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The Bitcoin price dropped by over 1% in the last 24 hours to trade at $102,421 as of 10:59 p.m. EST on trading volume that plunged 13% to $28.6 billion.
This comes even after Texas Governor Greg Abbott signed into law a bill that enables the state to launch a Strategic Bitcoin Reserve. Texas is the third US state to approve a Strategic Bitcoin Reserve.
Texas Governor @GregAbbott_TX has signed SB 21 into law.
Texas now has a Strategic Bitcoin Reserve in place to begin accumulating BTC. https://t.co/vXq5bqO3PL pic.twitter.com/ISBfZk3gVz
— Pierre Rochard (@BitcoinPierre) June 21, 2025
This law establishes guidelines for the Texas Comptroller of Public Accounts to buy, hold, and sell digital assets.
As Bitcoin continues to gain widespread acceptance, can it recover from an 8% plunge in the last month?
Bitcoin Price Still Bullish, Currently In Consolidation
The BTC price continues to trade within a clearly defined rising channel, respecting both upper and lower trendlines since late 2023.
Bitcoin price action recently faced rejection near the upper boundary around $112,000, which aligns with a key horizontal resistance zone.
Despite this, BTC remains above the midline of the channel, suggesting that the broader uptrend remains intact.
Meanwhile, the price of Bitcoin trades well below both the 50-day and 200-day Simple Moving Averages (SMA) at $94,730 and $71,994, respectively, confirming the long-term bullish bias.
The Relative Strength Index (RSI) is at 53.26, hovering just above the neutral level. This suggests there is neither overbought nor oversold pressure at the moment, leaving room for upward or downward movement.
If Bitcoin holds above the 50-day SMA and breaks above the highlighted resistance zone ($112,000), it could target the channel’s upper boundary near $140,000, representing a 39% potential upside.
BTC/USD Chart Analysis (Tradingview)
However, a failure to sustain current levels could lead to a pullback toward the lower boundary of the channel around $86,023, or even the 200-day SMA.
Meanwhile, investors are piling into a new Bitcoin-themed meme coin called Bitcoin Hyper (HYPER), a project set up to scale the Bitcoin blockchain. According to Crypto Boy, a popular crypto analyst on YouTube with over 61.3K subscribers, HYPER could soar 100X after launch.
Bitcoin Hyper Presale Hits $1.5 Million
Bitcoin Hyper (HYPER), the first true Layer 2 for Bitcoin (BTC), has raised over $1.5 million in its red-hot presale.
Although Bitcoin dominates the crypto space, its network lacks the speed needed for modern use. Enter Bitcoin Hyper.
The project is building a Layer 2 network on top of Bitcoin’s blockchain, utilizing the Solana Virtual Machine (SVM) to deliver lightning-fast transactions and extremely low fees.
This performance is made possible through a fully decentralized, non-custodial bridge that connects Bitcoin to the Bitcoin Hyper Layer-2. Users deposit BTC into the bridge, which verifies transactions directly from Bitcoin block data.
🚨 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
With this design, developers and users get the best of both worlds: the speed and scalability of Solana, backed by the security and decentralization of Bitcoin.
If you buy and stake now, you can also unlock a huge 512% annual return. The return decreases as more people join, so it’s best to get in early.
Investors interested in participating in the presale can visit the official Bitcoin Hyper website to buy HYPER tokens for $0.011975 each using crypto or a bank card.
Buy before a price increase in less than 11 hours to lock in the best deal.
Visit the Bitcoin Hyper website.
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