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
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.
You may also like
The cryptocurrency industry has become a traditional industry
For entrepreneurs and retail investors still in this industry, they should either embrace the current changes or explore the next unpredictable field in cryptocurrency.
Chip frenzy cooling down? Morgan Stanley's Wilson: Funds are shifting towards AI supercomputing giants like Microsoft and Amazon
Morgan Stanley's chief equity strategist Wilson pointed out that the momentum in the semiconductor sector is waning, with the Philadelphia Semiconductor Index having dropped nearly 14% from its peak. Funds are shifting towards AI supercomputing giants like Microsoft, Amazon, and Meta, as well as sec...
Morning Report | Vitalik outlines Ethereum's long-term roadmap, Lean Ethereum will become the third major iteration; SK Hynix seeks to attract more AI investors by listing in the U.S
July 5 Market Important Events Overview
Trump, the best stock trader among U.S. presidents
Trump has almost turned the presidency into a business and maximized the conversion of presidential influence into commercial profits.
From ByteDance to Financial Freedom: How did "Byte Brother" Leto develop his investment judgment skills to achieve a turnaround of 30 million?
Speak with data and signals, validate judgments with A/B tests, and seek asymmetric returns with limited risk exposure.
Selling coins despite a loss of 55 million dollars, the faith in Strategy has reached the interest payment date
The moment faith was securitized, Bitcoin became a bill.
OUSD False Cooperation Controversy? The Credit Game of Stablecoins and Endorsements by Giants
The success of stablecoins does not rely on rallying a group of alliance members for marketing, but rather on whether they have real use cases and genuine users.
Q-Day Countdown: Will Quantum Computing End Cryptocurrency?
In the face of dormant coins being plundered by quantum computing power, should we firmly uphold the unalterable bottom line of "code is law," or should we enforce a soft fork to freeze legacy assets?
The ten years of Cloud on the Air: From corner coffee to global financial infrastructure
How did a remittance company grow into a financial infrastructure that can replace SWIFT; when it really reaches this scale, how should stablecoins be positioned for it; and what can AI integrate into this infrastructure?
$10,000 in TRUMP Token vs. $10,000 in Nasdaq: The "Trump Trade" That Actually Worked in 2026
TRUMP Token lost more than 96% after its launch, while Nasdaq stocks and NVIDIA delivered strong gains. Compare what happened to a $10,000 investment and explore why asset fundamentals matter more than market hype.
The impact of OUSD on Circle, Tether, and Paxos: not a single negative factor, but a more complex reshaping of competition
OUSD will not be the last new competitor; Circle needs to respond more actively in terms of products, distribution, and ecosystem collaboration.
Li Feifei's latest long article: When video generation, robots, and NVIDIA all claim to be world models, we need a taxonomy
Language gives machines a way to talk about the world. The world model is the means by which machines ultimately understand, imagine, reason, and interact with it.
Blaming the desolation of the cryptocurrency world on the rise of AI is a form of intellectual laziness
The emergence of giants signifies a mature business model. Although it will reduce speculative space, there is also enough room for error, allowing for the continuous emergence of new forces.
Strategy Founder: The Next 10 Years of Bitcoin
In the next decade, the biggest evolution of Bitcoin is precisely "responding to change with invariance." The four-year cycle is giving way to capital flows such as ETFs, corporate and sovereign reserves, and bank credit, while digital credit and digital currency will grow layer upon layer on top of...
Forbes Special Report: Stablecoin cross-border payments are faster now, but not cheaper yet
Cross-border payments using stablecoins are rapidly expanding, bringing speed and accessibility, but due to insufficient institutional liquidity, they have not yet delivered on their promised cost savings. The technology has been validated, and regulations are improving, but the industry has not yet...
A valuation of 8 billion dollars, doubling in 8 months! What makes the crypto-friendly bank Erebor Bank stand out?
Erebor is a high-profile experiment taking place at the intersection of banking, cryptocurrency, and industrial policy.
340 billion valuation: Li Yanhong's largest IPO, a seat in Kunlunxin's shares is hard to come by
As a core asset in Baidu's AI landscape, Kunlun Chip is expected to exceed Baidu's market value after going public, becoming an important bargaining chip in its turnaround battle.
Stablecoins are the "royalists" of the crypto world: Open USD brings the old currency system into play
The emergence of Open USD has shifted the competition for stablecoins from the market struggle of crypto startups to a battle for infrastructure involving traditional finance, payment networks, technology platforms, and public chain ecosystems.
The cryptocurrency industry has become a traditional industry
For entrepreneurs and retail investors still in this industry, they should either embrace the current changes or explore the next unpredictable field in cryptocurrency.
Chip frenzy cooling down? Morgan Stanley's Wilson: Funds are shifting towards AI supercomputing giants like Microsoft and Amazon
Morgan Stanley's chief equity strategist Wilson pointed out that the momentum in the semiconductor sector is waning, with the Philadelphia Semiconductor Index having dropped nearly 14% from its peak. Funds are shifting towards AI supercomputing giants like Microsoft, Amazon, and Meta, as well as sec...
Morning Report | Vitalik outlines Ethereum's long-term roadmap, Lean Ethereum will become the third major iteration; SK Hynix seeks to attract more AI investors by listing in the U.S
July 5 Market Important Events Overview
Trump, the best stock trader among U.S. presidents
Trump has almost turned the presidency into a business and maximized the conversion of presidential influence into commercial profits.
From ByteDance to Financial Freedom: How did "Byte Brother" Leto develop his investment judgment skills to achieve a turnaround of 30 million?
Speak with data and signals, validate judgments with A/B tests, and seek asymmetric returns with limited risk exposure.
Selling coins despite a loss of 55 million dollars, the faith in Strategy has reached the interest payment date
The moment faith was securitized, Bitcoin became a bill.
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com

