US Lawmakers Propose Bitcoin Reserve Strategy
- Legislative Proposal Overview: US Representatives Nick Begich and Jared Golden have introduced the American Reserve Modernization Act, which aims to establish a Strategic Bitcoin Reserve, prohibiting federal entities from liquidating bitcoin assets for 20 years to ensure long-term national holdings.
- Bitcoin Reserve Goals: The act proposes accumulating up to 1 million bitcoins, equating to about 5% of the global supply, with an annual procurement cap of 200,000 bitcoins, demonstrating the US's commitment to recognizing bitcoin as a strategic asset.
- Bipartisan Support and Strategic Implications: Garnering support from 18 co-sponsors, predominantly Republicans, the bill reflects bipartisan consensus and signifies the US's intention to position bitcoin alongside traditional strategic assets like gold.
- Secure Storage Framework: The White House is developing legal and technical protocols for secure digital asset storage, emphasizing the need for a new custody framework to address existing deficiencies in federal digital wallet storage, ensuring the security of bitcoin assets.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 66427.695 | 70358.648 | 73802.545 | 77733.498 | 81177.395 | 85108.348 | 88552.245 |
| Fibonacci | 70358.648 | 73175.84 | 74916.305 | 77733.498 | 80550.69 | 82291.155 | 85108.348 |
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