Bitcoin Cost Projection Rises Following Arizona Governor Katie Hobbs' Veto of Cryptocurrency Reserve Bill, Boosting This ICO
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The price of Bitcoin dipped 0.5% over the past 24 hours, now trading at $95,937 as of 9 p.m. EST, with a 38% decrease in trading volume to $15 billion.
This downturn occurs as Arizona Governor Katie Hobbs turns down a bill that would have instituted a Strategic Bitcoin Reserve in her state.
Meet Katie Hobbs.
She just nixed Arizona's Strategic Bitcoin Reserve bill, deeming Bitcoin as an "untested investment."
But restricting financial freedom is nothing new for her:
- 2023: Vetoed legislation protecting home bitcoin nodes from local taxes, declaring it as "too broad." Translation:... pic.twitter.com/E53CjUMJ7R
- Eli Nagar (@EliNagarBrr) May 3, 2025
Despite the bill passing in the House 31-25, Hobbs declined the proposal, labeling cryptocurrency as an "untested investment" and affirming her commitment to safeguarding public funds in traditional, proven assets.
Bitcoin Holds Strong Near $96K as Bullish Momentum Wanes
The BTCUSDT pair is currently trading around $95,937, as the bullish momentum weakens near a critical resistance zone just below the $100,000 threshold. The price movement, visualized on the 1-day chart, suggests a period of consolidation following a powerful rally from April lows around $80,000.
Technically, Bitcoin experienced a bullish reversal after forming a double bottom near the $76,000 support level. This pattern, often interpreted as a powerful reversal signal, was backed by an order block (OB) and a fair value gap (FVG), both indicators showcasing areas of institutional interest.
The reversal was further substantiated by a market structure shift (MSS), paving the way for a steady rise toward the next major resistance barrier. The current price behavior shows BTC hovering just beneath the $100K resistance line, an area that once acted as significant resistance in February.
BTCUSDT Analysis Source: Tradingview
Bitcoin Faces Key Test Near $100K
A breach above this hurdle could open the path toward retesting all-time highs. However, as Bitcoin inches toward this vital juncture, it encounters selling pressure, with the Relative Strength Index (RSI) trending at 65.80, just beneath the overbought threshold of 70. The RSI indicator hints at the potential for a pullback in the short term or sideways consolidation.
Moreover, a visible FVG around the $90,000 mark could pull the price back if selling pressure intensifies. That level also aligns with a prior consolidation zone and could provide support when the market bounces back.
The overall trend remains bullish, underpinned by institutional accumulation signals and increasing liquidity interest in the $85K-$90K range. If Bitcoin maintains its position above the $90K support and breaks above the $100K barrier decisively, it may trigger a fresh wave of bullish momentum.
Investors and traders will closely monitor for a breakout above the $100K barrier or a pullback toward the $90K fair value gap, potentially offering new buying opportunities.
BTCBULL Presale Tops $5.3M - Is This the Next Crypto to Explode?
As the price of Bitcoin consolidates just under the $100,000 mark, a new Bitcoin-themed meme token called BTC Bull Token (BTCBULL) is surging in its explosive presale.
This project has already secured over $5.3 million, captivating investor attention with high reward staking and a unique Bitcoin-tied rewards system.
BTCBULL is positioning itself as a strategic yet risky gamble on Bitcoin's long-term potential, intending to reward holders with real BTC as prices escalate. The project has announced its first Bitcoin airdrop will launch at $150,000, with sequential airdrops planned at every $50,000 milestone.
SOON. 🐂🔥 pic.twitter.com/abViwoxnm6
- BTCBULL_TOKEN (@BTCBULL_TOKEN) April 30, 2025
A deflationary burn mechanism will initiate at $125,000, continuing to reduce the BTCBULL supply for every subsequent $25,000 increase in the Bitcoin price. By reducing supply, it will foster upward pressure on the BTCBULL price.
BTCBULL also provides investors an appealing 78% annual staking reward, with over 1.3 billion tokens already committed to staking.
The stunning growth of the presale has caught the attention of crypto influencers, with the 99Bitcoins YouTube channel, with more than 725K subscribers, predicting the potential for a 10x increase post-launch.
Up for grabs at just $0.002495, BTCBULL can be purchased on the project's official website using crypto or a bank card. Storing tokens in Best Wallet enables users to receive the Bitcoin airdrops automatically as the price exceeds critical thresholds.
Interested investors should consider purchasing BTCBULL before a price hike over the next couple of days.
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Investor attention is captivated by the Bitcoin-themed meme token, BTC Bull Token (BTCBULL), surging in its presale with over $5.3 million raised. The strategic yet risky gamble on Bitcoin's long-term potential offers high reward staking and a unique Bitcoin-tied rewards system, including Bitcoin airdrops at critical price thresholds. Stores your BTCBULL tokens in the Best Wallet to receive automated airdrops.
Despite the bill passing in the House 31-25, Arizona Governor Katie Hobbs has declared cryptocurrency as an "untested investment" and restricts financial freedom, affecting Bitcoin's trading potential.
