Bitcoin’s Struggle at $97K: Market Correction and Institutional Moves
Bitcoin's recent rally has hit a snag near the $97,000 resistance level, leading to a 2.7% pullback across the cryptocurrency markets. This correction comes after Florida withdrew its proposed Bitcoin reserve legislation, which had initially sparked institutional interest and contributed to recent gains. Despite this setback, BlackRock's significant accumulation of $3.5 billion worth of BTC since April highlights the growing institutional participation in the crypto space. However, retail sentiment remains cautious as market watchers keep a close eye on future developments. This article delves into the top three cryptocurrencies to watch during this period of market adjustment and explores the factors influencing their potential trajectories.
Top 3 Cryptocurrencies to Watch as Bitcoin Faces Resistance at $97K
Bitcoin's rally stalls near the $97,000 resistance level, triggering a 2.7% pullback across crypto markets. The correction follows Florida's withdrawal of proposed Bitcoin reserve legislation, dampening institutional momentum that had fueled recent gains.
BlackRock's $3.5 billion BTC accumulation since April underscores growing institutional participation, though retail sentiment remains subdued. Market watchers now eye whether BTC can consolidate above $94,000 before attempting another push toward the psychological $100,000 barrier.
Bitcoin Bulls Hold Firm Despite Price Dip as Profit Metrics Signal Underlying Strength
Bitcoin's recent pullback from $98,000 to $93,000 appears as a temporary consolidation rather than a trend reversal, with on-chain data revealing robust holder conviction. Glassnode metrics show the percentage of supply in profit has steadily climbed since BTC's recovery from $80,000 six weeks ago, creating what analysts describe as a 'bull market correction' rather than capitulation.
The market absorbed $1.84 billion in weekly inflows before profit-taking emerged, suggesting institutional accumulation continues beneath surface volatility. Short-term holder supply metrics indicate the sell-pressure may be exhausting itself, with the network's fundamental health remaining intact. 'This is the wall of worry bulls climb,' remarked one trader, noting similar patterns preceded previous breakout phases.
BTC Price Stagnates Amid US Whale Selling Pressure
Bitcoin's price has stalled between $90,000 and $97,000 as selling pressure from U.S. institutional investors emerges. The leading cryptocurrency posted a 0.3% weekly decline, with technical indicators suggesting potential further correction.
Coinbase's premium index - a key metric tracking institutional demand - shows whales are now liquidating positions after accumulating throughout April. This shift aligns with Bitcoin's recent pullback from yearly highs.
Market analysts highlight the Coinbase premium's sharp decline as evidence of changing whale behavior. The exchange's institutional clientele had previously driven rallies through large-scale accumulation.
UK Rejects Bitcoin Reserve Strategy, Focuses on Crypto Regulation Instead
The UK Treasury has explicitly distanced itself from the idea of establishing a bitcoin reserve, drawing a sharp contrast with the United States' aggressive crypto policy shift under President Donald Trump. "We don't think that's appropriate for our market," stated Emma, a Treasury representative, emphasizing the divergence from Washington's approach. While the U.S. moves toward national-level Bitcoin storage, the UK maintains other financial priorities.
Instead of stockpiling digital assets, British officials aim to collaborate with American regulators on broader cryptocurrency frameworks. "We think it's really important to work together on regulation," Emma noted, underscoring the value of transatlantic coordination. The stance reflects London's preference for structural oversight over direct exposure to volatile crypto reserves.
Bitcoin’s $100K Stumble Coincides With US Whales Pulling Back, Analyst Says
Bitcoin's recent price weakness appears less tied to macroeconomic concerns and more to American institutional investors reducing exposure. The Coinbase Premium, a key indicator of U.S. sentiment, has plummeted to -5.07—its lowest level in weeks—signaling a notable discount for BTC on Coinbase compared to global exchanges.
CryptoQuant analyst AbramChart highlights this divergence as evidence of mounting selling pressure from U.S.-based whales. The widening premium gap suggests domestic investors are quietly offloading positions while international markets maintain relatively stronger valuations.
Bitcoin Set To Gain Over $300 Billion From Corporate Adoption In Next 5 Years
Bernstein analysts project a seismic shift in corporate treasury strategies as Bitcoin emerges as a preferred reserve asset. The asset manager's research indicates public companies could funnel more than $300 billion into BTC by 2030, following MicroStrategy's pioneering blueprint.
MicroStrategy, now rebranded as Strategy, continues to dominate corporate Bitcoin holdings with 555,450 BTC acquired at an average price of $68,550. Their recent $180 million purchase of 1,895 BTC demonstrates unwavering conviction in Bitcoin's long-term value proposition as a corporate treasury asset.
