$BTC Bitcoin risks a weekly close below USD 82K after disappointment with US BTC reserves

Bitcoin risks triggering long leveraged liquidations worth USD 1.13 billion if it falls below the USD 82,000 support.

Bitcoin risks a weekly close below USD 82K after disappointment with US BTC reserves

NEWS

Bitcoin could face increased downside volatility if it closes the week below the key support level of USD 82,000, as investor sentiment remains muted following the short-term disappointment of the United States' Strategic Bitcoin Reserve.

President Donald Trump's executive order, signed on March 7, outlined a plan to create a Bitcoin reserve using cryptocurrencies seized in government criminal cases instead of actively acquiring $BTC (BTC) through market purchases.

The lack of direct federal investment in $BTC has "triggered a short-term negative market reaction and a decline in the price of Bitcoin," according to Bitfinex analysts.

Bitcoin needs to close the week above the key support of USD 82,000 to avoid further declines due to this short-term disappointment from investors, analysts told Cointelegraph, adding: