Bitcoin has reached a new all-time high of $106,487 after news emerged about a third US state gearing up for a Bitcoin (BTC) Reserve. The states of Texas and Pennsylvania have already passed bills focusing on a Bitcoin Reserve.
Bitcoin Market Price Now
Since hitting the ATH of over $106K, Bitcoin has slightly dipped by $2,000. At the time of writing, Bitcoin is trading at $104,990, following a 3.9% surge. Bitcoin’s market cap stands at a staggering $2.07 trillion, thanks to a 3.21% spike. The 24-hour market volume of Bitcoin has also increased by 65.14%, reaching $63.54 billion.
The Relative Strength Index (RSI 14) stands at 68, indicating a ‘Neutral’ trend. Meanwhile, the Simple Moving Average (SMA 10) is at 100,883, signaling a ‘Buy’ action. These technical indicators suggest that Bitcoin is approaching overbought levels but still demonstrates strong bullish momentum, implying a potentially favorable time for buying.
According to TradingView data, Bitcoin’s market share (BTC.D) briefly broke through 57.38% and is now at 57.48%.
Strategic Bitcoin Reserve Leading the BTC Surge?
The rally has been triggered by multiple factors, one of them being rumors about another U.S. state introducing a Bitcoin Reserve. Dennis Porter, CEO of Satoshi Action Fund, stated that the third U.S. state will officially launch “Strategic Bitcoin Reserve” legislation this week, though he did not disclose which state will follow the examples of Texas and Pennsylvania.
BREAKING: Bitcoin hits new ALL TIME HIGH moments after news of a third ‘Strategic Bitcoin Reserve’ bill. https://t.co/oLaa21d6Vk
— Dennis Porter (@Dennis_Porter_) December 15, 2024
Porter also predicted that at least 10 states would introduce Bitcoin Reserve bills, saying, “This will not stop. We will see more and more such bills introduced. In my opinion, there are at least 10.”
Another factor fueling the surge is speculation around the U.S. Strategic Bitcoin Reserve. Yesterday, Strike CEO Jack Mallers claimed that Trump plans to establish a U.S. Strategic Bitcoin Reserve by executive order on his first day in office. Mallers suggested that under the Dollar Stability Act, which grants the president broad authority to protect the dollar, Trump’s team is considering creating a reserve of “significant but less than 1 million bitcoins” via executive order.
Also Read: Bitcoin Price Prediction for 2024, 2025 – 2050
