Bitcoin Faces Resistance at $104K Amid Derivatives Pressure
Bitcoin's recent rally has shown signs of stalling near the $104,000 mark, as the cryptocurrency struggles to break through this key resistance level. Despite maintaining its position above the psychologically important $100,000 threshold, BTC is encountering growing pressure from increased short positioning in the derivatives market. This tug-of-war between derivatives activity and spot market liquidity highlights the underlying tensions in the current price action. As of August 4, 2025, Bitcoin's inability to decisively surpass $104,000 suggests potential fatigue in its upward momentum, raising questions about its near-term trajectory. The market's focus now shifts to whether Bitcoin can gather enough bullish momentum to overcome these headwinds and set new all-time highs.
Bitcoin Struggles Near $104K as Derivatives Pressure Mounts
Bitcoin's rally shows signs of fatigue NEAR all-time highs, with the cryptocurrency failing to decisively break through the $104,000 resistance level. The tug-of-war between derivatives activity and spot market liquidity reveals underlying tensions in the current price action.
Despite maintaining its footing above the psychologically significant $100,000 threshold, BTC faces growing headwinds from increased short positioning. Traders appear skeptical of immediate upside potential, even as the broader market structure remains bullish.
Coinbase Joins S&P 500 Amid Regulatory and Cybersecurity Challenges
Coinbase (COIN) surged 27% over five days despite regulatory scrutiny and hack fears, buoyed by its historic inclusion in the S&P 500. The crypto-native firm's shares rallied 9% to $266.46 on May 16 ahead of its official index debut on May 19.
Broad market tailwinds supported the move, with the S&P 500 extending its winning streak to five days amid easing U.S.-China trade tensions. Bitcoin (BTC) held marginal gains during the period as investors cautiously rotated into risk assets.
The landmark S&P 500 listing triggered a 20% post-announcement surge for COIN, demonstrating institutional crypto adoption's power to override short-term headwinds. Cybersecurity concerns and SEC pressure faded as the market focused on the exchange's mainstream financial milestone.
US Loses Perfect Credit Rating – How Will It Impact Bitcoin Price?
Moody's has downgraded the US credit rating from Aaa to Aa1, marking the first time in over a century that the country lacks a top-tier rating from all three major agencies. Rising deficits, mounting interest costs, and the absence of credible fiscal reforms drove the decision. Markets reacted swiftly, with Treasury yields climbing.
Meanwhile, on-chain data reveals a declining supply of bitcoin on exchanges, signaling a growing preference among investors to hold rather than sell. Despite these bullish fundamentals, BTC remains in a short-term consolidation phase, awaiting fresh momentum to break higher.
Panama City Explores Bitcoin Reserve Plans Following El Salvador Engagement
Panama City's mayor has sparked speculation about potential Bitcoin treasury reserves after meeting with El Salvador's key Bitcoin proponents. The discussion with Max Keiser, President Nayib Bukele's Bitcoin advisor, and Stacy Herbert of El Salvador's Bitcoin Office suggests growing institutional interest across Latin America.
While no formal policy was announced, the mayor's social media reference to "Bitcoin reserve" indicates serious consideration of replicating El Salvador's pioneering strategy. This development follows Panama's earlier exploration of cryptocurrency integration through proposed legislation in 2021 that ultimately stalled.
The dialogue may extend beyond reserves to include financial education components, as Panama evaluates adopting aspects of El Salvador's Bitcoin literacy programs. Such moves WOULD position Panama City as another potential Latin American hub for cryptocurrency adoption at the municipal level.
Galaxy Digital Secures Nasdaq Listing After 4-Year Regulatory Journey
Galaxy Digital, the digital asset investment firm founded by Mike Novogratz, has achieved a significant milestone with its official listing on the Nasdaq Global Select Market. Trading under the ticker symbol $GLXY, the firm's four-year, $25 million regulatory journey underscores the growing institutional embrace of crypto-linked equities.
Bitcoin's recent price surge has further amplified investor interest in companies like Galaxy Digital and Coinbase, signaling broader market optimism. Novogratz celebrated the listing on social media, stating, "Proud moment. Beyond grateful to our team, investors, partners, and everyone on the journey."
The Nasdaq debut marks a pivotal moment for crypto's integration into traditional finance, reflecting both regulatory progress and Wall Street's evolving stance on digital assets.
Bitcoin Price Stabilizes Above $103K as Eric Trump Highlights Institutional Accumulation
Bitcoin's price holds firm above $103,000 amid growing institutional interest, underscored by Eric Trump's remarks at Consensus 2025. The former president's son revealed sovereign wealth funds and billionaire family offices are aggressively accumulating BTC, framing it as a global race for digital asset dominance.
Trump, co-founder of a now-merged Bitcoin mining venture, identified two critical crypto battlegrounds: mining infrastructure and asset hoarding. MicroStrategy's Michael Saylor was singled out as leading the accumulation charge. "You hear it from sovereign funds, the richest families," TRUMP noted, describing a pervasive scramble for Bitcoin exposure among elite investors.
