empty
13.03.2025 12:59 AM
Bitcoin Prepares for a Comeback

As Bitcoin and Ether bounce back strongly from their yearly lows, this indicates that the bull market is not finished yet. In this context, Senator Cynthia Lummis has reintroduced a bill known as the "Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act," or simply the "Bitcoin Act." This legislation aims to establish a strategic Bitcoin reserve, aligning with President Trump's recent executive order.

This image is no longer relevant

The bill, informally referred to as the Lummis-Gillibrand Responsible Financial Innovation Act, seeks to provide legal and regulatory clarity for digital assets like Bitcoin. Supporters believe that this clarity will promote innovation and competition in the United States. The Act addresses various topics, including the classification of digital assets, custodian requirements, taxation, and interagency regulation.

The establishment of a strategic bitcoin reserve is a key provision of the proposed bill. Supporters argue that having the U.S. government hold a bitcoin reserve could serve multiple purposes. However, critics have raised concerns about the potential risks associated with creating such a reserve.

The Lummis bill, last proposed in July 2024, includes several minor changes and aims to create a reserve that would strengthen America's balance sheet. "By transforming the president's visionary actions, we can ensure that our country harnesses the full potential of digital innovation to address the national debt while maintaining our competitive advantage in the global economy," Lummis stated.

The bill proposes the creation of a decentralized network of secure bitcoin vaults managed by the U.S. Treasury, along with a program to purchase 1 million BTC over a specified period – roughly 5% of the total bitcoin supply, which is equivalent to the size and volume of the United States' gold reserves.

The reserve would be funded by reallocating existing assets from the Federal Reserve and the Treasury Department, rather than through new government spending.

This image is no longer relevant

In terms of Bitcoin's technical outlook, buyers are currently targeting a return to the $83,400 level, which would pave the way to $85,000. From there, the next resistance is at $87,200. The ultimate goal is to reach the high of approximately $88,900. If Bitcoin surpasses this level, it could signal a return to a medium-term bull market. Conversely, if the price falls, buyers are anticipated at $80,900. Should the price drop below this level, it could quickly decline to around $78,800, with the furthest target being $76,800.

This image is no longer relevant

Regarding Ethereum, a clear consolidation above the $1,943 level opens a direct path to $2,029. The longer-term target is the yearly high near $2,117, and breaking through this level could indicate a return to a medium-term bull market. In the event of a price decline, buyers are expected at the $1,869 level. If the price falls below this mark, it could swiftly drop to around $1,735, with the furthest target being $1,700.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Ethereum Crashed. Bitcoin Was Less Affected

Despite the successful rollout of the Pectra test upgrade on the new Hoodi testnet—potentially the final step before rolling out the update to the Ethereum main net aimed at improving

Jakub Novak 08:01 2025-03-28 UTC+2

Trading tips for crypto market on March 28

Bitcoin and Ethereum are struggling to stay afloat. Another failed attempt by Bitcoin to cling to $88,000 led to its sell-off during today's Asian trading session. Ethereum had even worse

Miroslaw Bawulski 07:34 2025-03-28 UTC+2

Trading tips on crypto market on March 27 (North American session)

Bitcoin didn't show anything interesting in the first half of the day. Only Ethereum could be traded a bit within its sideways channel, in which it is still trapped. Meanwhile

Miroslaw Bawulski 15:16 2025-03-27 UTC+2

US crypto regulation bill moves ahead rapidly

US lawmakers are moving swiftly on legislation aimed at regulating digital assets. Votes on a stablecoin bill and a revised version of the broader cryptocurrency market structure bill are expected

Jakub Novak 10:52 2025-03-27 UTC+2

BTC/USD Analysis. March 27th. Bitcoin lacks growth potential

The wave structure on the 4-hour chart of BTC/USD is quite clear. After completing a bullish trend composed of five full waves, a corrective downward phase has begun, currently taking

Chin Zhao 08:31 2025-03-27 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 27

Bitcoin and Ethereum are facing challenges in maintaining their upward momentum. However, this appears to be more of a reaction to Donald Trump's latest political statements—which have

Miroslaw Bawulski 08:06 2025-03-27 UTC+2

Technical Analysis of Intraday Price Movement of Filecoin Cryptocurrency, Thursday March 27, 2025.

By successfully breaking below the lower line of the Rising Wedge channel of the Filecoin cryptocurrency on its 4-hour chart and its price movement is now stuck

Arief Makmur 06:55 2025-03-27 UTC+2

Technical Analysis of Intraday Price Movement of Ethereum Cryptocurrency, Thursday March 27, 2025.

If in the next few days there is no significant strengthening, especially if it breaks through and closes above the level of 2549.05 on the daily chart of the Ethereum

Arief Makmur 06:36 2025-03-27 UTC+2

Bitcoin hovering before spike above $90,000

While you're mulling over whether to buy Bitcoin or not, the world's largest asset management leader, BlackRock, is actively increasing its ETH holdings for its tokenized fund, BUIDL. This move

Jakub Novak 09:39 2025-03-26 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 26

Bitcoin and Ethereum continue to show active growth but face challenges in overcoming major resistance levels. Yesterday, Bitcoin pulled back after reaching $88,400 and is currently trading around $87,600. Ethereum

Miroslaw Bawulski 08:22 2025-03-26 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.