Bitcoin News Today: Slight Recovery, But This Move Sparks Bull Market

Bitcoin is still in a consolidation phase, with the current price around $96,200. Although it struggles to reclaim the psychological $100,000 mark, uncertainty among investors remains. The latest U.S. economic report did not shake the crypto market, despite ongoing inflation issues, with BTC showing resilience.

The latest U.S. CPI report indicates that the core inflation rate for January is 3.2%, slightly higher than December's 3.1%. This has lowered expectations for multiple rate cuts in 2025. Although Federal Reserve Chairman Powell acknowledged progress towards the 2% inflation target in his testimony on Capitol Hill, he stated that rate cuts are not imminent. Bitcoin rebounded after briefly dipping to $94,106.

Following a brief pullback, Bitcoin gained momentum due to intensified discussions around the U.S. Strategic Bitcoin Reserve (SBR). The proposed Bitcoin bill for the end of 2024 suggests that the U.S. government acquire 1 million BTC over five years, with a 20-year holding period. This move could significantly alter the supply-demand balance of Bitcoin.

Although the Bitcoin bill is still awaiting congressional approval, several U.S. states are independently taking steps to incorporate Bitcoin into their financial strategies:

If Congress passes the Bitcoin bill, it could trigger widespread Bitcoin accumulation, similar to the historical trend of gold accumulation. A national Bitcoin reserve could provoke global FOMO, pushing prices to new highs. Investors are closely monitoring the progress of regulatory discussions, as Bitcoin's future may be influenced by government policies in the coming months. #BTC☀