On March 5, Bitcoin price failed to maintain momentum above $92,000 amid political uncertainty and declining institutional interest.
Reserve Plan Rejected
Bitcoin's price rally stalled at $92,000 after Senator Lummis admitted at Bitcoin Investor Day in New York that lawmakers are unwilling to support the initiative for a US Bitcoin reserve. This follows earlier optimism over potential stockpile announcements but indicates a lack of sufficient political support.
Decline in Whale Transactions
Bitcoin's failure to break past $92,000 coincides with a sharp drop in large transactions. On-chain data from Santiment shows a 30% decline in whale activity, highlighting institutional investors' cautious stance amidst regulatory uncertainty.
Geopolitical Risks and US Trade Policy
US policies and geopolitical events continue to influence Bitcoin. Market conditions are shaped by uncertainty in US trade policy and global volatility, reflected in Bitcoin's price movements.
Bitcoin price faces hurdles due to political resistance and declining whale activity. Without strong institutional support, a drop to $78K remains a possibility.
