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Bitcoin (BTC/USD) has experienced a decline of nearly 6% in the last 24 hours, trading at $95,800, following a significant bearish reversal. A drop below the critical $97,200 level has negated recent bullish momentum, with the emergence of a “Tweezers Top” and a bearish engulfing candlestick pattern indicating further downside potential.
Immediate support is found at $94,267, with additional levels at $91,868 and $89,620. On the upside, resistance is capped at $97,247, followed by $99,561 and $102,607.
The RSI at 36 indicates oversold conditions; however, bearish sentiment remains dominant, further reinforced by the 50 EMA at $97,105 acting as dynamic resistance.
Bitcoin Price Chart – Source: Tradingview
Market Influencers: Institutional Engagement and Regulatory Ambiguity
Bitcoin’s ascent to $100,000 earlier this year was fueled by robust institutional interest, including MicroStrategy’s $101M BTC acquisition and MetaPlanet’s plan to purchase 10,000 BTC. However, the recent downturn reflects a shift in sentiment, with regulatory uncertainties dampening investor enthusiasm.
Gemini Trust Co.’s $5 million settlement with the Commodity Futures Trading Commission underscores the increasing scrutiny of crypto products under U.S. regulations.
Snapshot 183 is here:
Bitcoin breaks $100K
The altcoin market cap nearly doubled in the last month
Legacy tokens such as XRP and TRON surge to new highs
Read on for what moved the market this weekpic.twitter.com/jlCLJhEg4v
— Crypto.com (@cryptocom) December 7, 2024
Bitcoin breaks $100K
Legacy tokens such as XRP and TRON surge to new highsWhile this situation highlights the difficulties in achieving regulatory clarity, anticipated pro-crypto policies under Donald Trump’s administration may rekindle optimism for Bitcoin as institutional interest continues.
The Role of Pro-Crypto Leadership
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On a global scale, Canada’s PM frontrunner Pierre Poilievre has ignited discussion with his pro-crypto position, vowing to establish Canada as a “crypto capital.” This potential policy change could enhance Bitcoin’s global legitimacy and stabilize prices above $100,000, should institutional adoption accelerate.
Despite its recent downturn, Bitcoin’s long-term outlook remains bolstered by innovation, pro-crypto policies, and trends in blockchain adoption.
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The post Bitcoin Slips Below $97K: Is the Bull Run Losing Momentum? appeared first on Cryptonews.
