- New Hampshire’s House Commerce and Consumer Affairs Committee passed House Bill 302.
- With a 16-1 vote, the bill allows investments in crypto coins with a market cap of at least $500 billion.
- Bitcoin reclaimed the 20-day Exponential Moving Average (EMA) which now acts as a major support level.
Bitcoin once again captured the attention of United States state finances as New Hampshire’s House Commerce and Consumer Affairs Committee advanced House Bill 302 (HB 302).
The bill, which would allow the state treasurer to allocate up to 5% of public funds into Bitcoin and precious metals like gold, silver, and platinum, passed the committee with a strong 16-1 vote.
While the bill doesn’t specifically name Bitcoin, it permits investments in digital assets with a market capitalization of at least $500 billion. Given Bitcoin’s $1.8 trillion market cap, it currently stands as the sole cryptocurrency that qualifies. The second-largest digital currency, Ether (ETH), has a valuation of $276 billion.
This development comes during increasing national support for Bitcoin reserves. Just recently, United States President Donald Trump endorsed the idea of a US Crypto Reserve, suggesting Bitcoin and Ethereum could be central, alongside other major altcoins Cardano (ADA), XRP, and Solana (SOL).
Related: Texas Bitcoin Reserve Bill Up for Vote as Trump Administration Prepares Crypto Policy Release
Bitcoin at a Crucial Level
At the time of writing, Bitcoin trades at $91,794.18, up nearly 5% in the past 24 hours. Analysts suggest that BTC is at a critical juncture, with Crypto Rover pointing to a key resistance level that could dictate its next move. The sector leader has retaken the 20-day exponential moving average (EMA) on the daily chart which now serves as support at $91,421.
Related: Bitcoin Soars Above $90k After Lutnick Confirms Trump’s Strategic Reserve Plan
Technical Analysis Suggests Potential Bullish Rebound
The daily chart from TradingView shows that the Relative Strength Index (RSI) stands at 48.65, indicating a neutral zone, but recent activity suggests a potential rebound from oversold conditions.
A move above 50 RSI could confirm bullish momentum. The gradient of the line suggests an increase in buying pressure.
In addition, Bitcoin is trading near the middle Bollinger Band (BB), implying moderate bullish momentum but not yet overextended.
The upper BB at $101,677 represents a major resistance, while the lower BB at $82,196 provides support. It is important to note that failure to hold above the 20-day EMA could trigger a pullback towards $89,000 or the lower BB at $82,000.
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