{"id":391113,"date":"2025-05-03T21:19:32","date_gmt":"2025-05-03T15:49:32","guid":{"rendered":"https:\/\/dripp.zone\/news\/bitcoin-price-now-facing-1-2b-sell-wall-as-arizona-governor-blocks-crypto-reserve-bill-crypto-news\/"},"modified":"2025-05-03T21:19:32","modified_gmt":"2025-05-03T15:49:32","slug":"bitcoin-price-now-facing-1-2b-sell-wall-as-arizona-governor-blocks-crypto-reserve-bill-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-now-facing-1-2b-sell-wall-as-arizona-governor-blocks-crypto-reserve-bill-crypto-news\/","title":{"rendered":"Bitcoin Price Now Facing $1.2B Sell-Wall as Arizona Governor Blocks Crypto Reserve Bill – Crypto News"},"content":{"rendered":"

\"Bitcoin<\/p>\n

Bitcoin price rally halted at $97,800 on Saturday, as markets reacted to a major update in Arizona state\u2019s cryptocurrency reserve adoption.<\/p>\n

Arizona State Governor Vetoes Against Bitcoin Reserve Bill After Congress Approval<\/strong><\/h2>\n

Bitcoin\u2019s upward momentum faced unexpected headwinds this week following a political setback in Arizona. Governor Katie Hobbs formally vetoed Senate Bill 1025<\/a>, which sought to allow the state to invest public funds in Bitcoin.<\/p>\n

This move came just days after the bill passed the Arizona House, signaling bipartisan momentum toward crypto adoption at the state level.<\/p>\n

\"Arizona
Arizona State Governor Vetoes Against Crypto Reserve Bill, May 2, 2025<\/figcaption><\/figure>\n

Citing fiduciary risk, Hobbs emphasized that Arizona\u2019s retirement system remains one of the nation\u2019s strongest precisely because it avoids \u201cuntested\u201d assets like virtual currency.<\/p>\n

This development aligns Arizona with several other states, Oklahoma, Montana, and Wyoming, where similar crypto bills have faltered.<\/p>\n

The bill had proposed establishing a Digital Assets Strategic Reserve using seized state funds and upto 10% of the state Treasury.<\/p>\n

Hobbs\u2019 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.<\/p>\n

Looking forward, another related proposal, SB1373, still awaits a final vote and may reopen the conversation if it garners enough legislative support.<\/p>\n

Bitcoin Price Hits Sell-Wall at $98,000, as Short-Traders Cluster $1.2B Leverage<\/strong><\/h2>\n

BTC price<\/a> posted a strong performance through the week, climbing to new 70-day highs at $97,800 early Saturday before retracing toward $96,700.<\/p>\n

The timing of the pullback, which closely followed Governor Hobbs\u2019 veto, appears to have introduced caution among traders and short-term holders.<\/p>\n

Data from Coinglass<\/a>\u2019 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.<\/p>\n

The liquidation map visually highlights where significant liquidations may occur if price moves strongly in either direction.<\/p>\n

\"Bitcoin
Bitcoin Liquidation Map, May 3, 2025 | Source: Coinglass<\/figcaption><\/figure>\n

While 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\u2019s regulatory rejection as a catalyst to test upside resistance.<\/p>\n

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.<\/p>\n

Looking Ahead: Tempered Weekend Action Ahead for Bitcoin Price Forecast<\/strong><\/h3>\n

With Arizona\u2019s veto introduces fresh regulatory skepticm, it could weaken institutional demand over the weekend as markets await further clarity.<\/p>\n

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.<\/p>\n

\"Bitcoin
Bitcoin price action, May 3, 2025 | Source: Coingecko<\/figcaption><\/figure>\n

For Bitcoin to advance towards the $100,000 bullish BTC price forecast<\/a> trajectory, a decisive move above this short cluster is required, potentially triggered by renewed institutional accumulation or fresh policy tailwinds.<\/p>\n

Until then, Bitcoin price action could be limited within the $96,000\u2013$98,000 range, if weekend activity subsides as predicted.<\/p>\n

Bitcoin Price Forecast Today: Rangebound Between $96,000 and $98,000 Amid Waning Momentum<\/h2>\n

Bitcoin price forecast today suggests a tempered and cautious stance, with momentum visibly slowing just below the $98,000 mark.<\/p>\n

The daily chart shows BTC consolidating after a strong run, but the reluctance to breach upper resistance near the Bollinger Band\u2019s top at $100,736 reflects rising overhead pressure.<\/p>\n

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.<\/p>\n

\"Bitcoin
Bitcoin Price Forecast Today<\/figcaption><\/figure>\n

The BBP indicator, though still in positive territory at 5,647, has flattened, reflecting a moderation in buying pressure.<\/p>\n

Meanwhile, the MACD lines remain in a bullish crossover, but the histogram bars are shortening\u2014implying weakening bullish momentum.<\/p>\n

This raises the possibility of a sideways drift over the weekend unless another significant market catalyst revives institutional interest<\/p>\n

Bitcoin price forecast today leans cautious as long as price action remains boxed between $96,000 support and $98,200 resistance.<\/p>\n

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 emerges<\/p>\n

The post Bitcoin Price Now Facing $1.2B Sell-Wall as Arizona Governor Blocks Crypto Reserve Bill<\/a> appeared first on CoinGape<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin price rally halted at $97,800 on Saturday, as markets reacted to a major update in Arizona state\u2019s cryptocurrency reserve adoption. Arizona State Governor Vetoes Against Bitcoin Reserve Bill After Congress Approval Bitcoin\u2019s upward momentum faced unexpected headwinds this week following a political setback in Arizona. Governor Katie Hobbs formally vetoed Senate Bill 1025, which […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-391113","post","type-post","status-publish","format-standard","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/391113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=391113"}],"version-history":[{"count":0,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/391113\/revisions"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=391113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=391113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=391113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}