Bitcoin Price Now Facing $1.2B Sell-Wall as Arizona Governor Blocks Crypto Reserve Bill

By: coingape|2025/05/03 15:15:01
0
Share
copy
Bitcoin price rally halted at $97,800 on Saturday, as markets reacted to a major update in Arizona state’s cryptocurrency reserve adoption.Arizona State Governor Vetoes Against Bitcoin Reserve Bill After Congress ApprovalBitcoin’s upward momentum faced unexpected headwinds this week following a political setback in Arizona. Governor Katie Hobbs formally vetoed Senate Bill 1025, which sought to allow the state to invest public funds in Bitcoin.This move came just days after the bill passed the Arizona House, signaling bipartisan momentum toward crypto adoption at the state level.Arizona State Governor Vetoes Against Crypto Reserve Bill, May 2, 2025Citing fiduciary risk, Hobbs emphasized that Arizona’s retirement system remains one of the nation’s strongest precisely because it avoids “untested” assets like virtual currency.This development aligns Arizona with several other states, Oklahoma, Montana, and Wyoming, where similar crypto bills have faltered.The bill had proposed establishing a Digital Assets Strategic Reserve using seized state funds and upto 10% of the state Treasury.Hobbs’ veto marks a significant reversal, especially as the state legislature had edged closer to positioning Arizona as the first U.S. state to adopt Bitcoin as a reserve asset.Looking forward, another related proposal, SB1373, still awaits a final vote and may reopen the conversation if it garners enough legislative support.Bitcoin Price Hits Sell-Wall at $98,000, as Short-Traders Cluster $1.2B LeverageBTC price posted a strong performance through the week, climbing to new 70-day highs at $97,800 early Saturday before retracing toward $96,700.The timing of the pullback, which closely followed Governor Hobbs’ veto, appears to have introduced caution among traders and short-term holders.Data from Coinglass’ Liquidation Map reveals a dense cluster of short positions at the $98,000 mark, where bears have placed roughly $1.2 billion in leveraged bets.The liquidation map visually highlights where significant liquidations may occur if price moves strongly in either direction.Bitcoin Liquidation Map, May 3, 2025 | Source: CoinglassWhile bulls control a dominant $7.45 billion in long positions, only $4.42 billion sits on the short side. However, nearly 25% of the total short leverage is focused precisely at $98,000, suggesting that bears are using Arizona’s regulatory rejection as a catalyst to test upside resistance.Despite this, bulls still hold a $3 billion advantage, suggesting a strong defense could emerge around support levels, particularly near $96,000, where previous consolidation zones have formed.Looking Ahead: Tempered Weekend Action Ahead for Bitcoin Price ForecastWith Arizona’s veto introduces fresh regulatory skepticm, it could weaken institutional demand over the weekend as markets await further clarity.The presence of $1.2 billion in short positions clustered at $98,200 creates a psychological and technical ceiling, dampening momentum toward a $100,000 breakout.Bitcoin price action, May 3, 2025 | Source: CoingeckoFor Bitcoin to advance towards the $100,000 bullish BTC price forecast trajectory, a decisive move above this short cluster is required, potentially triggered by renewed institutional accumulation or fresh policy tailwinds.Until then, Bitcoin price action could be limited within the $96,000–$98,000 range, if weekend activity subsides as predicted.Bitcoin Price Forecast Today: Rangebound Between $96,000 and $98,000 Amid Waning MomentumBitcoin price forecast today suggests a tempered and cautious stance, with momentum visibly slowing just below the $98,000 mark.The daily chart shows BTC consolidating after a strong run, but the reluctance to breach upper resistance near the Bollinger Band’s top at $100,736 reflects rising overhead pressure.On the positive side, BTC price remains above the 20-day moving average, at $90,813, but the tightening bands signal reduced volatility and a potential pause in upward extension.Bitcoin Price Forecast TodayThe BBP indicator, though still in positive territory at 5,647, has flattened, reflecting a moderation in buying pressure.Meanwhile, the MACD lines remain in a bullish crossover, but the histogram bars are shortening—implying weakening bullish momentum.This raises the possibility of a sideways drift over the weekend unless another significant market catalyst revives institutional interestBitcoin price forecast today leans cautious as long as price action remains boxed between $96,000 support and $98,200 resistance.A decisive break above $98,200 would invalidate the consolidation thesis, while a drop below $96,000 could open downside toward $92,000. For now, the technicals call for restraint until clearer direction emergesThe post Bitcoin Price Now Facing $1.2B Sell-Wall as Arizona Governor Blocks Crypto Reserve Bill appeared first on CoinGape.

-- Price

--

You may also like

The most secretive AI winner

A century-old company that sells toilets and produces MSG has seen its stock price soar by "positioning" core materials for AI chips. This article clarifies the explosive opportunities for domestic substitution of semiconductor materials in the A-share market.

Former ByteDance employee's account: How I started with two Pinduoduo hard drives and made six times the profit with Seagate to achieve financial freedom?

A programmer from a big tech company bought hard drives on Pinduoduo and, following clues, managed to accurately capture the sixfold rising stock Seagate using the "finding daily anomalies + 13F institutional verification" framework, making a wild profit of $400,000 and achieving financial freedom.

MiCA reshuffle begins, Binance temporarily bids farewell to the EU

What Binance leaves behind is not scattered retail investors, but a whole batch of high-value users who are forced to liquidate and have almost nowhere to go.

How does Gate redo "buying and selling stocks" from the cryptocurrency world to the stock market?

The competition logic of exchanges has changed.

Visa and Mastercard join 140 giants to launch a new stablecoin, but the impact on the market landscape may still be limited

As an important milestone event in the stablecoin landscape, OUSD is likely to change the existing stablecoin landscape and significantly increase the adoption rate of stablecoins in the global financial system.

Circle CEO responds to OUSD's challenge: Stablecoins are a winner-takes-all business, and we will not slow down

OUSD was jointly launched by more than 140 giants, causing Circle's stock price to plummet in a single day. Circle's CEO personally wrote a response, clarifying USDC's moat from three aspects: network effects, liquidity, and regulation, and dismantling OUSD's three selling points of "free redemption...

Contents

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com