Bitcoin risks weekly close below $82K on US BTC reserve disappointment
Bitcoin risks triggering $1.13 billion worth of cumulative leveraged long liquidations if it falls below the $82,000 price support.
Bitcoin could face increased downside volatility if it closes the week below the key $82,000 support level as investor sentiment remains subdued following short-term disappointment in the US Strategic Bitcoin Reserve.
President Donald Trump’s executive order, signed on March 7, outlined a plan to create a Bitcoin reserve using cryptocurrency forfeited in government criminal cases rather than actively acquiring Bitcoin (BTC) through market purchases.
The lack of direct federal Bitcoin investment has “led to a near-term negative market reaction and a decline in Bitcoin’s price,” according to Bitfinex analysts.
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Author: Zoltan Vardai
