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Bitcoin Falls Below $90K After Trump’s Executive Order – What’s Next?
Following President Donald Trump’s signing of an order creating a Strategic Bitcoin Reserve, the price of Bitcoin has dropped sharply. Currently trading close to $87,101, the flagship coin has dropped by 5% over the past 24 hours. The cryptocurrency market cap as a whole has dropped by 4.68 percent to $2.86 trillion.
Investors are questioning whether Bitcoin would bounce back or tumble more given its present important support levels. Let’s dive into the latest analysis and expert predictions.
Trump’s Bitcoin Reserve: What Does It Mean for BTC?
According to Arkham Intelligence, Trump’s Executive Order establishes a U.S. Strategic Bitcoin Reserve, funded exclusively by Bitcoin obtained through criminal or civil forfeiture—without using taxpayer funds.
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The U.S. government currently holds 198,109 BTC (~$16.92B).
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Previously, the government sold 222,684 BTC at an average price of $14,736, missing out on potential gains of $16.14 billion.
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The newly created U.S. Digital Asset Stockpile will hold forfeited digital assets without acquiring additional BTC from the market.
How Does This Affect Bitcoin Price?
Traders worry that if the government sells off its Bitcoin reserves, it will raise selling pressure and lead to more corrections. However, Long-term investors, on the other hand, find this proof of institutional acceptance of Bitcoin’s worth, which may help BTC’s long-term course to be better.
Bitcoin Price Analysis: Can BTC Recover?
BTC Faces Key Support Levels
After declining below $90,000, Bitcoin is trading at almost $87,000 now. The next significant assistance falls between $85,500 and $86,000.
If BTC fails to secure the $85,000 level, it might fall significantly down to $82,000 to $83,500.
In case BTC holds an $85000 level and successfully completes a move above $90000 levels, then it may be steered towards the short-term targets of 95000-98,000.
Crypto analyst Ali Martinez claims that BTC is now trading in a triangle pattern, suggesting a possible 20% price movement not too far off.
Long-Term Holders Are Accumulating BTC
On-chain data reveal notable accumulation by long-term Bitcoin holders despite the temporary decline. In the past month, long-term holders added 85,000 BTC, so bolstering their faith in the next price rises.
Investors should remain informed and monitor important support and resistance levels as the price action of Bitcoin becomes more erratic. Will a more thorough correction take place or will Bitcoin recover shortly?
Also read:
Pi Price Prediction: What Happens if Binance and Coinbase Add Pi?
