- Summary:
- The price of Bitcoin has risen to the highest since February but has been rejected below the six figure mark. Here's why bulls can dominate.
The price of Bitcoin rose to the 13-week high of $ 99,871, which stays on the course to register the fifth consecutive weekly benefit. The gains were behind the news that the US state of the New Hampshire approved a law that allowed it to invest a hundred -millions of dollars in establishing a cryptocurrency reserve.
Meanwhile, BTC's 24-hour trade is up to 54% of this writing, which signed a strong appetite purchase despite the strong price increases. Also, the spot Bitcoin ETF Inflows returned to the reversal on Wednesday, with eleven ETF reports exchanged by US +$ 142 million on Wednesday.
New Hampshire Governor Kelly Ayotte signed in to the Act of Law 202, allowing the state to use up to 5% of its funds to buy Bitcoin and other cryptocurrencies with a market capitalization of at least $ 500 billion. In addition an property must be held by an institution with a product exchanged exchange. Bitcoin is the only crypto owner that currently meets that standard.
Meanwhile, Texas, the US state with the second largest GDP passed the corresponding strategic Bill reserve, SB 21, by the Committee stage. The bill will now continue on the floor of the house for voting before the potential to be taken to Governor Greg reaching, for certainty.
New Hampshire and Texas can set speeds for other US states to promote their strategic cryptocurrency reserves, which can prophes up BTC price momentum. However, Florida recently removed the Crypto reserve bill while Arizona Governor Katie Hobbs refused to sign in the law of a bill seeking to approve the state's expenditure in the crypto acquisition.
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Bitcoin's price prediction
The momentum at Bitcoin price has signed that upside down is likely to dominate above the pivot mark for $ 98,740. The price is likely to meet a barrier to $ 98,740. However, if consumers are expanding their control, the BTCUSD pair is likely to break at that upper level, which potentially clean the path to test $ 100,800.
On the other hand, Bitcoin price momentum can swing on the downside if it breaks below $ 98,740. That is likely to see the first support comes at $ 97,260, below which the reversed narrative is invalid. Moreover, an extended control of the sellers may have lower price action to test $ 96,130.
