Bitcoin has made a stunning comeback. After slipping below $78,000, the world’s largest cryptocurrency rallied to nearly $82,000. Cointelegraph reports that the surge followed bullish technical indicators and a retest of the 50-week exponential moving average. Other major tokens, including Ethereum, XRP, and BNB, also saw gains.
SEC Puts Dogecoin, XRP, and Litecoin ETFs on Hold
While Bitcoin rallied, the U.S. Securities and Exchange Commission (SEC) delayed its decision on approving spot ETFs for Dogecoin (DOGE-USD), XRP (XRP-USD), and Litecoin (LTC-USD). CoinDesk notes that Bloomberg analysts had previously given Litecoin a 90% chance of approval, with Dogecoin at 75% and XRP at 65%. But the delay has left the market in suspense.
Senator Lummis Pushes for U.S. to Buy 1 Million Bitcoin
Senator Cynthia Lummis has reintroduced the BITCOIN Act, calling for the U.S. to acquire 1 million Bitcoin as a strategic reserve. According to CoinDesk, the proposal would allocate $6 billion per year from 2025 to 2029 to fund the purchases. The bill has sparked speculation about whether major altcoins could eventually be included in the reserve.
Market Eyes Next Move as Bitcoin Targets $88K
Analysts are watching Bitcoin’s price chart closely. A bullish inverse head-and-shoulders pattern suggests Bitcoin could climb to $88,000. But Cointelegraph warns that a drop below $78,500 could invalidate the rally. The next few days will be important for Bitcoin’s trajectory.
At the time of writing, Bitcoin is sitting at $82,408.90.
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