To receive the Morning Note in your inbox, subscribe here: https://stormrake.substack.com/
After spending all of February terrorising the crypto market with his tariff and trade wars—driving fear levels to their lowest since 2022 and sending Bitcoin below $80K—Donald Trump has now flipped the script. Not only has he announced a Crypto Summit at the White House on March 7, but more importantly, he has made two major posts on Truth Social revealing plans for a Crypto Strategic Reserve.
His first post stated that the reserve "includes XRP, SOL, and ADA," which instantly ignited rallies of 22% for SOL, 32% for XRP, and 60% for ADA. This bullish momentum spilled over into the wider market, pushing prices higher. Trump then followed up with another post, reassuring investors that other assets would also be included: "And, obviously, BTC and ETH, as other value cryptocurrencies, will be at the heart of the reserve." This sent Bitcoin and the rest of the market soaring.
Bitcoin Back Above $94K – Are We Back?
Bitcoin is now trading above $94K, having hit a high of $95K this morning—up 9% on the day. The broader crypto market added a staggering $330 billion in market cap within four hours of Trump’s first post.
Just two days ago, Bitcoin was in extreme fear territory, dipping below $80K for the first time in nearly five months. Now, it has surged 20% and seems to be making a strong comeback. Are we back? We very well could be…
The upcoming Crypto Summit at the White House is another key bullish catalyst. Its announcement alone sparked Bitcoin’s initial recovery to $85K, before Trump’s recent posts accelerated the rally. David Sacks is set to host, which has further fuelled buying interest.
The key question is: will the summit bring much-needed clarity on the Strategic Reserve? If so, Bitcoin could see another major rally, potentially pushing back above $100K. However, could this also be another "buy the hype, sell the news" event? Investors have been burned before—several previous summits failed to deliver on the Strategic Reserve, leaving the market disappointed. This time, anticipation is at its peak, and the outcome will likely determine the market’s next move.
Trump’s Market Influence – Volatility Here to Stay
It’s clear that the entire crypto market now revolves around one man. Trump’s impact on crypto has been unmatched over the last five months:
- His election victory sent Bitcoin from $66K to $109K.
- His TRUMP memecoin launch created a top 15 project in just 48 hours.
- His tariffs and trade war rhetoric plunged the market back into extreme fear.
- And now, his Strategic Reserve announcement has flipped sentiment bullish again.
This Trump-driven volatility is here to stay, and we should expect more sharp corrections throughout the year. As I’ve said countless times before, these dips are golden buying opportunities. Time and time again, I’ve been proven right—and those who followed my advice have reaped massive gains.
Stormrake Spotlight: Sonic (S) ($0.74)
Stormrake Spotlight: Sonic (S) ($0.74)
As mentioned on Saturday, despite five consecutive red candles, I remained bullish as Sonic bounced off the 21EMA and held the bullish order block. My bullishness was spot on—we have already rebounded 10% from this level and look set to continue higher.
This recent low strengthens the bullish structure, forming a higher low—and now, we look for a higher high above $1.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Overnight, Bitcoin exploded 9% following Trump’s Strategic Reserve posts, breaking through key resistance levels and moving averages with ease. The next area of interest is $95.7K, a major level that previously acted as strong support during Bitcoin’s consolidation phase last month. If bulls can reclaim this level, Bitcoin could be set for another leg higher.
On the downside, $92.5K is the key support level to watch. If Bitcoin pulls back, this area will need to hold to maintain the short-term bullish structure. A breakdown below it could open the door for a deeper retracement, but for now, momentum remains firmly in favour of the bulls.
BTC Total ETF Flows for 2 Mar: $ (data not available at the time of writing)
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum followed Bitcoin’s lead, surging from the bottom of its range all the way to the top, where it met resistance at $2,556. After decisively breaking through its moving averages, ETH has now flipped them into support—a bullish sign for further continuation.
On this current pullback, we can expect ETH to test the 200EMA and 21EMA, which should provide strong support around $2,400. As long as this level holds, the uptrend remains intact, and a push beyond $2,556 could see Ethereum target higher levels.
ETH Total ETF Flows for 2 Mar: $ (data not available at the time of writing)
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
Create a brokerage account today
No Advice Warning
The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
Disclaimer
All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.Copyright © 2024 Stormrake Pty Ltd, All rights reserved
