Bitcoin Price Flirts with $107k, Texas Pushes for SBR: Is $137k Next?

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  • Behold! The supply of Bitcoin on crypto exchanges has plummeted to its lowest point since the glories of November 2018.
  • BTC’s price is on the edge of soaring to a new all-time high, all thanks to a hungry horde of institutional investors. Someone hand them a napkin!

The Texas Strategic Bitcoin (BTC) Reserve bill (SB 21) waltzed through the second reading of the House on Tuesday, May 20, receiving 105 votes in favor and only 23 begrudging nay-sayers. And now, like a great Texas stallion, it gallops toward the third house reading and, with any luck, the final showdown.

Now, Dennis Porter, the CEO and Co-founder of Satoshi Action Fund (is that a name or what?), predicts Texas will soon join the ranks of the crypto-converted and become the third state to pass the SBR legislation into law. How utterly *predictable* yet splendid.

Let us not forget the valiant champions of this bill, Representative Giovanni Capriglione and Senator Charles Schwertner, who have rallied support from the legislative ranks like modern-day knights. And should this bill pass, the United States will soon join the grand club of nations prepared to buy up to 1 million BTCs in the next five years. What an extravagant affair!

The Bitcoin Price Saga: Is the Next Chapter a Thrilling ATH?

On Tuesday, Bitcoin teased us all with a brief flirtation at a local daily high of $107,307 during the late North American trading session. Alas, this flirtation was short-lived, as the mighty coin lacked the necessary spark to vault over the long-standing $109,114 high set on January 20, 2025. Oh, the drama!

$BTCUSD Bullish outlook remains intact.

— Aksel Kibar, CMT (@TechCharts) May 20, 2025

From the vantage point of technical analysis, and with the fundamentals as sound as a cathedral, market analyst Aksel Kibar posits that the Bitcoin behemoth is on the precipice of breaching a new all-time high, perhaps soaring above the $137k mark. However, should the price dip below the recent support level of $102,395, it would cast a shadow upon the coming weeks, and we may well see Bitcoin tumble below the vaunted $100k. The suspense is palpable. Will it, won’t it? Stay tuned, dear reader!

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2025-05-21 02:08