Bitcoin's Legal Tender Bid Fails: Price Plunges Below $91,000

Bitcoin's status as a potential national strategic asset has been called into question following the rejection of Bitcoin Reserve Bills in Montana and South Dakota. The bills, which aimed to recognize Bitcoin as a legal tender and establish a reserve for the cryptocurrency, were met with resistance from state governments, citing concerns over its high volatility and potential risks.

The rejection of these bills has sparked market concerns and led to a temporary drop in Bitcoin's price below $91,000. This development may impact the decisions of other states or countries in the future and affect market confidence in the cryptocurrency.

Analysts have advised investors to be cautious in the short term, as Bitcoin's price is expected to continue fluctuating. The cryptocurrency is currently seeking support in the $90,000 to $91,000 range. If it falls below this range, it may further decline to $88,000. It is recommended that investors gradually enter the market and set stop-loss positions to control risk.