Bitcoin (BTC) steadied itself around the $84,000 mark as momentum waned after Wednesday’s post-FOMC rally. The flagship cryptocurrency remained relatively muted on Friday, and it has registered only a marginal increase over the past 24 hours, trading around $84,300. BTC’s muted price action comes despite President Donald Trump’s pro-crypto remarks at Blockwork’s Digital Asset Summit on Thursday. BTC Dips Despite Trump’s Pro-Crypto Talk US President Donald Trump made history on Thursday, becoming the first sitting US President to address a crypto conference. However, the President’s bullish remarks and outlook failed to ignite a rally and push prices higher. BTC surged past $86,000 on Wednesday but experienced a downturn as buyers failed to maintain the rally, retreating below $84,000 despite Trump’s bullish remarks at the Blockworks Digital Asset Summit. However, Bitcoin dominance edged higher to 61.65%, marking a 0.36% increase. However, the futures markets reflected a more cautious approach from traders, with BTC futures open interest declining by 3.52%. Liquidation data from Coinglass shows that bullish traders suffered liquidations totaling around $62 million. Long liquidations accounted for $50.4 million while shorts totaled $11.7 million. Meanwhile, President Donald Trump’s appearance at the Blockworks Digital Asset Summit failed to move BTC and the broader crypto market. Trump addressed the audience via satellite and expressed a bullish stance on the digital asset sector, and pledged that the US would dominate crypto and the next generation of financial technologies. The President’s statements are a significant endorsement of the industry, given the regulatory uncertainty surrounding the industry. However, the positive statements failed to sustain upward momentum, continuing its recent trend of sideways trading, suggesting that broader macroeconomic concerns and profit-taking were overshadowing Trump’s remarks. Swiss National Bank Rejects Plan To Add Bitcoin To Reserves Swiss National Bank (SNB) Vice President Martin Schlegel has said that Switzerland’s central bank does not plan to add Bitcoin or other cryptocurrencies to its reserves. The statement comes amid increasing attention on digital assets after President Trump announced plans to establish a strategic crypto reserve. However, despite the shift in sentiment, Schlegel reaffirmed the SNB’s longstanding position on digital assets. The Vice President cited concerns over wild price swings, insufficient safeguards, and a weak legal foundation. He also emphasized that the SNB’s foreign reserves were strictly allocated for implementing monetary policy and that digital assets fall short of fulfilling this criteria. Schlegel stated, “For example, it’s the preservation of value. And as you know, cryptocurrencies have large fluctuations in value, so this is not a given.” He also highlighted technical doubts, stating that cryptocurrencies are basically software and are susceptible to bugs that undermine their reliability. No Bear Market In Sight: Plan B Pseudo Anonymous Bitcoin analyst Plan B has debunked predictions about a bear market, stating that the numbers did not support the existence of a bear market, given that BTC has been accruing value since 2023. According to the analyst, Bitcoin has doubled in price every year since 2023, doubling from $20k to $40k in 2023 and from 40k to $80k in 2024. He added that the trend may continue as markets mature with growing interest from institutional holders who have bought stability to an otherwise volatile Bitcoin market. “What if this steady uptrend continues, from $80k to $160k in 2025, to $320k in 2026, to $640k in 2027 etc? Yes, such a scenario would mean the end of the 4-year cycle, earlier than I expected tbh, but it would fit a more mature market.” Bitwise CIO Matt Hougan echoed similar sentiments, stating that value buyers would bring stability to the market, making upswings and pullbacks less violent. Bitcoin (BTC) Price Analysis Bitcoin (BTC) continues to face selling at higher levels, indicating that the bears are pushing back. According to trading resource Material Indicators, “Spoofy The Whale” has kept BTC below $87,500. Despite the upper-level resistance, BTC has kept $80,000 as support for over a week, suggesting bulls are not giving up ground. According to analysts, BTC could have gone even higher if it wasn't for maneuvers made by large trading entities on exchange book orders. Material Indicators said that shifting blocks of ask liquidity above price kept it pinned below a specific level, a tactic known as spoofing, often used by whales in the past. “If you are wondering why Bitcoin price hasn't been able to rally past $87.5k yet, the reason is price suppression from Spoofy the Whale.” However, while the upside is restricted because of “Spoofy the Whale”, analysts believe the downside is limited. According to BitMEX co-founder Arthur Hayes, Bitcoin may have bottomed out at $77,000. “JAYPOW delivered QT basically over Apr 1. The next thing we need to get bulled up for real is either an SLR exemption or a restart of QE. Was $BTC $77k at the bottom, prob. But stonks prob have more pain left to fully convert Jay to team Trump, so stay nimble and cashed up.” BTC entered the weekend on a bullish note, rallying almost 4% to cross the 200-day SMA on its way to an intraday high of $85,363 before settling at $84,002. Buyers retained control on Saturday as the price registered a marginal increase and settled at $84,398. Despite the positive sentiment, BTC was back in the red on Sunday, dropping over 2%, slipping below the 200-day SMA and settling at $82,611. The current week started on a bullish note, as BTC rose almost 2% and settled at $84,016. Source: TradingView However, it was back in the red on Tuesday, falling to an intraday low of $81,187 before settling at $82,725, ultimately registering a drop of 1.54%. Markets rallied on Wednesday following the FOMC meeting. As a result, BTC surged over 5%, moving past the 20 and 200-day SMAs and $85,000 to settle at $86,875. However, the rally lost momentum on Thursday, and BTC fell over 3%, slipping below the 20 and 50-day SMAs and settling at $84,215. Price action remained muted on Friday as BTC registered a marginal decline. The current session sees BTC marginally up as buyers and sellers struggle to establish control. Buyers will look to build momentum and push BTC past the moving averages and $85,000. On the other hand, sellers will look to drive the price down to $80,000. The MACD and RSI are bullish, indicating buyers have the upper hand. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
