Bitcoin (BTC) is up 0.88% to $82,560 this
week, recovering from a sharp decline of 6.2% to $76,559 on Tuesday—the lowest
level since November 10, 2024. The market rebounded after U.S. President Donald
Trump postponed the doubling of tariffs on Canadian steel and aluminum for six
months while keeping planned increases for other countries. Investors
interpreted this as a possible sign that Bitcoin’s correction could be nearing
its end. However, some institutional analysts suggest further downside potential.
10x Research sees a strong likelihood of BTC dropping to $73,000, a view echoed
by Binance analysts, who highlight significant buy orders around $75,000. If
these positions belong to margin traders, stop-loss orders could trigger
further selling at approximately $73,000.
From a technical perspective, Bitcoin remains
within the $81,000-$83,000 resistance zone. Failure to break higher could send
prices down to the $71,000-$73,000 support, offering a potential buying
opportunity. If BTC avoids further declines, the next targets would be
$91,000-$93,000. A breakout above this level could trigger another rally toward
$150,000-$200,000 per coin. Institutional sentiment is improving. Net outflows
from major spot Bitcoin ETFs—IBIT (BlackRock), FBTC (Fidelity), and GBTC
(Grayscale)—totaled $326.55 million last week, significantly lower than the
$1.88 billion outflow from the prior week. This week, $231.4 million has exited
so far, indicating that large investors are still cautious but less bearish.
Regulatory and legislative momentum is
building. U.S. Congressman Nick Begich introduced legislation proposing the
acquisition of 1 million BTC for a Federal Strategic Bitcoin Reserve, with
co-sponsorship already secured. Senator Cynthia Lummis introduced a similar
bill in the U.S. Senate, allocating $80 billion for Bitcoin purchases, also
gaining support. Texas lawmakers have reintroduced a state-level crypto reserve
bill, seeking to allocate $250 million from the state’s economic stabilization
fund for Bitcoin and other digital assets. With multiple legislative
initiatives pushing for Bitcoin adoption at the federal, state, and municipal
levels, the U.S. appears to be moving closer to integrating BTC into its
official reserves.