US Congressional support for a Bitcoin reserve is lacking, Senator Cynthia Lummis warns as BTC price momentum stalls
retreated from above $90,000 at the March 5 Wall Street open amid mixed signals over the US strategic reserve.
Senator: US Bitcoin reserve lacks support
Data from Cointelegraph Markets Pro and TradingView showed whipsaw BTC price action continuing as part of broader risk-asset volatility.
Geopolitical events maintained a firm grip on market performance, with stocks and crypto sensitive to developments over US trade tariffs and the reserve.
The latter appeared to get the green light earlier on the day as US Commerce Secretary Howard Lutnick implied that a separate Bitcoin-only stockpile would be announced at the White House Crypto Summit on March 7.
Thereafter, Wyoming Senator Cynthia Lummis, author of the Bitcoin reserve bill from 2024, acknowledged that there was a lack of Congressional support for the idea.
Proponents “might need to put a pin for a little while in the bitcoin strategic reserve because we’re not there yet,” paraphrasing Tim Scott, chairman of the House Banking Committee, quoted by mainstream media.
Lummis was speaking at the Bitcoin Investor Day event in New York.
Crypto market commentators nonetheless sought to preserve optimism on the concept, suggesting that it was a matter of “not ‘if,’ but ‘when.’”
“We are going to get a Strategic Bitcoin Reserve. There are too many smart people around the table for the United States to fumble this,” Professional Capital Management founder and CEO Anthony Pompliano, known as “Pomp,” argued in a post on X.
As Cointelegraph reported, various key industry figures have argued for a Bitcoin-only reserve to be the priority for the US government under President Donald Trump.
Bitcoin bulls “on borrowed time”
Summarizing the current trading environment, popular trader Jelle hoped for a resumption of upward momentum after an initial sell-off at the start of the US trading session.
“Yesterday – markets started pushing about 2 hours post-open. Let’s see,” he wrote in part of an X thread.
Trader and analyst Rekt Capital hoped that the March 4 dip to $82,000 would mark a “higher low” and form a foundation for an ongoing recovery.
Zooming out, others were conflicted. Despite holding some of its gains, BTC/USD was likely in for a rematch with 15-week lows of $78,000, fellow trader Justin Bennett warned.
“I still think we see a sweep of the $78,260 low, especially after the rejection from $92k monthly resistance,” he told X followers on the day.
“Bulls are on borrowed time.”
Source: Cointelegraph
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