BTC briefly reclaimed $66,000 during Trump’s address as risk appetite returned, though heavy options positioning near $58,000 signals continued hedging pressure.
Bitcoin staged a sharp rebound during President Trump’s State of the Union address, climbing above $66,000 from $64,000 before the speech.
The move followed a volatile start to the week that saw BTC fall to $62,803 on Tuesday morning before buyers stepped in. As of 5:45 am ET, bitcoin was changing hands at $65,403, while ether traded at $1,913.
The rally unfolded as Trump highlighted economic strength and pointed to record equity market highs since the election. While crypto was not mentioned explicitly, broader risk sentiment improved during the speech, lifting digital assets alongside stocks. Smaller tokens also advanced before trimming gains.
Even so, caution lingers beneath the surface. Options data shows roughly $230 million in puts expiring March 6 clustered around the $58,000 strike, reflecting ongoing hedging demand. ETF flows have also remained under pressure in recent weeks.
The bounce demonstrates that buyers are still active on sharp dips. Whether that support can build into a sustained recovery remains the open question.