On February 25th, analysts from Bitunix reported significant political developments regarding cryptocurrency legislation, particularly affecting Bitcoin. Both Montana and South Dakota have recently rejected proposed Bitcoin Reserve Bills, with the latter also postponing its decision for additional evaluation. This legislative pushback has ignited concerns within the market about Bitcoin’s status as a national strategic asset, contributing to a temporary dip in its price, falling below the critical threshold of $91,000.
The recent legislative outcomes highlight a growing apprehension among some state authorities about the inherent volatility of Bitcoin and associated risks. Such hesitance may have wider implications on how other states or even nations approach cryptocurrency reserves, potentially influencing overall market confidence. Analysts suggest that Bitcoin is currently searching for strong support in the $90,000 to $91,000 bracket. Should it breach this level, further declines towards $88,000 could occur. Given the turbulent market conditions, a methodical entry strategy and diligent risk management, including setting stop-loss orders, are advised for investors.
Source: https://en.coinotag.com/breakingnews/bitcoin-price-drops-below-91000-amid-rejection-of-bitcoin-reserve-bills-in-montana-and-south-dakota/