$BTC
Bitcoin is experiencing noticeable price fluctuations today amid legislative developments and mixed market expectations. According to the latest data, the current price of Bitcoin is around **$93,300**, down slightly by 0.64% over the past 24 hours, while it recorded a high near $94,235 and a low of $91,677.
Influencing factors: US legislation**: Texas is discussing a bill to create a "strategic reserve for Bitcoin," which enhances institutional confidence and supports the idea of adopting Bitcoin as an official reserve asset. The project allows funding for the fund from the general budget and includes digital currencies with a market value exceeding $500 billion.
For institutional flows: Bitcoin exchange-traded funds (ETFs) attracted investments worth $15.85 million last week, indicating a return of investment momentum after a previous decline.
Technical forecasts
Analyses indicate two main scenarios:
- A rise if it breaks above $85,600, the price could head towards $94,000 supported by increased institutional demand or supportive economic events.
- A drop breaking below $84,000 could lead to a sharp correction towards $78,000, especially with selling pressure from losing coin holders, as 26% of Bitcoin addresses are currently at a loss.
Prominent analysts expect Bitcoin to reach $200,000 by the end of 2025