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The Bitcoin price edged up a fraction of a percentage in the past 24 hours, trading at $117,731 as of 12:24 a.m. EST, with trading volume down 24% to $51.2 billion.
This slight uptick in the BTC price comes as Senator Cynthia Lummis raised alarms over reports that the US sold over 80% of its Bitcoin reserves, which has left only 29,000 coins, calling it a strategic blunder that undermines national competitiveness.
I’m alarmed by reports that the U.S. has sold off over 80% of its Bitcoin reserves—leaving just ~29,000 coins.
If true, this is a total strategic blunder and sets the United States back years in the bitcoin race. https://t.co/ciYf1uhy0x
— Senator Cynthia Lummis (@SenLummis) July 16, 2025
When it was established in March 2025, the US Bitcoin Reserve reportedly held around 200,000 BTC, though no formal audit had been conducted to confirm this figure.
An investigation by independent journalist Lola Leetz later revealed that the government’s Bitcoin holdings were valued at only $3.44 billion.
Bitcoin Price Still Bullish, Aims For A Sustained Rally
The BTC price chart on the 3-day timeframe displays a strong bullish trend within a well-defined rising channel.
Bitcoin price action has respected this channel since late 2023, with higher highs and higher lows forming a clear Elliott Wave pattern, currently approaching the fifth wave peak.
The recent breakout above previous resistance zones around $98,000, along with the sustained climb toward the upper boundary of the channel, reinforces bullish momentum, as GeckoTerminal data shows.
As a result of the continued uptrend, the price of Bitcoin has continuously traded above both the 50 and 200 Simple Moving Averages (SMAs).
The Relative Strength Index (RSI) sits at 68.77, nearing overbought territory but not yet at extreme levels. This suggests strong buying interest with room for further upside before a major correction.
Meanwhile, the Moving Average Convergence Divergence (MACD) remains bullish with a wide gap between the blue MACD and orange signal lines and positive histogram bars, indicating persistent upward momentum.
With the current trajectory, the BTC price action is likely to target the upper resistance of the ascending channel, around $140,000, in the near term, completing the fifth wave.
However, traders should watch for potential exhaustion signals as the RSI approaches overbought conditions, which could precede a corrective pullback toward support at $100,000 before any sustained move higher.
Meanwhile, investors are piling into a new BTC-themed meme coin called Bitcoin Hyper (HYPER), which aims to scale the Bitcoin blockchain.
According to 99Bitcoins, a popular crypto channel on YouTube with over 723K subscribers, HYPER could soar 10X after launch.
Bitcoin Hyper Token Presale Races Past The $3 Million Mark – Buy And Stake For 286% APY
There have been several attempts to scale Bitcoin, but most have struggled to break through. The Lightning Network is one of the more well-known solutions, created to make Bitcoin usable for everyday payments.
It works by creating off-chain payment channels between users, allowing BTC to be sent quickly and cheaply without waiting for block confirmations. In practice, though, the system has limitations.
🚨 Bitcoin Hyper is now live in Best Wallet! 🚨@BTC_Hyper2 is building Bitcoin’s first Layer 2 focused on real scalability — enabling fast, cheap BTC transactions, meme coins, dApps, and more.
It’s secured by Bitcoin L1 and powered by Solana VM tech for high speed and massive… pic.twitter.com/5Ktj12RCR1
— Best Wallet (@BestWalletHQ) June 5, 2025
Powered by the Solana Virtual Machine (SVM), Bitcoin Hyper combines the speed of Solana with the security of Bitcoin, made possible through a non-custodial zero-knowledge bridge that locks BTC on-chain and mints a wrapped version on the layer-2.
So far, investors have pumped over $3.1 million into the project’s ongoing ICO.
If you buy and stake now, you could unlock a 286% annual percentage yield (APY) as well. However, this rate decreases as more people join, so timing is crucial.
Investors interested in participating in the presale can visit the official Bitcoin Hyper Token website to buy HYPER tokens for $0.0123 each using crypto or a bank card.
Buy before the next price increase in about 34 hours.
Visit the Bitcoin Hyper website.
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