Market Data 
In a much awaited conference earlier today, U.S. crypto czar David Sacks spoke about the nation’s “golden age in digital assets” following years of regulatory uncertainty. Despite widespread interest, the highly debated “Bitcoin Strategic Reserve” did not appear on the agenda.
Sacks later confirmed that the administration continues to assess the idea of a Bitcoin reserve, naming it one of its top priorities while noting the concept is still in its early phase. As Sacks detailed various plans for digital assets, Bitcoin’s price started to drop from the $100k mark, now trading under $98k.
Bitcoin’s Technical Analysis: What’s Next?
Bitcoin’s supertrend indicator remains green, meaning that the larger bull market is still in play. However, according to an analyst, the weekly chart shows a bearish divergence, which has signaled periods of fading momentum, although it doesn’t always lead directly to a bear market. Given this, Bitcoin’s price action over the next few weeks will be critical in deciding whether a bearish trend takes hold.
The weekly MACD shows a loss of bullish momentum, and a potential bearish crossover is approaching. Should this crossover occur in the next couple of weeks, it could signal a bearish trend similar to what happened in April 2024.
Important Levels To Watch
In the immediate short term, Bitcoin’s price is currently battling resistance between $100,000 and $103,000, after recently bouncing off a key support level near $92,000. For now, the price is likely to remain in a range between these support and resistance levels.
With the oversold signal having played out, Bitcoin’s price is expected to move choppily and sideways over the next few days. A drop below $96,000 might confirm the bearish trend.
The Bitcoin liquidation heat map hasn’t changed much over the past day. Liquidity remains around $91,000 and $88,000 on the downside, and $108,000 and $110,000 on the upside. These levels have stayed pretty consistent recently.
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