Bitcoin Surges 1% to $108,470 as Texas Moves to Create State Reserve

Bitcoin (BTC) has surged to $108,470, marking a 1% increase as of Saturday. This rise has sparked speculation about a potential breakout to $120,000, with key indicators suggesting a bullish trend. The Texas Bitcoin Reserve Bill, endorsed by Governor Greg
, has gained significant traction. This bill proposes the creation of a state Bitcoin reserve, aligning with Abbott's goal to establish Texas as a crypto hub by 2024. The support from the governor positions Texas alongside other states with pro-crypto legislation, such as Arizona and New Hampshire. This state-driven initiative could boost investor confidence and potentially catalyze BTC's rise past $110,000.Meanwhile, the U.S. Department of Justice announced the recovery of $2.5 million in stolen cryptocurrencies from scams targeting inexperienced investors. This crackdown on crypto scams is aimed at increasing public trust in digital assets. The recovery efforts, coordinated by the FBI’s San Diego branch, highlight the government’s commitment to cleaning up the crypto market. As transparency and enforcement improve, the crypto market becomes more attractive, which could further fuel Bitcoin’s rise.
Institutional adoption of Bitcoin continues to soar, with
purchasing $50 million worth of Bitcoin between May 13 and May 22. This acquisition brings their total holdings to 455 BTC, now valued at $474.4 million. Despite a 1.36% drop in the company’s stock post-announcement, Semler Scientific has seen a 53% gain since they began buying Bitcoin in May 2024. This trend of companies treating BTC as a treasury asset increases market stability by bringing in more institutions and reducing supply, which could push prices up.Technical analysis of Bitcoin remains bullish, with a higher-low pattern supported by the 50-period EMA ($108,470) and the trendline from $105,905–$107,048 on the 2-hour chart. Resistance is at $109,613 (23.6% Fibonacci), and a breakout could see prices rise to $111,935 or $113,478. Bullish candlestick patterns, such as three white soldiers or RSI divergence, could confirm the uptrend.
As the BTC/USD pair hovers near $108K, attention is turning to high-upside altcoins, with BTC Bull Token ($BTCBULL) gaining significant momentum. With $6.17 million raised out of its $7.14 million cap, BTCBULL offers a unique rewards model where token holders receive Bitcoin airdrops directly tied to BTC’s price rallies. The higher Bitcoin climbs, the more BTC gets distributed, with presale buyers receiving priority rewards over post-launch DEX investors. BTCBULL also features a built-in scarcity mechanism, triggering a token burn every time Bitcoin rises by $50K, reducing supply and increasing upside potential for long-term holders. Additionally, BTCBULL offers a ~71% APY on its Ethereum-based staking pool, with no lockups or withdrawal fees, providing passive yield with full liquidity.

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