Bitcoin price surged to an intraday high of $87,453 during the NY trading session but dropped to $83,655 after US President Donald Trump appeared at the Digital Asset Summit in New York. Speculations were rife about Trump announcing zero capital gains taxes on certain cryptocurrencies or making a positive statement about the US strategic Bitcoin reserve. However, these rumors turned out to be false as Trump reiterated his commitment not to sell confiscated Bitcoin and urged Congress to establish clear stablecoin legislation promptly. Despite the disappointment among traders, Trump expressed his ambition to make the US a leader in the cryptocurrency space. Market technician Aksel Kibar suggested a possible correction in Bitcoin’s price to $73,700. The recent price strength in Bitcoin was not solely due to Trump’s statement but also a positive response to FOMC minutes and Federal Reserve Chair Jerome Powell’s indication of a potential slowing pace of quantitative tightening and the possibility of interest rate cuts. BitMEX co-founder Arthur Hayes highlighted the Fed’s potential end to quantitative tightening by April 1 and warned of volatility that could impact stocks and Bitcoin. Most of Bitcoin’s recent price movements have been influenced by futures markets activity, but the return of the BTC Coinbase premium signals a revival in spot demand. Traders are advised to stay informed and conduct thorough research before making any investment decisions.