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Bitcoin and ether are falling again after a brief increase yesterday, suggesting that the development of a bull market is in a precarious position. Many traders have been closely monitoring this situation as Bitcoin approaches the $90,000 mark.
At the same time, discussions about establishing a national stockpile or reserve of digital assets are becoming more prevalent. Recently, representatives from Texas, Pennsylvania, and Ohio have proposed using state funds to invest in cryptocurrencies or to create Bitcoin reserves at the state level.
A report by VanEck analyzed 20 state-level bills concerning Bitcoin reserves and found that, if passed, the potential purchase volume could reach $23 billion. Matthew Sigel, head of digital assets at VanEck, indicated that this estimate does not account for potential allocations to pension funds and is likely to grow if legislative efforts continue. "This $23 billion figure is quite conservative, given the lack of details," Sigel remarked.
VanEck believes that the Bitcoin reserve bills being considered in various states illustrate a growing interest in cryptocurrency as a means to diversify government assets. If these measures are successfully adopted, they could significantly increase demand for Bitcoin, potentially leading to a surge in its price. However, several factors might influence the actual volume of purchases, such as the specifics of each bill, the availability of state budget funds, and the overall market conditions.
Nonetheless, even VanEck's conservative estimate suggests that the adoption of such bills could have a substantial impact on the cryptocurrency market.
For my intraday strategy in the cryptocurrency market, I will continue to take action, particularly during significant drawdowns of Bitcoin and Ether, with the expectation that the bull market will continue to develop in the medium term, as it shows no signs of fading.
Regarding short-term trading, I have outlined the strategy and conditions below.
Scenario #1: I will buy Bitcoin today upon reaching an entry point of around $96,200, targeting a rise to $97,700. At $97,700, I plan to exit long positions and immediately sell on a pullback. Before buying on a breakout, I will ensure that the 50-day moving average is below the current price and that the Awesome Oscillator is in positive territory.
Scenario #2: Bitcoin can also be bought from the lower boundary at $95,400, provided there is no market reaction to its breakout in the opposite direction. The upside targets are $96,300 and $97,700.
Scenario #1: I will sell Bitcoin today upon reaching an entry point of around $95,400, aiming for a decline to $93,700. At $93,700, I plan to exit short positions and immediately buy on a pullback. Before selling on a breakout, I will ensure that the 50-day moving average is above the current price and that the Awesome Oscillator is in negative territory.
Scenario #2: Bitcoin can also be sold from the upper boundary at $96,300, provided there is no market reaction to its breakout in the opposite direction, with downside targets at $95,400 and $93,700.
Scenario #1: I will buy Ethereum today upon reaching an entry point of around $2,692, targeting a rise to $2,785. At $2,785, I plan to exit long positions and immediately sell on a pullback. Before buying on a breakout, I will ensure that the 50-day moving average is below the current price and that the Awesome Oscillator is in positive territory.
Scenario #2: Ethereum can also be bought from the lower boundary at $2,649, provided there is no market reaction to its breakout in the opposite direction. The upside targets are $2,692 and $2,785.
Scenario #1: I will sell Ethereum today upon reaching an entry point of around $2,649, aiming for a decline to $2,560. At $2,560, I plan to exit short positions and immediately buy on a pullback. Before selling on a breakout, I will ensure that the 50-day moving average is above the current price and that the Awesome Oscillator is in negative territory.
Scenario #2: Ethereum can also be sold from the upper boundary at $2,692, provided there is no market reaction to its breakout in the opposite direction. The downside targets are $2,649 and $2,560.
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