Bitcoin experienced a flash crash but has since recovered, trading above $96,000. Traders are closely watching the upcoming inauguration of President-elect Donald Trump, as his pro-crypto picks and expected pro-crypto regulation could impact Bitcoin's price trend. Bitcoin's price is influenced by macroeconomic updates and its correlation with U.S. macro moves is increasing. The crypto industry has donated significant amounts to secure pro-crypto lawmakers in Congress. Traders are cautious ahead of Trump's term, but renewed conviction is expected as Bitcoin rallies toward $100,000. Inflows to U.S.-based Spot Bitcoin ETFs have scaled back, indicating risk-off behavior by institutional investors. The Bitcoin Act proposed by Senator Cynthia Lummis could establish a Strategic Bitcoin Reserve in the U.S. Sentiment towards Bitcoin has deteriorated, and there are concerns of a potential decline to $69,000. The $70,000 level is a key support for Bitcoin.



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