The post Bitcoin (BTC) Accumulation Continues: Tailwinds Building Momentum appeared on BitcoinEthereumNews.com.

With no real concerns in sight, the Bitcoin (BTC) price continues in its current sideways accumulation phase. All the while, tailwind after tailwind adds its momentum to a potential breakout. Eleventh week of sideways price action It may still take a while, but the Bitcoin price is coiling up, ready to break free of its shackles once again. After bursting out of the 8-month long bull flag in mid-October of last year, the period needed to absorb the resulting parabolic price rise was not going to be a short one.  Therefore, here we are, in the eleventh week of sideways price action, with Bitcoin jauntily tracking along in the middle of the sideways range, waiting for the time when the bulls have the confidence to make that decisive push to the next stage of the bull market. Tailwinds are building All the while, the tailwinds are building. Fresh on the heels of an announcement by the board of the Czech central bank that it was looking into the possibility of adding Bitcoin to the country’s financial reserves, a new announcement, by the Czech prime minister, stated that Czech citizens would not pay capital gains tax on Bitcoin they held for at least three years. In the US, a bill to allow Bitcoin to be added to the State treasury has been passed by a House vote in Utah. So far, there are 16 states that are in the process of, or which are investigating the possibilities of legislation, that will allow them to buy and hold Bitcoin in their treasuries. Meanwhile, also in the US, pro-Bitcoin Senator Cynthia Lummis recently argued for a government Bitcoin Strategic Reserve. She said: “We have a gold strategic reserve, we have an oil strategic reserve. I think that it is fitting that now Bitcoin…

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Filed under: News - @ February 9, 2025 2:10 am