Bitcoin drops below $119K after US Treasury secretary rules out new BTC buys

Bitcoin fell below $119,000 on Thursday after US Treasury Secretary Scott Bessent said the government will not make new BTC purchases to fund a Bitcoin reserve.

Bitcoin dropped below a key support level Thursday after US Treasury Secretary Scott Bessent said the government had no plans to make additional purchases of Bitcoin for its Bitcoin and digital asset reserve.

Bitcoin (BTC) fell below the $120,000 psychological support level and traded at $118,730 at the time of writing, hours after hitting an all-time high of $124,457 earlier on Thursday, Cointelegraph data showed.

The decline followed Bessent’s comments in an interview with Fox Business, where he confirmed the government would not buy more Bitcoin.

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