Texas nears creation of a Bitcoin reserve with bipartisan support as BTC trades just below $110K after a 42 percent rally since April.
Bitcoin recovers from a 29 percent Q1 drop, breaks out of descending channel, and now eyes new highs with strong volume support.
Senate Bill 21 advances Texas toward fiscal innovation while BTC’s bullish trend signals continued momentum and renewed investor confidence.
Texas has taken a leap toward financial innovation, moving closer to establishing a state-managed Bitcoin reserve. The Texas House of Representatives passed Senate Bill 21 in its second reading, with an overwhelming 105-23 vote. This marks a step toward final approval of the Texas Strategic Bitcoin Reserve and Investment Act. The bill aims to make Bitcoin a hedge against inflation while positioning Texas as a forward-thinking economic force.
The measure introduces a framework for the state comptroller to hold Bitcoin in a special fund outside the treasury. An amendment from Representative Linda Garcia (D-TX) extended the market capitalization period requirement from 12 to 24 months. Giovanni Capriglione (R-TX), the bill’s sponsor, emphasized fiscal resilience and long-term digital asset strategy. The reserve would include input from an advisory committee of crypto investment experts. Additionally, the comptroller must submit biannual reports on crypto holdings and valuations.
Besides its economic intent, the bill reflects the broader growth of Texas as a crypto mining powerhouse. The state has consistently ranked high as a hub for blockchain infrastructure. While the bill awaits third reading approval and final reconciliation, it signals serious momentum. If passed, Texas could become the second U.S. state with a Bitcoin reserve, following New Hampshire’s move earlier this month.
Bitcoin Breaks Out as Bullish Momentum Builds
As per Captain Faibik analysis, Bitcoin continues its upward march, fueled by strong buying pressure since April. The BTC/USDT reveals a breakout from a descending channel that lasted from December 2024 to April 2025. Price action had peaked above $110,000 in late 2024 before entering a downward correction.
By March 2025, Bitcoin had dropped nearly 29%, testing key support near $78,000. However, bulls regained control in April as price bottomed near $75,700. The breakout above the descending trendline marked a turning point. Consequently, Bitcoin surged over 42% from its lows, currently trading around $107,700.
Source: Captain Faibik
Volume has notably increased during the April-May rally, reinforcing the bullish trend. Moreover, recent candlesticks show minimal pullbacks and strong upward momentum. Bitcoin now forms a clear pattern of higher highs and higher lows.
New Resistance Zone Approaches
Bitcoin has fully recovered from the Q1 correction. It now tests resistance at $110,000, which previously served as late 2024 support. If bulls clear this barrier, a new all-time high appears likely. Hence, the current setup signals a strong continuation of Bitcoin’s April uptrend.
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