TLDR
- Bitcoin price dropped to $105,905 on July 1, falling below the $107,000 level.
- The decline followed increased volatility during the Senate’s vote on President Trump’s proposed bill.
- Bitcoin recorded a daily high of $107,855 and a low of $105,878 within 24 hours.
- Over $66 million was liquidated from the Bitcoin market in a single day.
- The MACD and RSI indicators are signaling growing bearish momentum in the market.
Bitcoin price slipped to $105,905 on July 1 after losing support above the $107,000 level. This 1.22% drop came amid heightened legislative activity in the U.S. Senate. Lawmakers are voting on President Donald Trump’s “One Big Beautiful Bill” as market volatility spikes.
The crypto market reacted to uncertainty from the marathon vote-a-rama session that began over the weekend. Traders watched closely as the Senate debated several amendments tied to economic policy and regulation. Price action turned negative as speculation increased around the bill’s final outcome expected by July 4.
Despite ongoing accumulation trends, short-term pressure appears dominant. The sell-off follows a sharp rejection from the $107,855 intraday high to a daily low of $105,878. Market participants are now weighing the possibility of Bitcoin price falling to the $100,000 support level.
Bitcoin Price Nears Key Fibonacci Support Level
Technical indicators show bearish momentum as Bitcoin price slips below the midline of an ascending parallel channel. The MACD line is moving toward a downward crossover, signaling a possible continuation of the current trend. In addition, RSI is pointing south, indicating weakening bullish momentum.
- Bitcoin Price Outlook as $100,000 Crash Looms
The support level at $104,067, which aligns with the 78.6% Fibonacci retracement, is now in focus. If Bitcoin price closes below this key level, it may target the next zone at $97,766. This scenario would confirm increased bearish control in the short term.
CryptoQuant’s Apparent Demand metric has also turned negative, showing reduced interest in new BTC purchases. The metric fell by 37,000 BTC, marking its lowest level in a month. This lack of fresh demand will add more downside pressure to Bitcoin’s price in the near term.
Senate Amendments Spark Mixed Reaction Across the Market
Senator Cynthia Lummis has introduced amendments that may influence Bitcoin price positively if included in the final bill. These proposals focus on improving tax clarity and regulatory treatment for cryptocurrency users. Analysts believe such measures could boost confidence in the long run.
For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it.
It’s time to stop this unfair tax treatment and ensure America is the world’s Bitcoin and Crypto Superpower. 🇺🇸
— Senator Cynthia Lummis (@SenLummis) June 30, 2025
However, renewed tension between Donald Trump and Elon Musk has sparked short-term uncertainty across crypto markets. Musk warned that the bill’s passing could worsen inflation, causing concern among investors. In response, trading volumes dipped, and over $66 million was liquidated from the Bitcoin market within 24 hours.
While some analysts see inflation as a bullish trigger for Bitcoin price, others remain focused on current volatility. Optimism from specific traders has not yet reversed the ongoing downtrend. Market activity suggests more consolidation may occur before another significant move.
Uncertainty Remains as Bitcoin Market Awaits Senate Outcome
Bitcoin price continues to fluctuate between strong intraday resistance and weakening support. Legislative outcomes this week will likely determine whether Bitcoin holds or falls below the $100,000 level. Traders remain alert as political and macroeconomic risks evolve.
Despite institutional players’ longer-term bullish outlook, immediate sentiment shows a bearish inclination. As July 4 approaches, market participants are closely tracking developments in the U.S. Senate. Until clarity emerges, the Bitcoin price may face more pressure.
