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.
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 dip follows Bitcoin’s brief surge to $94,000 earlier this week, where it failed to sustain gains.
Whales Selling on Binance Accelerates Downtrend
According to CryptoQuant analyst Crazzyblockk, large BTC holders, including whales and institutions, have been offloading BTC on Binance. 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
While Trump’s support is seen as positive for Bitcoin’s long-term outlook, the immediate reaction has been muted, as traders remain cautious about further profit-taking and regulatory uncertainty.
Trump Announces Strategic Bitcoin Reserve, Market Still Wary
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.
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.
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
Bitcoin (BTC/USD) Technical Outlook
Bitcoin is consolidating within a symmetrical triangle on the 2-hour chart, currently trading near $86,060. Key technical levels indicate:
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
With weaker U.S. NFP data and a declining dollar, Bitcoin could see renewed upside momentum. However, the market remains in a wait-and-see mode, closely watching regulatory developments and whale activity.
Conclusion
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
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.
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The post Trump Says US Will Never Sell Bitcoin: Long-Term Price Boost After Current Drop? appeared first on Cryptonews.
