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Bitcoin (BTC) has fallen to its lowest level in four months, briefly touching $80,000, following market reactions to President Donald Trump’s executive order establishing a U.S. strategic Bitcoin reserve. This sharp decline comes amid disappointment from investors who had hoped for more aggressive government involvement in Bitcoin purchases.
Over the past 24 hours, Bitcoin’s price has dropped nearly 3%, with a significant 6.4% decline on Sunday, the largest single day drop of the year. Although the cryptocurrency has since recovered slightly to $83,455, the drop marks its lowest closing price since November 2024.
The decline in Bitcoin’s value is primarily linked to Trump’s executive order, which directs the U.S. government to create a strategic Bitcoin reserve using cryptocurrencies seized in criminal and civil forfeiture cases. While initially generating optimism, the market’s enthusiasm waned as it became clear that the order did not include significant Bitcoin purchases by the government, leading to disappointment among traders.
By Ruvarashe Gora
Bitcoin’s price is currently testing the $80,000 support level for the second consecutive day. Technical analysts suggest this level is crucial for preventing further declines. If this support is breached, Bitcoin could fall to $72,000, with a more significant support zone around $67,000.
Experts at 10x Research described the price movement as a “textbook correction,” attributing much of the selling pressure to newer investors who have recently entered the market. This correction is compounded by broader market dynamics, including macroeconomic concerns, with upcoming U.S. inflation reports and ongoing trade tensions influencing global financial markets.
Bitcoin’s future trajectory remains uncertain, as it faces both internal market pressures and external economic factors. Investors are closely monitoring key technical levels to determine if the cryptocurrency can regain its bullish momentum in the near future.
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