The most recent headline and hot off the press
“Rumors of the US Securities and Exchange Commission (SEC) creating a national $BTC reserve spread across the crypto market.”
The article goes on to say that this will trigger a bull run - and it might.
But the price for now tells a different story, hence, we expect that narrative to change accordingly.
From a strategic perspective, the US having Bitcoin as a reserve currency would most likely lead to a US dominance.
There is a new project called BTC Bull, which launched its presale last week with promises of big $BTC rewards for those who bet on $BTC’s future.
Basically, the project will give away free BTC airdrops to token holders when Bitcoin reaches 150k and then at 200k and so on.
Since the presale began, the project has raised $2 million.
Furthermore, Texas and over 15 U.S. states, including Ohio, Kentucky, Pennsylvania, and Georgia, are also considering investing in Bitcoin.
While this trend is commendable, some analysts believe a state-level Bitcoin reserve may not impact BTC’s price.
And that brings me back to price and the narrative.
On the Daily chart, with all the attention and headlines, Bitcoin fell to new multi-week lows. 
January 13th the low was 89,164.
With Bitcoin currently in a warning or caution phase, trading under its 50-day moving average, it is possible the sell-off reverses before hitting that January low.
On the Daily chart, Bitcoin is underperforming the benchmark.
Furthermore, the momentum indicator tells us that the bearish divergence between price and momentum is steepening.
Note how the red dots are now below the 200-DMA (green) while the price remains above.
Should Bitcoin break down under 89k, we refer to the weekly chart. 
I love the weekly charts as they help us look out a bit and get a broader perspective.
First, you can see that BTC/USD is far from its major support at the 50-week moving average at about $75k.
While BTC continues to perform on par with the SPDR S&P 500 (NYSE:SPY), the real motion indicator shows that the momentum is declining and has a way to go before it is in oversold territory.
As the price declines, the idea is to find a support level to buy with the best risk if wrong.
For now, we are standing aside until PRICE tells us what’s next.
ETF Summary
(Pivotal means short-term bullish above that level and bearish below)
- S&P 500 (SPY) 600 support 611 resistance
- Russell 2000 (IWM) Has to clear 227 then 230 and hold 220
- Dow (DIA) 439 support 452 now the resistance to clear
- Nasdaq (QQQ) 540 new all-time high now the bar to cross
- Regional banks (KRE) 64 pivotal
- Semiconductors (SMH) 245 support 260 resistance
- Transportation (IYT) 71.40 support 73.50 resistance
- Biotechnology (IBB) Ranging so hard to tell
- Retail (XRT) Middle of the 2025 range
- iShares 20+ Treasury Bonds (TLT) Above the 50-DMA and needs to clear 90 to get interesting