Bitcoin Nears $84,230 as U.S. Considers Strategic Reserve

Bitcoin is currently trading near $84,230, with a slight increase of 0.23% on Saturday. Market participants are closely monitoring policy developments and technical signals to gauge the next potential move, with some speculating whether Bitcoin could reach $90,000 in the near future.

The U.S. administration is considering a proposal to fund Bitcoin purchases using unrealized gains from gold certificates. This initiative, if implemented, would mark the first time the U.S. government formally allocates a portion of its balance sheet to Bitcoin. The plan involves revaluing gold certificates from $42.22 per ounce to the current market price of around $3,000, potentially unlocking billions in funds for a "Strategic Bitcoin Reserve." This move could significantly boost institutional confidence in Bitcoin, potentially driving up prices in the coming weeks.

The SEC's first-ever crypto regulation roundtable has brought a sense of optimism to the market. The session focused on balancing innovation with investor protection and clarified that cryptocurrency mining does not constitute a securities offering. This clarification could alleviate long-standing concerns among U.S. miners and institutional investors, potentially leading to increased investment in Bitcoin. Additionally, the U.S. President has reaffirmed his pro-crypto stance, calling for the U.S. to become a global crypto leader. Improved regulatory clarity could attract renewed institutional flows into Bitcoin.

Political scrutiny is intensifying around meme coin regulation. Lawmakers, including Elizabeth Warren, have criticized the SEC’s exemption of tokens linked to public figures, arguing that this lack of oversight exposes retail investors to scams while giving preferential treatment to politically-affiliated projects. This renewed debate could reinforce Bitcoin’s appeal as a more secure and transparent digital asset. If meme coins come under regulatory fire, capital may rotate into Bitcoin as the dominant "safe-haven" crypto.

While the U.S. is exploring Bitcoin as a strategic reserve asset, the Swiss National Bank (SNB) has taken a different stance. The SNB cited legal and technical risks as reasons to reject adding Bitcoin to its reserves, stating that their current reserve structure serves monetary stability better than crypto assets. However, the U.S. pivot towards Bitcoin is more influential globally and could outweigh Switzerland’s caution, reinforcing Bitcoin’s growing institutional legitimacy.

Technically, Bitcoin is consolidating around $84,360 on the 4-hour chart, forming a symmetrical triangle—a pattern that often precedes major moves. The price is holding above an ascending trendline and the 50-day EMA, currently near $84,030. Immediate resistance lies at $84,340, with breakouts targeting $87,410 and $89,900. If Bitcoin fails to hold support, it could drop to $81,550. A strong breakout above $84,340 could be the catalyst needed to make $90,000 a near-term reality.

In summary, the volatile market sentiment surrounding Bitcoin is influenced by a mix of policy developments, regulatory clarifications, and technical signals. The U.S. administration's consideration of a "Strategic Bitcoin Reserve" and the SEC's softer stance on crypto regulation could provide significant tailwinds for Bitcoin's price. However, the path to $90,000 will depend on Bitcoin's ability to break through key resistance levels and maintain support. Institutional confidence and regulatory clarity will play crucial roles in determining Bitcoin's next move.