#cryptonews
Bitcoin (BTC) struggled to maintain its bullish momentum, dropping below $87,000, even after former U.S. President Donald Trump declared that the U.S. government would never sell its Bitcoin holdings.
Despite optimism surrounding the White House Crypto Summit and the introduction of a Strategic Bitcoin Reserve, bearish sentiment continues to weigh on BTC.
This dip follows Bitcoin’s brief surge to $94,000 earlier this week, where it failed to sustain gains.
As of today, BTC is trading at $86,060, marking a 2.5% decline over the past 24 hours. The 24-hour trading volume stands at $51.9 billion, reflecting high market activity.
This selling pressure has contributed to Bitcoin’s decline, as these investors capitalize on price rallies: – BTC drops to $86,060 after failing to hold above $94,000 – Whales and institutions selling on Binance add downward pressure – Trump backs BTC, but market uncertainty limits bullish momentum
According to CryptoQuant analyst Crazzyblockk, large BTC holders, including whales and institutions, have been offloading BTC on Binance.
This move signals a major shift in U.S. policy, positioning Bitcoin as a long-term asset rather than an asset to be sold for short-term gains.
At the White House Crypto Summit, Trump and his crypto advisor David Sacks revealed that the U.S. holds 200,000 BTC under a new Strategic Bitcoin Reserve.
However, despite Trump’s bullish stance, the market remains cautious: – Trump pledges not to sell U.S. Bitcoin holdings – U.S. holds 200,000 BTC, making it the largest government BTC reserve – Investors remain wary of future regulations and profit-taking risks
– Support at $86,910 – a critical pivot level – Break below $86,910 could push BTC to $84,750 and $81,460 – 50-period EMA at $87,930 – acting as a resistance zone – Break above $89,170 needed to regain bullish momentum toward $92,840 and $95,110
Bitcoin is consolidating within a symmetrical triangle on the 2-hour chart, currently trading near $86,060. Key technical levels indicate:
However, the market remains in a wait-and-see mode, closely watching regulatory developments and whale activity.
With weaker U.S. NFP data and a declining dollar, Bitcoin could see renewed upside momentum.
Bitcoin’s future price trajectory will depend on how the market digests Trump’s pro-Bitcoin stance and whether institutional buyers step in to counteract the ongoing sell-off.
While Trump’s announcement signals long-term institutional backing for Bitcoin, short-term price action remains bearish. Traders should monitor: – Regulatory updates from the U.S. government – Institutional selling trends on Binance – Key resistance at $89,170 for signs of a bullish reversal