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The Bitcoin price edged down a fraction of a percentage in the last 24 hours to trade at $96,734 as of 10:33 p.m. EST on trading volume that plunged 26% to $22.4 billion.
BTC is closing in on the $100K mark as Senator Cynthia Lummis announced that President Donald Trump supports her legislative proposal to purchase 1 million BTC.
The legislation aims at establishing a Strategic Bitcoin Reserve for the US government, and aims to position the nation as a global leader in financial innovation while addressing the country’s substantial national debt.
🚨BREAKING:
Senator Cynthia Lummis recently stated that President Trump supports her bill to purchase 1,000,000 #Bitcoin pic.twitter.com/liUIcStrHF— Grey BTC (@greybtc) May 2, 2025
The proposed act mandates the US government to acquire 1 million Bitcoin over a five-year period.
What does this mean for the future trajectory of the Bitcoin price?
Bitcoin Price Currently On An Ongoing Bullish Trend Reversal
The BTC price chart on the 3-day timeframe reveals a notable bullish breakout from a falling wedge pattern, a formation typically viewed as a bullish reversal signal.
This breakout confirms the shift from a period of consolidation and accumulation within the wedge to renewed upward momentum. The breakout occurred after the Bitcoin price had previously interacted with a clearly defined demand zone near the $92,000 range.
Currently, the price of BTC is trading at approximately $96,734, positioning itself just above the 50-day Simple Moving Average (SMA) of $92,882 and well above the 200-day SMA of $65,553. The fact that the 50-day SMA is significantly above the 200-day SMA reinforces a long-term bullish outlook, indicative of sustained upward momentum over time.
Meanwhile, the Relative Strength Index (RSI) is currently at 60.88, approaching the overbought threshold of 70. This reading signals that momentum is favoring the bulls but has not yet entered the overbought territory.
Moreover, the MACD (Moving Average Convergence Divergence) histogram is strongly positive, and the blue MACD line (1,821.54) is well above orange the signal line (748.51). This bullish crossover and widening gap between the MACD and signal line confirm increasing bullish momentum.
BTC/USDT Chart Analysis (Tradingview)
BTC Charts Path to $109,000
According to the BTC/USDT price analysis, the Bitcoin price is on a bullish breakout from a falling wedge, showing a supportive stance of both the RSI and MACD, and BTC’s firm positioning above the 50-day and 200-day SMAs, the Bitcoin price action strongly favors further upside.
A retest of the previous high near $109,000 appears likely in the medium term if the price of Bitcoin can maintain support above the $92,000–$94,000 area.
However, there is a potential resistance near the $100,000 psychological level, which could lead to short-term consolidation or pullback before continuation. If this happens, BTC could retrace, with the $82,476 level providing a cushion against downward pressure.
Meanwhile, investors are piling into a new Bitcoin-themed meme coin called BTC Bull Token (BTCBULL), which will give away real Bitcoin.
99Bitcoins, a prominent YouTube channel with over 725k subscribers, says BTCBULL has the potential to soar 100X after launch.
BTC Bull Token Presale Races Toward $5.5 Million Mark
Imagine if you could earn more Bitcoin just as you watch the BTC price rally. That’s the idea behind BTC Bull Token (BTCBULL), which just hit the $5.28 million mark in its presale phase.
BTC Bull Token owners will receive airdrops of real Bitcoin when the BTC price hits key milestones. Those start at $150,000 and follow in $50k increments thereafter.
A huge BTCBULL Token airdrop also awaits the strongest hodlers when BTC hits $250,000, weighted by the participant’s Community Sale purchase amount.
🚨 $BTCBULL is Live in Upcoming Tokens! 🚨@BTCBULL_TOKEN is a Bitcoin rewards-based meme token that delivers milestone-based airdrops as Bitcoin hits new price levels.
With built-in incentives for buying, holding, and trading, $BTCBULL gives holders a new way to stack BTC.… pic.twitter.com/BMzBHcLltU
— Best Wallet (@BestWalletHQ) February 10, 2025
In addition, each $25,000 move higher in Bitcoin’s price after $125k will trigger a BTCBULL token burn, making the meme coin scarcer and putting upward pressure on its price.
$BTCBULL holders also have an opportunity to earn passively through the project’s staking platform, which offers a massive 78% annual percentage yield (APY).
Investors interested in participating in the presale can visit the official BTC Bull website to buy BTCBULL tokens for $0.002495 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in less than 3 days to secure the best deal.
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