#cryptonews
Bitcoin price is trading at $97,720, reflecting nearly 1% decline over the last 24 hours. Despite this dip, its market cap stands firm at $1.93 trillion.
The cryptocurrency’s price action reveals consolidation near critical support levels, with broader market factors like potential national Bitcoin reserves and corporate investments influencing its future trajectory.
The campaign highlights Crenshaw’s stringent stance on crypto, particularly her rejection of spot Bitcoin ETFs, which drew widespread criticism from key industry players. Blockchain Association representatives argue that her policies suppress innovation and create uncertainty for Bitcoin’s long-term adoption.
The crypto advocacy group CIFonX has launched a campaign opposing the renomination of SEC Commissioner Caroline Crenshaw.
During the Bitcoin MENA conference, Zhao emphasized China’s swift policy shifts, predicting its entry into the reserve race once the cryptocurrency achieves “hard asset” status globally. Zhao also noted potential geopolitical rivalries as countries, including the U.S., move to formalize Bitcoin reserves.
Changpeng Zhao, Binance’s former CEO, foresees the inevitability of national Bitcoin reserves, with smaller nations likely leading this trend.
This year alone, it has purchased 21,550 tokens, averaging $98,783 per Bitcoin. While MicroStrategy’s stock has surged 500% due to Bitcoin’s price rally, analysts express caution over potential liquidity risks should prices fall.
MicroStrategy continues to dominate headlines with its aggressive Bitcoin accumulation strategy. The company now holds over $41 billion in Bitcoin, surpassing the cash reserves of several S&P 500 companies.
Immediate resistance sits at $98,310, with a potential breakout targeting $101,290. The RSI at 42 suggests lingering bearish momentum but hints at a possible reversal if oversold conditions develop.
On the 4-hour chart, Bitcoin has established support at $97,140, closely aligned with an ascending trendline.
A sustained move above $98,310 could attract bullish interest, while failure to hold $97,140 risks testing $94,340 or lower.
