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The Arizona House of Representatives’ Commerce Committee has approved the Bitcoin Reserve Bill SB1373 with a narrow vote of 6-to-4, resulting in a modest 1.36% price increase in the past 24 hours, CoinMarketCap data shows. This vote marks a significant step forward in Arizona’s efforts to integrate cryptocurrency into its financial framework, in line with the State’s growing interest in the management of digital assets. Related: Bitcoin’s Getting New Big Players: Fresh Whales Amassing Millions The bill , initially introduced in the Senate, has moved through the legislative process relatively quickly. It reached this key stage in the House after passing its third reading in the Senate with a 17-12 vote on February 27 . Sponsored by Republican Senator Mark Finchem, SB1373 aims to establish a “Digital Assets Strategic Reserve Fund” to be managed by the state treasurer. This fund would consist of money allocated by the legislature, along with any cryptocurrency assets seized by the state. Notably, the bill includes safeguards to limit investment risk, preventing the treasurer from allocating more than 10% of the total fund deposits to any single fiscal year. The legislation allows for the lending of digital assets to potentially generate returns, provided that such activities do not increase the state’s financial exposure. Arizona is currently trailing only Utah in the race among US states to establish formal crypto reserve investment policies. While SB1373 advances, another Bitcoin-related bill, the Strategic Bitcoin Reserve Act (SB1025), co-sponsored by Republican Senator Wendy Rogers and Representative Jeff Weninger, has also gained momentum. SB1025, passed by the Senate with a 17-11 vote, takes a different approach by focusing on public fund investments in cryptocurrency assets. Bitcoin trades at $83,622.77, dropping 13% in the past 30 days. The Relative Strength Index (RSI) currently sits at 44.54, indicating a neutral to slightly bearish momentum. The downward slope of the RSI line suggests that the likelihood of Bitcoin breaking above its 20-day Exponential Moving Average (EMA) at $85,356 is not particularly high at the moment. Related: Diverging Paths in Crypto Futures: Bitcoin Volume Rises as Ethereum and Solana Remain Flat Meanwhile, the MACD indicator recently confirmed a bullish divergence with the MACD line (blue) breaking above the signal line (orange). The MACD histogram has also turned green, suggesting a significant possibility of higher price highs in the near term. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

This chart represents a technical analysis of Bitcoin ($BTC ) on the 1-hour timeframe from Coinbase.Here are the key elements of the analysis: 1️⃣Order Block (Green Zone): The green zone represents a significant order block, indicating an area where institutional buying or selling activity previously took place. The price has reacted strongly to this zone, confirming its importance. 2️⃣ Entry Point (White Line & Label): The price has broken above the order block, suggesting a bullish entry. This level is marked as an optimal entry zone for a long position. 3️⃣Price Movement & Target Levels (Yellow Arrows): Two yellow arrows suggest that the price is expected to move upwards towards key resistance or profit target zones. 4️⃣Target Levels (Dashed Lines & Blue Labels): $88,000.17 and $90,681.03 are identified as potential profit targets, indicating resistance levels where the price may face selling pressure. 5️⃣ Current Price & Trend: Bitcoin is currently trading at $85,511.26, with a 3.40% increase. The strong breakout suggests bullish momentum. 6️⃣Market Volume (Right-Side Volume Profile): The volume profile on the right shows high trading activity around the $84,000 level, which could act as support in case of a pullback. $BTC Summary: A breakout above a key order block suggests bullish continuation. Entry is positioned above the breakout. Target levels are set at $88,000 and $90,681. High probability of upward movement based on volume and trend analysis. This analysis suggests a bullish setup with potential gains if the price sustains above the order block and moves toward the target zones.

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ETHEREUM Megaphone bottom like March 2020 Ethereum (ETHUSD) is currently on the first week of rebound after 3 straight red weeks when it was unable to break above the 1W MA50 (blue trend-line). This is taking place on a Lower Lows trend-line, technically the bottom of a 1-year Megaphone since the March 11 2024 High. The market is no stranger to long-term Megaphone consolidation periods like that as last time we saw this was on the June 2019 - March 2020 Megaphone, which eventually broke upwards after the brutal COVID crash Bearish Leg that touched bottom. This is quite similar to the current Bearish since late December. Notice how perfectly aligned the Fibonacci retracement levels are. Based on this, we expect at least a 1.5 Fibonacci extension test at $6000 before this Cycle tops at the end of the year.

BITCOIN The 2021 Pivot trend-line that is coming to its rescue. Bitcoin (BTCUSD) has stayed stable after last week's rebound on the 1W MA50 (blue trend-line), which has been the level that offered support on the Bull Cycle Channel's previous Higher Low (August 05 2024). Technically however, that is not the only major Support level that may be coming to BTC's rescue as we've identified the Pivot trend-line that started on the April 12 2021 High as a Resistance and since then made another 2 contacts (as rejections). This is the first time now that is being tested as Support. During the previous Cycle (2018 - 2021) a similar Pivot trend-line was the level that supported Bitcoin during the last year of its parabolic rally on January and June 2021. The June 2021 contact in particular tested the 1W MA50 as well, which is the exact situation we're in right now. That double support hold initiated the final rebound towards the Cycle's new All Time High (ATH). Check also how similar the 1W CCI patterns between the two fractals are and based on that, a 1W CCI reading at 200.00 would be a solid level to sell and take profit. As a result, we expect this Cycle's Channel Up to accelerate the current rebound, technically its Bullish Leg and make a new ATH, which would be the Cycle's new Top, ideally with a CCI at 200.00.