Bitcoin price suffered a sharp $2,000 rejection immediately after Donald Trump delivered his most explicitly pro-crypto statement to date, vowing he would “never let crypto down”, and the BTC price drop that followed said everything about where the market currently stands.

Rather than launching a sustained rally, the statement functioned as a distribution event, flushing out leveraged longs clustered near the $70,000 resistance level and leaving BTC materially lower within hours.

Traders on Crypto Twitter are calling it the “Reverse Midas Touch”, the pattern where Trump’s loudest bullish proclamations consistently trigger sells rather than sustained bids. The mechanism is increasingly understood as a sell-the-news…