Bitcoin Faces $1.2 Billion Sell-Wall Amid Regulatory Setback in Arizona

By: ethnews|2025/05/04 00:15:02
0
Share
copy
Arizona governor blocks crypto reserve bill, creating regulatory uncertainty as Bitcoin faces $1.2B sell-wall near $98,000.A $1.2B sell order stalls Bitcoin’s climb to $100K, despite institutional buys from firms like Twenty One Capital.Bitcoin’s price stalled near $98,000 on May 3, 2025, as a $1.2 billion sell order created resistance. Concurrently, Arizona’s governor vetoed a proposed bill allowing state reserves to hold cryptocurrencies, introducing fresh regulatory uncertainty. These developments have heightened market tension, delaying Bitcoin’s potential push toward $100,000.Arizona’s Crypto Bill BlockadeArizona’s governor rejected legislation permitting state reserves to allocate funds to crypto assets. The decision reflects ongoing debates over integrating cryptocurrencies into public financial systems. While the governor did not elaborate on the veto, ETHNews analysts link it to caution over market volatility and oversight gaps.A $1.2 billion Bitcoin sell order, placed near $98,000, has slowed upward momentum. Such large sell orders often indicate profit-taking or hedging by institutional players. Despite steady demand from firms like Twenty One Capital, Bitcoin’s price has struggled to stabilize. Trading volumes dipped 8% in 24 hours, reflecting hesitancy among retail investors.The Arizona veto amplifies concerns about inconsistent crypto policies across U.S. states. Investors are reassessing exposure to Bitcoin, with some shifting toward stablecoins or commodities. Derivatives data shows a rise in short positions, suggesting bets on further price declines. Market sentiment indices, however, remain neutral, indicating no broad panic.Security Concerns Highlighted by Bybit IncidentBybit CEO Ben Zhou recently addressed a platform hack, resolving the breach without customer losses. The event underscored the importance of security protocols in maintaining trust. Exchanges are now prioritizing audits and multi-signature wallets to mitigate risks, a trend likely to influence investor confidence amid regulatory flux.Bitcoin’s ability to breach $98,000 hinges on absorbing the sell-wall, which requires sustained buying pressure. Regulatory clarity, particularly in states like Arizona, could alleviate market hesitancy. ETHNews analysts note that Bitcoin’s long-term trajectory remains tied to institutional adoption and legislative developments.Source: BTC/TradingviewBitcoin (BTC) is currently trading at $96,516 USD, with a recent short-term pullback of -0.49% as it consolidates after a significant rally. Technical indicators suggest a neutral momentum overall, although a “golden cross” pattern on the daily chart signals continued long-term bullishness. In the past month alone, BTC has gained nearly 17%, and over 63% in the last year, suggesting strong performance in broader timeframes.Short-term traders are eyeing potential corrections down to the $91,000–$94,000 support zone before BTC possibly targets the psychological barrier of $100,000. ETHNews analysts have noted that if Bitcoin reaches around $99.9K, long-term holders may begin to take profits, which could trigger a temporary retracement. Still, sentiment remains bullish with mid-term projections aiming as high as $106,000 if support levels hold.My exact forecast: BTC will hit $102,800 within the next 7–10 days, barring major macroeconomic disruptions or regulatory shocks.The post Bitcoin Faces $1.2 Billion Sell-Wall Amid Regulatory Setback in Arizona appeared first on ETHNews.

You may also like

a16z founder's Stanford lecture: Whenever Wall Street and Silicon Valley have different ideas, it's Wall Street that ends up being wrong

Ben Horowitz, co-founder of a16z, delivered a powerful talk: The two traditional moats of software in the AI era have been erased, and entrepreneurs must seek "new barriers" beyond code and UI.

Michael Saylor: After three consecutive quarters of losses, Strategy will sell Bitcoin to pay dividends

After MSTR's financial report showed continued net losses, Saylor changed his stance: Bitcoin is no longer "never to be sold" and can be used as a payment tool.

The toll station at Hormuz and the RMB that cannot be bought

The disorder of the US dollar is giving rise to a new situation in global settlement: gold is being redefined as a "bridge," the CIPS system is expanding rapidly, and global funds are quietly opening up a new channel for the renminbi, which is "hard to obtain."

Interview with Coinbase Institutional's Strategic Head: The Institutionalization of Crypto Reaches a Critical Point

Coinbase executives provide an in-depth analysis: Unfazed by short-term market panic, institutions are accelerating their entry, and tokenization along with the "exchange of everything" is about to completely reconstruct the global financial infrastructure.

Dialogue with Agora CEO Nick: The battle for stablecoin licenses has just begun

Agora strikes: officially applies for a federal trust bank license in the United States, elevating from a stablecoin issuer to "underlying financial infrastructure," targeting the trillion-dollar enterprise payment and B2B settlement market.

Morning Report | a16z Crypto completes $2.2 billion fundraising for its fifth fund; Bullish invests $4.2 billion to acquire share transfer agency Equiniti; PayPal's Q1 performance exceeds expectations

Overview of Important Market Events on May 5th

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