Bitcoin is experiencing a downturn, currently trading below $100,000, resulting in a massive liquidation event exceeding $2 billion. The recent digital asset press conference by David Sacks yielded a cautious message about a potential US Bitcoin Strategic Reserve. A notable move of 49,700 BTC, categorized under the spent output age band of 6-12 months, has been noted, suggesting possible market volatility and selling pressure in the coming days. Historically, such movements are linked to whale activity which may lead to retail sell-offs. Meanwhile, overall market sentiment is trending bearish, although this could present future buying opportunities. Currently, Bitcoin's price action is consolidating, with projections indicating potential targets around $94,100 to $92,600 if bearish trends persist. Notably, more than 30,000 BTC were accumulated by whale addresses during this dip, indicating the possibility of short-term price recovery if market conditions improve. Closing above $100,000 is deemed crucial to reversing negative momentum.

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