Bitcoin Price Slips Again Despite Trump’s Push for US BTC Dominance
Bitcoin gave back almost all of yesterday’s gains, despite Donald Trump commenting that he wants to make the US the main Bitcoin hub in the world.
Bitcoin Struggles to Hold Gains After Fed’s Dovish Stance
After a two-month decline, Bitcoin saw a brief surge of nearly $5,000 yesterday, gaining 2.5% on Thursday following the Federal Reserve’s dovish policy announcement. However, despite US President Donald Trump’s vocal support for Bitcoin, the rally was short-lived. The cryptocurrency faced rejection at the 20-day SMA (gray) on the daily chart, triggering a reversal lower.
Trump’s Vision for Bitcoin Leadership Fails to Ignite Market Confidence
During a pre-recorded video message at a crypto event today, Donald Trump reiterated his vision of positioning the United States as “the undisputed Bitcoin superpower and the crypto capital of the world.” He criticized the previous administration’s restrictive approach to cryptocurrency regulation, arguing that excessive crackdowns had hindered innovation and economic growth in the sector. Trump emphasized the importance of clear and practical legislation on stablecoins and market structure, urging Congress to establish well-defined rules that foster both security and innovation in the digital asset space.
Trump praised the enthusiasm and drive of the crypto community, stating, that it is exciting to watch as you build the future of finance industry. The energy and passion of the crypto community is the kind of spirit that built our country.” He highlighted the potential of blockchain technology to revolutionize finance and reinforce America’s leadership in the global digital economy.
Since launching last year’s campaign, Trump has consistently advocated for stronger US leadership in the cryptocurrency industry. Since assuming office in January, his administration has taken several steps to support the sector, including establishing a White House crypto advisory committee, issuing executive orders directing federal agencies to integrate digital assets, and creating the US Strategic Bitcoin Reserve and Digital Asset Stockpile. These initiatives signal a shift in Washington’s approach to crypto, aiming to provide regulatory clarity while encouraging innovation and investment in the space.
Market Remains Unconvinced as Bitcoin Faces Key Technical Levels
Despite Trump’s pro-crypto stance, Bitcoin remains under selling pressure. BTC/USD reversed lower after failing to break the 20-day SMA, which now acts as a strong resistance level. Meanwhile, the 200-day SMA (purple) is providing support at the lower end, keeping traders cautious about the next move. If Bitcoin fails to hold above this key support, further downside could be expected in the coming days, while a break above the 20 SMA, could send BTC to $90K.
Bitcoin Live Chart
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