$BTC

🔥Bitcoin Dips After US Reserve News: Can Bulls Hold $88K?

Bitcoin experiences a quick pullback following Donald Trump’s signing of the U.S. Bitcoin Reserve Order. Will BTC’s price survive the sudden rise in volatility?

The fluctuation in the crypto market continues as the broader market sees a 24-hour liquidation exceeding $500 million, with $400 million accounted for by long liquidations. Bitcoin has experienced a swift downswing as a result.

Additionally, Bitcoin’s price saw an intraday pullback of 1.98%. Currently, BTC trades at $88,095, showing a lower price rejection from the 24-hour low of $84,713.

As the swift recovery signals bullish support at lower levels, can this lead to a triangle breakout rally? Let’s explore.

Bitcoin Falls as Donald Trump Signs Bitcoin Reserve Order

The recent pullback in Bitcoin came despite Donald Trump, the U.S. President, signing an executive order to establish a strategic Bitcoin reserve. The announcement led to a swift drop in Bitcoin, falling from a 24-hour high of nearly $91,000 to just under $85,000.

Is This a $17B Reduction in Bitcoin Supply?

In an X post, David Sacks, the White House’s AI and crypto czar, disclosed that the Bitcoin reserve aims to deviate from the U.S. government’s historical Bitcoin sales. In the last ten years, it has lost over $17 billion.

Meanwhile, the U.S. government currently holds 198,109 bitcoins, worth $17.41 billion. With the implementation of the Bitcoin reserve, the market is spared from selling pressure totaling approximately $17 billion.

Will BTC Price Cross $100k?

Short-term market movements are experiencing high volatility, similar to a “buy-the-rumor, sell-the-news” phase. The current consolidation within the triangle pattern leaves Bitcoin’s price at a crossroads.

Based on Fibonacci levels, a breakout above the overhead trendline could challenge the $106,000 supply zone. On the other hand, the crucial support remains near $81,855.

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