Bitcoin (BTC) Awaits Breakout as Texas Senate Proposes Strategic Bitcoin Reserve

Bitcoin has been experiencing pressure as the US stock index proceeds to make new record highs. While the historical indices go on showing great volatility and increase, BTC still stays within a major consolidation zone.

Bitcoin price has been facing some pressure recently as the US stock index continues to reach new record highs. However, while these historical indices continue to show great volatility and increase, BTC still remains within a major consolidation zone. This has left many wondering whether the cryptocurrency is going to have a breakout soon or continue to remain volatile as it has in the recent past.

These last few days have been quite volatile on the cryptocurrency market side. Positive developments for Bitcoin

In a recent YouTube video, Rover highlighted that the future of BTC is very uncertain, and its volatilities show a vast range of instability. The price has placed it in a consolidation zone and cannot be easily predicted where next to go.

Traders have been keeping a keen eye on BTC movements with an expectation of seeing some breakout. At the moment, such events have been limited and the market is closely awaiting some decisive factors that can really cause a more significant shift in the price.

However, there is some positive news for BTC. In recent developments, the Texas Senate has proposed the formation of a strategic Bitcoin reserve. This is a very positive development for the cryptocurrency and many are looking forward to the effects it shall bring.

Also, the Binance Coin (BNB) is now available on the Hong Kong exchange which has caused the coin to expand its market in Asia. These developments are quite encouraging as they are giving BTC much-needed positive signs amid its recent turbulence.

BREAKING: A STRATEGIC #BITCOIN RESERVE HAS JUST BEEN PROPOSED IN THE TEXAS SENATE! 🇺🇸IT’S HAPPENING 🚀 pic.twitter.com/Cf45VzPCa5

Factors driving Bitcoin’s movement

From a technical point of view, Bitcoin has not managed to fill the CME gap which is quite natural for a market. Usually, such gaps are filled within up to 72 hours, but BTC has still not fulfilled this cycle.

Source: CryptoRover

Nonetheless, the cryptocurrency is still in the critical stage at the moment, which is characterized by a significant increase in transactions. A breakout can occur at any time depending on the next triggering factor.

A critical level to note is if BTC manages to trade above or below this range. This could cause a large movement in the price to either increase or decrease.

In the bigger picture, it all depends on the news and events to come in relation to BTC as a currency. Historical data ‘’reveals’’ that significant factors act as the main triggers in fluctuations of Bitcoin price.

Regardless whether it is a positive occurrence, such as, the Texas Bitcoin reserve proposal, or negative, such as a fluctuation in global markets, these events will determine the value of BTC. Currently, BTC has been trading sideways awaiting for some direction but the market seems to be set for a change soon.