The Bitcoin price rally stopped at $ 97,800 on Saturday, while the markets reacted to a major update of the adoption of the cryptocurrency reserve of Arizona.
The Governor of the State of Arizona Vetor to opinions against the Bitcoin Reserve Bill after the Congress approval
The ascending momentum of Bitcoin faced unexpected opposite winds this week after a political setback in Arizona. Governor Katie Hobbs officially opposed his veto to the Senate Bill 1025, which sought to allow the State to invest in public funds in Bitcoin.
This decision occurred only a few days after the bill adopted the Arizona Chamber, signaling bipartite momentum towards the adoption of cryptography at the level of the State.
Citing the fiduciary risk, Hobbs stressed that the Arizona retirement system remains one of the strongest in the country precisely because it avoids assets “not tested” such as virtual currency.
This development aligns Arizona with several other states, Oklahoma, Montana and Wyoming, where similar crypto bills have weakened.
The bill had proposed to establish a strategic reserve of digital assets using entered public funds and up to 10% of the State Treasury.
The veto of Hobbs marks an important reversal, especially since the state's legislature had approached the positioning of Arizona as the first American state to adopt bitcoin as a reserve asset.
In the future, another related proposal, SB1373, is still waiting for a final vote and can reopen the conversation if it obtains enough legislative support.
Bitcoin Price strikes the sales furniture at $ 98,000, as a lever effect of $ 1.2 billion
BTC Price displayed a solid performance throughout the week, climbing new heights of 70 days to $ 97,800 early Saturday before trace around $ 96,700.
The time of withdrawal, which closely followed the veto of Governor Hobbs, seems to have been cautious among merchants and short -term holders.
Data from Rinsing“The liquidation card reveals a dense group of short positions at $ 98,000, where the bears placed around $ 1.2 billion in leverage.
The liquidation card visually highlights where important liquidations can occur if the price moves strongly in both directions.
While the bulls control $ 7.45 billion in long positions, only $ 4.42 billion is on the short side. However, almost 25% of the total short lever effect focuses precisely at $ 98,000, which suggests that bears use the regulatory rejection of Arizona as a catalyst to test increase resistance.
Despite this, the Bulls still have an advantage of $ 3 billion, which suggests that a solid defense could emerge around the support levels, in particular nearly $ 96,000, where the previous consolidation zones have formed.
Downstream: an action of the weekend dipped in advance for the price of bitcoin price forecasts
Arizona's veto introduces a new regulatory skeptic, it could weaken institutional demand during the weekend, because the markets are waiting for more and more clarity.
The presence of $ 1.2 billion in short positions grouped to $ 98,200 creates a psychological and technical ceiling, attenuating the momentum towards an $ 100,000 escape.
In order for Bitcoin to advance towards the BTC price forecasting trajectory of $ 100,000, a decisive decision above this short group is required, potentially triggered by a renewed institutional accumulation or the rear winds of new policies.
Until then, the action of the Bitcoin price could be limited in the range from $ 96,000 to $ 98,000, if the weekend activity is lying as expected.
Bitcoin Price forecasts today: beach between $ 96,000 and $ 98,000 in the middle of the decreasing momentum
Bitcoin price forecasts today suggest a strong and cautious position, with the momentumingly slowing down just below the $ 98,000 mark.
The daily graph shows that the BTC is consolidated after a strong race, but the reluctance to violate the upper resistance near the top of the Bollinger strip to $ 100,736 reflects the increase in general pressure.
On the positive side, the price of the BTC remains higher than the 20 -day mobile average, at $ 90,813, but the signal of the tightening bands has reduced volatility and a potential break in an ascending extension.
The BBP indicator, although still in positive territory at 5,647, has flattened, reflecting moderation of the purchase pressure.
Meanwhile, the MacD lines remain in a bullish crossroads, but the histogram bars shorten, which weakens the weakening of the bullish momentum.
This raises the possibility of a lateral drift during the weekend unless another significant market catalyst is reversed institutional interest
Bitcoin price forecasts are focusing cautious as long as prices are in box between $ 96,000 and $ 98,200 resistance.
A decisive rupture greater than $ 98,200 would invalidate the consolidation thesis, while a drop of less than $ 96,000 could open around $ 92,000. For the moment, techniques call for restraint until a clearer direction emerges
Frequently asked questions (FAQ)
The price was retraced after the governor of Arizona was vetoing a Bitcoin key reserve bill,
He proposed to allocate public funds, including up to 10% of treasury assets, Bitcoin, but was opposed to the veto on fiduciary concerns. Trigger caution and short -leverage bets.
About $ 1.2 billion in short positions are stacked at $ 98,000, acting as a major technical and psychological barrier.
Ibrahim
Cryptographic analyst covering derivative markets, macro-tendencies, technical analysis and defi. His work presents in -depth information on the market, price forecasts and institutional quality research on digital assets.
Warning: The content presented may include the author's personal opinion and is subject to the market state. Do your market studies before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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