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Bitcoin Drops as U.S. Announces Strategic Reserve Without New Purchases

Bitcoin (BTC-USD) is showing bearish signals, trading below both its 7-day and 30-day moving averages despite a 2.3% gain over the past week. The cryptocurrency fell by approximately 5% in the last 24 hours, dropping to around $85,000, following an executive order from former President Donald Trump. The order establishes a U.S. strategic Bitcoin reserve but relies on existing government-held tokens rather than new acquisitions, disappointing investors who had hoped for fresh institutional demand.

The lack of immediate buying plans triggered a wave of selling, exacerbated by significant outflows from spot Bitcoin ETFs, further pressuring prices. Market analysts are now closely watching institutional and retail sentiment for signs of potential recovery or continued declines.