Bitcoin (BTC) weekly chart on track to close below $90,00 for the first time since November 2024

Despite February's monthly candle closing at $84,299, BTC's (BTC) weekly close formed a doji candle, closing at $94,222.

Bitcoin (BTC) price tested the $95,000 overhead resistance once again after US President Donald Trump’s announcement of a crypto strategic reserve pushed the flagship cryptocurrency higher.

Bitcoin weekly chart. Source: Cointelegraph/TradingView

Despite February’s monthly candle closing at $84,299, BTC’s (BTC) weekly close formed a doji candle, closing at $94,222.

Will Trump-pump follow the Xi-pump path?

In 2019, during a prolonged bearish trading period that stretched from June to October, Bitcoin’s market sentiment was low. However, on Oct. 25, 2019, China’s President XI Jinping’s announcement supporting blockchain technology triggered a significant price rise.

However, in subsequent days, China imposed a series of crackdowns on crypto assets and activities like mining, leading to new lows within 30 days.

Cold Blooded Shiller, an anonymous crypto analyst, drew similarities between the ‘Xi-pump’ and the current Trump pump, suggesting that sentiment rallies can often fizzle out due to lack of strength, and the market quickly adjusts itself to the prior trend.

Bitcoin 2019 Xi pump vs 2025 Trump pump comparison. Source: Cointelegraph/TradingView

As illustrated in the chart, the similarities between both periods followed similar retests of prior support ranges. In the first case below $10,000 in 2019 and below $95,000 in 2025, and the asset formed new lows 30 days later. The analyst added that in 2019, traders quickly acknowledged the pump as a “short squeeze and managed to get some very good entries.”

Likewise, Magus, a crypto trader, mentioned that bulls needed to prove themselves this week and carry out re-acceptance of the value area high (VAH) at $103,000 and value area low (VAL) at $91,000.

Bitcoin volume profile analysis by Magus. Source: X.com

The VAH and VAL define a range where the majority of trading volume occurred during a selected time period on a chart, in this case, since November 2024. However, Magus also remained cautious of the Xi pump, stating,

Related: Trump’s crypto reserve plan faces Congress vote, may limit rally

Bitcoin remains in distribution, not accumulation

Data from Glassnode suggested that despite BTC’s rally, the short-term holders’ (STH) cost basis dropped below 1 after initially moving above $92,700. Bitcoin’s current price is below $92,700, which implies that STHs remained in a “fragile position” with profitability current at breakeven.

Additionally, the data analytics platform also stated that Bitcoin’s accumulation trend score remained under 0.5 for 58 consecutive days, underling a long period of net distribution.

Bitcoin accumulation trend score. Source: X.com

A distribution period is defined as a phase of profit-taking by investors, which is often in line with market corrections. Glassnode added,

Related: Biggest CME gap ever at $85K: 5 things to know in Bitcoin this week

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.