{"id":2948,"date":"2025-02-05T12:03:10","date_gmt":"2025-02-05T12:03:10","guid":{"rendered":"https:\/\/otetmarkets.com\/blog\/?p=2948"},"modified":"2025-05-27T15:21:20","modified_gmt":"2025-05-27T15:21:20","slug":"bitcoin-extends-losses-to-below-97k","status":"publish","type":"post","link":"https:\/\/otetmarkets.com\/blog\/news\/bitcoin-extends-losses-to-below-97k\/","title":{"rendered":"Bitcoin Falls Below $97K After Disappointing White House Briefing"},"content":{"rendered":"\n<p>Bitcoin (BTC) saw a sharp decline in yesterday\u2019s trading, dropping 4.8% to $96,900 after briefly reaching $101,000. The market had high expectations for White House advisor David Sacks\u2019 press conference, hoping for clarity on Bitcoin\u2019s role in strategic reserves. However, the event was dominated by regulatory discussions, leaving crypto investors uncertain.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-regulatory-concerns-overshadow-bitcoin-s-strategic-role\"><strong>Regulatory Concerns Overshadow Bitcoin\u2019s Strategic Role<\/strong><\/h2>\n\n\n\n<p>Crypto enthusiasts were eager to hear whether the U.S. government would integrate Bitcoin into its Sovereign Wealth Fund (SWF) or establish Bitcoin reserves. Instead, Sacks made only a brief mention of the topic, stating that a White House task force is evaluating the idea but providing no concrete updates.<\/p>\n\n\n\n<p>When asked about Bitcoin\u2019s connection to the SWF, Sacks deferred the discussion to Howard Lutnick, the Commerce Secretary nominee, and Treasury Secretary Scott Bassett. This lack of clarity increased uncertainty, triggering sell pressure in the market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-crypto-market-sell-off\"><strong>Crypto Market Sell-Off<\/strong><\/h3>\n\n\n\n<p>Following the press conference, Bitcoin dropped nearly $5,000 in just two hours, falling below the crucial $97,000 level. The sell-off extended to altcoins, with some experiencing even steeper declines:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ethereum (ETH) fell 5.3%<\/li>\n\n\n\n<li>Solana (SOL), Cardano (ADA), Ripple (XRP), and Chainlink (LINK) dropped between 6% and 10%<\/li>\n<\/ul>\n\n\n\n<p>The decline highlights how sensitive crypto markets are to regulatory uncertainty, especially when investors anticipate bullish government involvement but receive little clarity.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>Read More: <a href=\"https:\/\/otetmarkets.com\/blog\/news\/blockchain-to-streamline-government\/\">Blockchain in US Government: Transparency and Efficiency<\/a><\/strong><\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-short-term-price-outlook-retesting-92k\"><strong>Short-Term Price Outlook: Retesting $92K?<\/strong><\/h3>\n\n\n\n<p>With Bitcoin now trading below $97,000, the next major support level is $92,000, which was last tested on Sunday. Analysts point to two key factors that could determine BTC\u2019s next move:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Weaker U.S. jobs data could be bullish for Bitcoin.<\/strong> If Friday\u2019s report signals an economic slowdown, markets may anticipate potential interest rate cuts, boosting Bitcoin and other risk assets.<\/li>\n\n\n\n<li><strong>Stronger U.S. jobs data could be bearish for Bitcoin.<\/strong> If the report indicates a strong job market, concerns about higher interest rates may return, pressuring financial markets, including crypto.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-final-thoughts-uncertainty-looms-over-next-move\"><strong>Final Thoughts: Uncertainty Looms Over Next Move<\/strong><\/h2>\n\n\n\n<p>While the market expected clarity on Bitcoin\u2019s role in U.S. reserves, the lack of meaningful updates from the White House left investors with more questions than answers. The next few days\u2014especially Friday\u2019s jobs report\u2014will be critical in determining whether rebounds or extends its decline toward $92,000.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.coindesk.com\/markets\/2025\/02\/04\/bitcoin-extends-losses-to-below-usd97k-following-david-sacks-press-conference\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) saw a sharp decline in yesterday\u2019s trading, dropping 4.8% to $96,900 after briefly reaching $101,000. The market had high expectations for White House advisor David Sacks\u2019 press conference, hoping for clarity on Bitcoin\u2019s role in strategic reserves. However, the event was dominated by regulatory discussions, leaving crypto investors uncertain. Regulatory Concerns Overshadow Bitcoin\u2019s [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2950,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23,2],"tags":[29],"class_list":["post-2948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-news","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/2948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=2948"}],"version-history":[{"count":2,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/2948\/revisions"}],"predecessor-version":[{"id":2953,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/2948\/revisions\/2953"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/media\/2950"}],"wp:attachment":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=2948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=2948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=2948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}