On Wednesday (December 18), Bitcoin fell to the level of $106,000 after reaching a historical high of $108,336. The Satoshi Act Fund's prediction came true last week as the Ohio House of Representatives submitted a Bitcoin strategic bill, joining Texas. President-elect Donald Trump met with Crypto.com CEO Kris Marszalek to discuss new government appointments and a national Bitcoin strategic reserve.
Ohio Representative Derek Merrin submitted Bill No. 703 (Ohio Bitcoin Reserve Act), proposing the establishment of a Bitcoin reserve fund in the state treasury and authorizing the state treasurer to invest in Bitcoin flexibly, but not mandatorily.
Merrin pointed out that the dollar is rapidly depreciating, and Bitcoin can serve as a tool to protect tax revenue and enhance state finances. This legislation provides a framework for state governments to utilize Bitcoin technology to address economic challenges and promote innovation. Similar bills have also been proposed in Texas and Pennsylvania, aiming to establish state-level Bitcoin reserves.
Notably, Satoshi Act Fund CEO Dennis Porter released a significant signal on Twitter last Friday, forecasting: 'Next week we will announce another Bitcoin Strategic Reserve bill, the dominoes are falling.'
It now appears that the news is being confirmed.
Marszalek posted a photo with Trump on Twitter, as reported by CoinTelegraph, noting that the two met to discuss his appointment in the cryptocurrency industry under the new government and the upcoming Bitcoin strategic reserve.
On the same day that this meeting took place, Crypto.com withdrew its lawsuit against the SEC. On Monday, the crypto exchange filed documents with the U.S. District Court for the Eastern District of Texas to voluntarily dismiss its lawsuit against the SEC and its commissioners.
Crypto.com previously received a Wells Notice warning that the SEC might take enforcement action. Marszalek stated in October that the exchange would sue the SEC 'to protect the future of cryptocurrency.' However, an exchange spokesperson said the company withdrew the lawsuit 'because it intends to work with the incoming government to develop an industry regulatory framework.'
Since winning the U.S. presidential election on November 5, Trump's proposed appointments suggest he intends to nominate individuals who support the cryptocurrency industry; he launched his own digital asset project, World Liberty Financial (WLFI), before the election.
It has been reported that besides Marszalek, Trump also spoke with Coinbase CEO Brian Armstrong in November to discuss personnel appointments. Since that meeting, Trump has announced the appointment of former PayPal COO David Sacks as his 'AI and cryptocurrency czar' and appointed former commissioner Paul Atkins as SEC chairman.
Bitcoin Technical Analysis
CryptoPotato reports that on the daily chart, Bitcoin has continuously set new highs and lows in recent weeks, even as the upward trend slowed after breaking the $90,000 level. Meanwhile, the market failed to break the $100,000 level in its initial attempts but finally succeeded a few days ago.
Currently, the levels of $110,000 and $120,000 may be targets for Bitcoin, as the $100,000 level has now become a support area.
However, the 4-hour chart shows concerning signals. The market has not yet broken through the ascending channel, and if it falls below the descending channel, it could form a reversal pattern. The price is currently testing the upper boundary, and if a bearish rejection occurs, the support level at $100,000 will be the first possible target.
However, if the market can break through this upward pattern, the price is expected to rise significantly.
In recent weeks, the price of Bitcoin has risen sharply, hitting a historical high, and investors have begun to buy in large quantities. This alone may be the main reason for the recent upward trend.
The chart below shows the exchange reserve indicator, which measures the amount of Bitcoin held in exchange wallets. This is a very useful indicator that many analysts use as a representation of supply.
As shown in the chart, the exchange reserve indicator has fallen sharply in recent weeks, indicating a significant reduction in supply. If this trend continues, the price of Bitcoin may rise in the coming months, as the supply-demand equation is clearly favorable for price increases.
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