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The implementation of a strategic Bitcoin reserve in the United States has gained significant traction with Senator Cynthia Lummis helping President Donald Trump deliver in Congress.
As the DeepSeek-induced wave of wider crypto market correction significantly subsided on Tuesday, Bitcoin price BTC $83 575 24h volatility: 1.6% Market cap: $1.66 T Vol. 24h: $24.87 B rebounded from a crucial support level to reclaim trading above $102K again. The flagship coin teased below $98K on Monday before rebounding over 5 percent to trade at about $102,826 on Tuesday at the time of this writing.
Having closed Monday in a dragonfly Doji candlestick, Bitcoin price successfully rebounded from the 50-day Moving Average (MA). As a result, the possibility of a short-term reversal, backed by a potential double top coupled with a bearish divergence of the daily Relative Strength Index (RSI), has significantly decreased.
Furthermore, Bitcoin is already in price discovery in the daily time frame and is on the cusp of entering the thrilling phase of the 2024/2025 bull cycle. According to crypto analyst alias Captain Faibik, Bitcoin price has been forming a rising megaphone structure, in the daily time frame, thus aiming for a new all-time high in the near future of about $120K.
$BTC Another Bullish Rally incoming 🔜
Next Stop : 120k 🎯#Crypto #Bitcoin #BTC #BTCUSDT pic.twitter.com/sKplkcD4Yh
— Captain Faibik 🐺 (@CryptoFaibik) January 28, 2025
The demand for Bitcoin by long-term investors has continued to increase exponentially in the past year. The high demand from long-term investors is visible through the declining supply of Bitcoin on centralized exchanges, which is currently hovering around 2.17 million up from 2.72 million in January 2024.
Despite the poor performance of the majority of the US spot BTC ETFs, BlackRock’s IBIT has continued to accumulate more coins. On Monday, IBIT registered a net cash inflow of about $64 million, despite the daily net cash outflow of around $457 million.
Meanwhile, Metaplanet and MicroStrategy have sharpened their focus to strengthen their Bitcoin reserves in the coming quarters. On Monday, MicroStrategy announced the launch of STRK, a new convertible preferred stock offering, to sell 2.5 million shares and purchase more Bitcoins in the near term.
Earlier today, Metaplanet announced plans to sell 21 million shares to raise ¥116 billion as it aims to accumulate 10K BTCs by the end of 2025 and 21K Bitcoins by 2026.
The demand for Bitcoin in the near future will experience a sharp uptick catalyzed by the implementation of a strategic Bitcoin reserve in the United States, both at the state level and the federal government. According to Dennis Porter, the CEO and Co-founder of the Satoshi Action Fund (SAF), Arizona has become the first state in the United States to pass out of committee a bull to create a strategic Bitcoin reserve.
Meanwhile, the Arizona bill on a strategic Bitcoin reserve will soon move to the Senate for a floor vote backed by Senator Wendy Rogers.
As Coinspeaker reported, Senator Cynthia Lummis has already formed a team of 8 members to the Senate Banking Subcommittee on Digital Assets in preparation for creating bipartisan crypto regulations.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!