Bitcoin (BTC) markets are trading higher on Friday, amid Florida passing a Bitcoin reserve bill.

Cryptocurrency markets are trading higher on Friday, amid Florida passing a Bitcoin reserve bill.

Cryptocurrency prices were trading higher on Friday, amid Florida passing a bill allowing the state to invest in Bitcoin (BTC).

Here’s what happened in crypto on Friday and what else to know.

What Happened

Florida has passed a bill that would allow the state to invest up to 25% of its treasury reserves in Bitcoin, local news outlet WEAR reports.

The bill, which was passed by the state legislature and signed by Governor Ron DeSantis, would also create a task force to study the feasibility of investing in cryptocurrencies.

The bill is a significant development for the cryptocurrency industry, as it could open the door for other states to follow suit. It is also a coup for Bitcoin supporters, who have been campaigning for years for government institutions to invest in the cryptocurrency.

Bitcoin has been on a tear recently, surging above the $70,000 mark amid a slew of bullish news.

Earlier this week, the U.S. House of Representatives passed a bill that would create a national framework for regulating stablecoins.

The bill, known as the Stablecoin TEther, Paxos and Trust Token Act, would require stablecoin issuers to hold reserves in a segregated account at a federally insured bank and to report suspicious activity to the Treasury Department.

It is still unclear whether the Senate will vote on the bill before the midterm elections in November.

Top Movers:

Among the world’s top cryptocurrencies, Band Protocol (CRYPTO: BAND) was the biggest gainer over 24 hours at press time, rising 22.4%.

Next was NEAR (CRYPTO: NEAR) with a 10.2% gain.

The STEPN (CRYPTO: STEPN) token also rose considerably, notching up an 8.3% rise in 24 hours.

The crypto market showed an increase of 1.04% in the last 24 hours, according to data from CoinGecko.

Trader Notes: Crypto traders are watching Bitcoin's price action closely as it attempts to break free from a persistent downtrend—and many believe this time could be different.

Jelle highlighted that Bitcoin is trying to break out of a downtrend it’s failed to escape seven times before. The big question: will bulls finally push through the $84,000 resistance?

Ali Martinez raised caution, asking whether Bitcoin’s recent bounce was the completion of a W pattern, and if so, is an M pattern, a bearish reversal on deck?

If the first #Bitcoin $BTC move up was a "W," are we about to see an "M"?

Mayne noted that Bitcoin is testing a key 12-hour order block (H12 OB). A flip of this resistance into support could generate serious upside momentum, making for what he calls "a very fun weekend."

Rekt Capital emphasized that a true breakout isn't confirmed yet—Bitcoin needs a daily close above the downtrend and a successful retest to validate the move.

Meanwhile, Titan of Crypto spotted a potential Inverse Head & Shoulders pattern forming. If confirmed, the long-term measured move from the neckline places the price target at $125,000 by 2025.

#Bitcoin Inverse Head & Shoulders Pattern 🧠📈Still looks like a clean retest for now.If the pattern plays out, #BTC could reach $125,000 in 2025.Let's see.

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