This news article discusses the increasing pressure faced by bitcoin and the wider cryptocurrency market. Bitcoin has experienced a decline of 1.8% this week, reflecting the unease in the crypto market, which has also seen a dip in the global market cap by 2.3% to $3.11 trillion. Economic uncertainty has been heightened by reports of the European Union planning to prohibit unlicensed stablecoins by March 2025. The crash of Argentina's meme coin, triggered by a presidential endorsement, has revealed the risks involved in speculative assets. Technically, bitcoin remains within an upward-sloping triangle pattern, indicating consolidation and struggles to regain higher levels. Bitcoin miner reserves have decreased, indicating decreasing confidence and increased selling pressure. The closure of the US stock market for Presidents Day has quietened institutional trading, and ETF inflows have not been sufficient to counterbalance the bearish momentum. Lower US Treasury yields have provided some optimism, but postponed crypto policy and geopolitical tensions continue to prolong the consolidation period. A golden cross above $106,000 or an unexpected move by the Trump administration could reignite bullish momentum, but there are near-term hazards such as meme coin fluctuations and miner withdrawals. Bitcoin's future depends on reclaiming higher levels near the $100,000 threshold and withstanding macroeconomic challenges. Traders anticipate volatility as global markets adjust to ongoing changes, and the next 48 hours may determine whether bitcoin stabilizes or experiences a sharper correction.



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