Bitcoin (BTC) is on the rise, hitting $108,470 as of Saturday—a 1% increase—while key indicators point to a breakout to $120,000.
Texas Bitcoin Reserve Bill Gains Traction
The Texas Bitcoin Reserve Bill got a major boost when Governor Greg Abbott endorsed SB 21 on May 22. SB 21 passed the Texas House recently and proposes creating a state Bitcoin reserve.
Abbott’s support, in line with his goal to make Texas a crypto hub by 2024, puts the state alongside Arizona and New Hampshire in pro-crypto legislation.
Meanwhile, Congress has yet to pass national Bitcoin reserve measures, despite a prior executive order under former President Trump.
A state-driven Bitcoin reserve would give investors a lot of confidence, and this could be the catalyst for BTC to break past $110K.
Crackdown on Crypto Scams Boosts Market Confidence
On May 23, the U.S. Department of Justice announced that $2.5 million in stolen cryptocurrencies has been recovered from scams targeting FOMO investors. The FBI’s San Diego branch coordinated the recovery, which was ordered by a federal judge.
These scams preyed on inexperienced investors with promises of high returns. The recovery highlights the government’s growing efforts to clean up the crypto market.
These regulatory crackdowns, with the help of firms like Tether, will increase public trust in digital assets. As transparency and enforcement rise, the crypto market becomes more attractive and could fuel Bitcoin’s rise.
Institutional Adoption Soars with Semler’s $50M Bitcoin Buy
And to top it all off, Semler Scientific bought $50 million worth of Bitcoin between May 13 and May 22, bringing their total holdings to 455 BTC, now worth $474.4 million.
The company’s stock dropped 1.36% after the announcement, but has gained 53% since they started buying Bitcoin in May 2024, despite quarterly revenue declines of 44%.
Semler’s aggressive Bitcoin buying is part of a bigger trend of companies treating BTC as a treasury asset. This increases market stability by bringing in more institutions and reducing supply—something that could push prices up.
Bitcoin (BTC/USD) Technical Analysis
Bitcoin price prediction remains bullish as on the 2-hour chart, BTC has a higher-low pattern supported by the 50-period EMA ($108,470) and the trendline from $105,905–$107,048.
Resistance is at $109,613 (23.6% Fibonacci) and a breakout could go to $111,935 or $113,478.
Look for bullish candlestick patterns like three white soldiers or RSI divergence to confirm the uptrend.
BTC Bull Token Nears $7.14M Cap as 71% Staking Yield Fuels FOMO
As the BTC/USD pair hovers near $108K, attention is rapidly turning to high-upside altcoins — and BTC Bull Token ($BTCBULL) is stealing the spotlight. With $6.17 million raised out of its $7.14 million cap, momentum is accelerating as the next presale price jump closes in fast.
What sets BTCBULL apart is its unique rewards model — token holders receive Bitcoin airdrops directly tied to BTC’s price rallies. The higher Bitcoin climbs, the more BTC gets distributed — with presale buyers receiving priority rewards over post-launch DEX investors.
Key Stats:
- USDT Raised: $6,221,583.95 / $7,136,435
- Token Price: $0.002525
- Staking Pool: 1.47B BTCBULL
- Yield: ~71% APY
Built-in scarcity adds even more firepower: every time Bitcoin rises by $50K, BTC Bull triggers a token burn, reducing supply and increasing upside potential for long-term holders.
Meanwhile, staking is turning heads. BTCBULL offers a whopping ~71% APY on its Ethereum-based staking pool (currently holding 1.47B BTCBULL), with no lockups or withdrawal fees. That means passive yield — with full liquidity.
The post Bitcoin Price Prediction: BTC Surged to $108,470 — Will It Shatter Resistance and Aim for $120K Next? appeared first on Cryptonews.
Credit: Source link