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13.03.2025 12:59 AM
Bitcoin Prepares for a Comeback
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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.

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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.

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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.

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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
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