In Brief:
- Bitcoin failed near $98,000 midweek and slipped back to $95,039 by Friday, briefly dipping into $94,000 territory.
- Regulatory delays in the US weighed on sentiment after a Senate vote on the Crypto Market Structure Bill was postponed.
- Institutional buying lifted prices earlier in the week, but demand and sentiment indicators remain weak, keeping traders cautious.
Bitcoin (BTC-USD) failed to push past $98,000 midweek and has since retreated, as enthusiasm faded and regulatory uncertainty resurfaced in the US.
By 18:00 GMT on Friday, Bitcoin was trading at $95,039.14, having briefly dipped into the $94,000 range earlier in the session before stabilising.
The retreat follows a short lived rally that began last weekend, when Bitcoin was trading near $90,000. Momentum built through the early part of the week, lifting prices toward Wednesday’s high near $97,900, before sellers returned.
For now, the market remains focused on whether Bitcoin can hold above $95,000. A sustained move below that level would likely reopen the $90,000–$94,000 range.
Regulatory shenanigans played a role in stalling the rally. A vote on the Digital Asset Market Clarity Act of 2025 was delayed in the US Senate after opposition emerged. The bill is part of President Donald Trump’s stated aim to make the US a global hub for crypto activity.
The delay dampened sentiment, particularly after Coinbase chief executive Brian Armstrong publicly said he did not support the current draft. Bitcoin slipped below $96,000 shortly after his comments.
Institutional activity helped drive Bitcoin higher earlier in the week. Strategy Inc. disclosed that it spent more than $1.2bn acquiring 13,627 bitcoin, its largest single purchase since July 2025. The company has made six bitcoin purchases since December, and the latest move drew attention due to its size. Michael Saylor’s post about the purchase attracted close to two million views on X.
Demand indicators briefly improved, with US spot bitcoin signals such as the Coinbase Premium Index turning positive after weeks in negative territory. Demand for bitcoin exchange traded funds also increased, though the pace was similar to the same period last year rather than exceptional.
Despite the bounce, sentiment remains restrained with weakening demand, contracting stablecoin liquidity and negative momentum across several valuation metrics. CryptoQuant’s Bull Score Index stood at 20 out of 100, a level associated with bearish conditions. CryptoQuant said the rally fits the profile of a bear market rebound, similar to failed rallies seen during 2022.
Looking ahead, analysts are watching key levels. Bitcoin’s 365-day moving average, currently near $101,448, remains overhead resistance. The $100,000 level also carries psychological weight. For now, traders are focused on whether Bitcoin can reclaim the high-$90,000s or whether the recent rebound has already run out of steam.