Bitcoin Surges Past $93K on US Crypto Reserve News

Bitcoin (BTC) price surged past the $93,000 mark today, marking a nearly 10% increase over the past 24 hours. This significant movement comes in response to the announcement of a US crypto strategic reserve, which plans to include major digital assets such as Bitcoin, Ethereum, Solana, XRP, and Cardano.

This price surge represents the latest development in Bitcoin's ongoing bull cycle, which began in early 2023. Market data indicates that Bitcoin is currently experiencing its third corrective phase within this cycle, according to analysis from CryptoQuant analyst Grizzly. UTXO Age Bands, a metric that tracks how long Bitcoin remains unmoved in wallets, reveals a pattern similar to previous market cycles. This technical indicator has historically provided insights into Bitcoin's price movement patterns and potential breakout points.

The first two corrective phases occurred during the summers of 2023 and 2024, with each phase lasting approximately six months. During these periods, Bitcoin encountered resistance before breaking through to establish new price highs. Current market analysis suggests Bitcoin may continue in its present consolidation phase for an additional two to three months. During this period, price action is expected to fluctuate between $80,000 and $100,000.

Technical data from the MVRV Z-Score, which measures Bitcoin's market value against its realized value, indicates a cooling period. This metric has historically preceded rapid upward price movements, similar to the early 2024 surge when Bitcoin broke through $72,000 to reach new all-time highs. Market observers note that the current cycle appears to be moving at an accelerated pace compared to previous bull markets. This acceleration may be attributed to evolving political dynamics in the United States and increased institutional participation in the cryptocurrency market.

The announcement of the US crypto strategic reserve has introduced a new variable into market dynamics. This development represents the first time a major government has publicly announced plans to hold a diverse portfolio of digital assets. Trading volume data shows increased activity across major exchanges, with spot market volume reaching higher levels than observed in previous weeks. This surge in trading activity coincides with the price movement above $90,000.

The market structure currently displays similarities to previous pre-breakout periods. Technical indicators suggest the formation of support levels around the $90