $45.7 billion opt to hold out for profits before selling, BTC is likely to reclaim the $85,900 peaks recorded ahead of the Trump speech before ultimately entering a large pull back.

The whales’ reluctance to sell at a loss may also explain why Bitcoin current trading volume remains significantly lower than those seen when BTC whale transactions drove the rally earlier in the week.

Bitcoin Price Forecast: $86K Breakout Before $80K Breakdown?

The latest Bitcoin price forecast signals more volatile swings ahead, with the potential for an $86,000 breakout before a larger retracement toward $80,000.

The daily candlestick chart reveals BTC struggling to maintain its footing above the $85,000 mark, with resistance evident near the upper Bollinger Band at $92,252.

Meanwhile, the lower Bollinger Band at $78,065 signals a key support zone, aligning with recent on-chain whale accumulation trends.

A cautiously bullish outlook emerges from the Parabolic SAR indicator, which currently trends below price action, reflecting underlying support.

However, the declining trading volume and Average Daily Range (ADR) at 0.80 suggest waning momentum, increasing the risk of a pullback. If Bitcoin reclaims $86,000 and sustains bullish pressure, a breakout toward $90,000 becomes viable.

Conversely, failure to hold above $84,000 could trigger a sell-off, pushing BTC toward the $