Bitcoin's potential soaring to $100,000 is under consideration as Senator Cynthia Lummis suggests President Trump supports a bill proposing distribution of 1 million Bitcoins - Meanwhile, a forthcoming ICO offers free Bitcoin.
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Bitcoin took a minor dip in the last 24 hours, trading at $96,734 as of 10:33 p.m. EST on significantly reduced trading volume of $22.4 billion.
The digital gold is teetering just below the $100K mark, with Senator Cynthia Lummis suggesting that President Trump might endorse her legislative proposal aimed at acquiring 1 million Bitcoins.
The proposed bill seeks to establish a Strategic Bitcoin Reserve for the US government, serving as a platform for financial innovation and addressing the country's national debt.
😎 Breaking BTC News!
Senator Cynthia Lummis recently hinted that President Trump supports her bid to buy 1 million Bitcoins. Check out the tweet below:
🤔 So, what's next for Bitcoin's price?
A glance at the 3-day BTC price chart illustrates a striking bullish breakout from a falling wedge pattern—a signal commonly viewed as a turning point. This breakout suggests a shift from a consolidation phase to renewed upward momentum. The Bitcoin price has interacted with a support zone near the $92,000 range before, providing a foundation for further growth.
Currently, the Bitcoin price is well above the 50-day Simple Moving Average (SMA) of $92,882 and significantly above the 200-day SMA of $65,553. The MACD and RSI are also indicating favorable momentum for the bulls.
However, potential resistance near the $100,000 psychological level could cause short-term consolidation or a pullback. If that happens, $82,476 could act as a cushion against pressure.
🚀 BTC Breakout: Headed for $109,000?
Based on the current BTC price action, the bulls have the upper hand, although a retest of the previous high near $109,000 would depend on the Bitcoin price maintaining support above the $92,000-$94,000 area.
For those interested in joining the Bitcoin craze, a new meme coin called BTC Bull Token (BTCBULL) has been gaining traction. This token aims to reward its holders with real Bitcoin upon hitting specific price milestones. For more details, visit the official BTCBULL website.
More crypto-related updates can be found in the articles below:
- "Gamble Mindset" Returns as Meme Coin Buzz Hits Year High
- Strategy Doubles Bitcoin Buying Plan to $84 Billion
- New Cryptocurrency Releases, Listings, & Presales Today
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- Senator Cynthia Lummis' recent statement suggests that President Trump may endorse her legislative proposal to acquire 1 million Bitcoins, potentially signifying a significant move in the world of finance and investing, driven by technology.
- The current Bitcoin price is significantly above the 50-day and 200-day Simple Moving Averages, indicating favorable momentum for the bulls, while a potential resistance near the $100,000 psychological level could cause a pullback.
- A striking bullish breakout from a falling wedge pattern in Bitcoin's price chart suggests a shift from a consolidation phase to renewed upward momentum, with the Bitcoin price interacting with a support zone near the $92,000 range.
- For those interested in joining the Bitcoin craze, a new meme coin called BTC Bull Token (BTCBULL) has been gaining traction, offering the potential to reward its holders with real Bitcoin upon hitting specific price milestones.
