The post Bitcoin (BTC) Consolidates After Hitting $86K as States Eye Strategic Reserves appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) trades at $84,457.07 with a $1.67T market cap after reclaiming $86K. RSI near 60 and CMF at 0.02 reflect a neutral to bullish market structure. Bitcoin rebounded to $86,015.19 in the past 24 hours before settling at $84,457.07. This reflects a modest daily gain of 0.89%. Its market capitalization rose to $1.67 trillion, advancing in lockstep with price growth. However, the daily trading volume dropped 23.19% to $28.37 billion. The market cap ratio now stands at 1.69%, suggesting reduced immediate momentum despite bullish undertones. Bitcoin’s circulating and total supply both rest at 19.85 million BTC, just short of the 21 million maximum. Meanwhile, the global crypto market cap rose 1.27% to $2.68 trillion. Yet, overall 24-hour volume fell by 9.14%, narrowing the immediate liquidity window. The U.S. may soon declare Bitcoin a national strategic asset. This shift could redefine its role in global finance.  New Hampshire aims to allocate up to 10% of state funds to Bitcoin. Arizona’s Senate is debating legislation supporting home-based Bitcoin activities and a state Bitcoin reserve. Sweden is evaluating similar strategic reserves to enhance financial resilience. Is Institutional Interest Enough to Fuel the Next BTC Rally? Technically, Bitcoin faces visible resistance around $86,000. A sustained break above this could propel prices toward the $88,000–$90,000 corridor. Meanwhile, support holds at $81,000. If breached, prices might slide toward $78,500, which marks a secondary cushion. From the attached chart, the RSI currently reads 59.86, hovering just below the overbought threshold. Its alignment with the RSI average of 59.85 indicates stability rather than excessive momentum. The CMF (Chaikin Money Flow) stands marginally positive at 0.02. This implies slight accumulation but lacks aggressive capital inflow. The price sits above the 20-period moving average, validating a near-term bullish stance. Moving average crossovers confirm this trend. The recent bullish crossover…

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Filed under: News - @ April 13, 2025 12:21 pm