Slight Recovery, but THIS Move Triggers the Bull
The post Slight Recovery, but THIS Move Triggers the Bull appeared on BitcoinEthereumNews.com.
Bitcoin Holds Above Key Support Despite Uncertainty Bitcoin remains in consolidation, currently priced at around $96,200. While it struggles to reclaim the psychological $100,000 mark, uncertainty continues to linger among investors. The latest US economic reports failed to shake the crypto market, with BTC showing resilience despite inflation concerns. BTC-USDT 1-day chart – Bitget US CPI Data and Powell’s Testimony Had Limited Impact The latest US CPI report revealed core inflation at 3.2% in January, slightly up from December’s 3.1%. This dampened expectations of multiple interest rate cuts in 2025. While Federal Reserve Chair Powell acknowledged progress toward the 2% inflation target during his Capitol Hill testimony, he suggested rate cuts are not imminent. Bitcoin briefly dropped to $94,106 before rebounding. Strategic Bitcoin Reserve (SBR) Pushes BTC Back Up Following a short-lived pullback, Bitcoin gained momentum as discussions surrounding a US Strategic Bitcoin Reserve (SBR) intensified. The proposed Bitcoin Act, introduced in late 2024, suggests the US government acquire one million BTC over five years with a 20-year holding period. Such an initiative could significantly shift the supply-demand balance in Bitcoin’s favor. State-Level Bitcoin Adoption Gains Traction While the Bitcoin Act awaits congressional approval, multiple US states are taking independent steps to integrate Bitcoin into their financial strategies: The Utah House recently passed legislation supporting an SBR. New Hampshire introduced HB92, proposing 10% of state funds be allocated to Bitcoin ETFs. Even traditionally blue states like Massachusetts and New Hampshire are advancing BTC-related policies. What’s Next? If Congress passes the Bitcoin Act, it could trigger widespread Bitcoin accumulation, much like historical gold accumulation trends. A national Bitcoin reserve could fuel global FOMO, driving prices to new highs. Investors are watching closely as regulatory discussions unfold, with Bitcoin’s future potentially shaped by government policies in the coming months. Source: https://cryptoticker.io/en/bitcoin-news-today-slight-recovery-bull-trigger/
Filed under: News - @ February 13, 2025 1:21 pm