U.S. President Donald Trump signed an executive order establishing a strategic Bitcoin reserve. Following the announcement, Bitcoin surged and then retreated. After the executive order was signed, the market reaction was largely in line with Jiang Wei's thoughts, with a drop exceeding 5% within ten minutes, breaking through several key levels. The current price has stabilized around 88,000.

In the wake of Bitcoin's sharp decline, the entire cryptocurrency market fell, with ADA dropping nearly 9%, Dogecoin down over 8%, Ethereum down over 6%, and SOL down over 5%. Due to the extreme volatility, over 150,000 people were liquidated in the cryptocurrency market in the past 24 hours.

Investors believe that after Trump fulfilled his campaign promise to make the U.S. the "world's crypto capital," the market needs more positive news to support Bitcoin's price.

Fintech investor Ryan Gilbert stated that the U.S. government's move sends a strong message to institutions that Bitcoin will continue to exist. He said this decision will further distinguish Bitcoin from other cryptocurrencies.

"For the past fifteen years, many have said Bitcoin is unique while ignoring other tokens," Gilbert said. "I do believe the U.S. government's actions help to distinguish Bitcoin as a token, an asset, separating it from all other cryptocurrencies."

However, Gilbert noted that the U.S. must be cautious in how it manages protections. "What we don't want to see is the U.S. actively trading Bitcoin," he said. "Reserves should be a long-term store of value, not something that introduces market speculation."

In addition to Bitcoin, Trump also stated on social media that Solana (SOL) and Cardano (ADA) tokens would be part of the digital asset repository. However, many cryptocurrency investors who support Trump expressed concerns about this.

"I have nothing against XRP, SOL, or ADA, but I don't think they are suitable as strategic reserves," said Bitcoin billionaire Tyler Winklevoss. "Right now, there is only one digital asset in the world that meets the standard, and that is Bitcoin."

Nic Carter, founder of Castle Island Ventures, stated, "The U.S. is clearly the most important country in the world, so their relevant actions do indeed help Bitcoin significantly." However, he emphasized that including any digital currency other than Bitcoin in the reserves would make the U.S. government appear to be speculating.

Back to the point, the four-hour technical structure shows that Bitcoin is oscillating around the Bollinger Bands, but the upper and lower bands are now converging. In the short term, Bitcoin's price may not fluctuate as much as before. The upper resistance is at 93,500, and the lower support is at 83,000. The price is currently oscillating around the middle band. With MACD showing bearish momentum, a continued rebound is expected to be bearish for the day, focusing on shorting in the 89,000-89,500 range, targeting the 84,000 level.

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