The strong sell-pressure in the Bitcoin spot market has effectively nullified the gains made following former US President Donald Trump’s March 1 announcement about a crypto reserve. Initially, Bitcoin surged 12%, moving from $85,000 to $95,000 in response to the news. However, according to analysts from Bitfinex, the intense selling pressure in the spot market has wiped out most of those gains.
As of now, Bitcoin is trading at $87,190, and a return to the $94,000 mark would require a nearly 8% increase from the current price, based on CoinMarketCap data. This highlights the significant impact of selling activity on Bitcoin's price despite initial positive momentum following the announcement.
