The price of Bitcoin dropped below $85,000 in response to US President Donald Trump's executive order to establish a Strategic Bitcoin Reserve, causing volatility in the market. Liquidations in the past 24 hours exceeded $250 million. Traders offloaded their holdings, leading to a decline in Bitcoin's value. Long liquidations totaled $115.60 million, indicating traders anticipating a price rally were caught off guard. BTC's open interest also declined, suggesting weakening market conviction. The decline comes before a crypto summit and if the downtrend continues, the price could retest support at $85,357 and potentially fall to $80,580. A bullish resurgence could push the price above $90,000 and up to $92,247.



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