Bitcoin Slips Below $97K: Is the Bull Run Losing Steam?
Bitcoin (BTC/USD) has dropped nearly 6% in the last 24 hours, trading at $95,800, following a sharp bearish reversal. A break below the crucial $97,200 level invalidated recent bullish momentum, with the formation of a “Tweezers Top” and a bearish engulfing candlestick pattern signaling further downside potential.
Immediate support lies at $94,267, with deeper 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, but bearish sentiment prevails, further reinforced by the 50 EMA at $97,105 acting as dynamic resistance.
Bitcoin Price Chart – Source: Tradingview
Market Drivers: Institutional Activity and Regulatory Uncertainty
Bitcoin’s rally to $100,000 earlier this year was driven by strong institutional demand, including MicroStrategy’s $101M BTC purchase and MetaPlanet’s intent to acquire 10,000 BTC. However, the recent pullback reflects shifting sentiment, with regulatory uncertainties dampening investor enthusiasm.
Gemini Trust Co.’s $5 million settlement with the Commodity Futures Trading Commission highlights increasing scrutiny of crypto products under U.S. regulations.
Snapshot 183 is here:
🚀 Bitcoin breaks $100K
📈 The altcoin market cap near doubled in the last month
💪 Legacy tokens including XRP and TRON surge to new highs
Read on for what moved the market this week👇 pic.twitter.com/jlCLJhEg4v
— Crypto.com (@cryptocom) December 7, 2024
While this case underscores the challenges of achieving regulatory clarity, anticipated pro-crypto policies under Donald Trump’s presidency could renew optimism for Bitcoin as institutional interest persists.
The Role of Pro-Crypto Leadership
Globally, Canada’s PM frontrunner Pierre Poilievre has sparked debate with his pro-crypto stance, promising to make Canada a “crypto capital.” This potential policy shift could enhance Bitcoin’s international validity and stabilize prices above $100,000, should institutional adoption accelerate.
Despite its recent decline, Bitcoin’s long-term trajectory remains supported by innovation, pro-crypto policies, and blockchain adoption trends.
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Source: cryptonews.com
