Bitcoin’s Wild Ride Stopped Dead in Its Tracks by Arizona’s Crypto Block – Will It Ever Hit $100K?

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Well, well, well. Just when Bitcoin was about to hit the big 100K milestone, it got slapped down at $97,800. And what, you ask, could possibly have stopped the crypto train in its tracks? Oh, just a little thing called Arizona’s Governor, Katie Hobbs, and her veto against a shiny new Bitcoin reserve bill. 😬

Arizona’s Governor Ruins Bitcoin’s Day – Vetoes Bitcoin Reserve Bill After Congressional Green Light

So, Bitcoin was on a roll, climbing to new heights, when suddenly, Arizona’s Governor decided to rain on the parade. After the Arizona House had practically rolled out a red carpet for Bitcoin adoption, Hobbs decided to veto Senate Bill 1025. Why? Well, she’s concerned about “fiduciary risk.” Apparently, Arizona’s retirement system is all about keeping things safe and boring, and virtual currency doesn’t exactly scream “safe.” Who knew, right?

This veto came right after the bill passed the Arizona House—talk about a plot twist no one saw coming. And let’s not forget, Arizona wasn’t alone in its crypto drama. States like Oklahoma, Montana, and Wyoming had similar plans that fizzled out, so it looks like Arizona is just another crypto dream deferred.

The proposed bill was a bold one. It wanted to set up a Digital Assets Strategic Reserve using state funds—basically turning Arizona into a mini crypto hub. But now, with Hobbs’ veto, it’s back to square one. Will SB1373 save the day? Stay tuned…

Bitcoin Price Smacks Into $98,000 Sell-Wall – $1.2B in Leverage Bets on the Line

Meanwhile, Bitcoin’s price tried to keep the momentum going, hitting a high of $97,800 early Saturday before it started its inevitable dip, landing around $96,700. How cute. 🤦‍♂️ Coincidence? I think not. The timing lined up perfectly with Hobbs’ veto, like a bad rom-com plot twist. 🍿

Traders, ever so clever, had already placed about $1.2 billion in leveraged bets around the $98,000 mark, just waiting for a little nudge. Guess what? The nudge came, and it wasn’t the good kind. The bears (short sellers, that is) were hoping the news would be the thing that finally pushes Bitcoin to reverse its course. So, they placed their bets—and now we wait to see if those positions get liquidated. 😬

In case you’re wondering, bulls are still hanging on, controlling a solid $7.45 billion in long positions. But bears, with their $4.42 billion in shorts, are sticking it out right at that $98,000 wall. Nice try, guys.

Looking Ahead: Can Bitcoin Still Make a Break for $100K or Nah?

So here we are, watching Bitcoin flounder like a fish out of water. Thanks to Hobbs’ veto, institutional demand might take a hit this weekend. And that $1.2 billion short-wall at $98,200? Yeah, that’s definitely going to make it tough for Bitcoin to break through anytime soon. 😅

If Bitcoin’s going to make that glorious leap to $100,000, it’s going to need a massive push from somewhere—maybe a few institutional investors waking up from their nap or some random crypto-fairy dust. Until then, expect Bitcoin to stay stuck in the $96,000–$98,000 range. (Snooze fest.)

Bitcoin Price Forecast Today: Will It Break Free From The $96K-$98K Prison?

Today’s Bitcoin forecast? Boring. 🙄 The price is consolidating after its big push, but with no sign of major breakout action in sight. The upper resistance near $100,736 seems like a distant dream, and volatility is shrinking faster than my patience. Who’s holding their breath for a $100K breakout? I wouldn’t. 😏

Technical indicators like the BBP and MACD lines suggest that while there’s still some buying pressure, it’s cooling down, like the last sip of coffee on a Monday morning. If Bitcoin can break above $98,200, we might see something exciting—but don’t hold your breath. For now, we’re stuck in a tight range unless some big news shakes things up.

So, will Bitcoin break through the $98,200 wall, or will it dip lower to $92,000? Only time will tell. But for now, we’re all just waiting for something—anything—to happen. 🙄

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2025-05-03 21:11