- The supply of Bitcoin on crypto exchanges has dropped to the lowest point since November 2018.
- BTC price is on the cusp of rallying toward a new all-time high catalyzed by high demand from institutional investors.
The Texas Strategic Bitcoin (BTC) Reserve bill (SB 21) passed the second reading of the House on Tuesday, May 20, with 105 yes votes against 23 nays. The Texas’ SB 21 bill now moves to a third house reading and the final move.
As a result, Dennis Porter, the CEO and Co-founder of Satoshi Action Fund, now estimates that Texas will be the third state to pass the SBR legislation into law.
Moreover, the Texas’ SB 21 bill has massive backing from legislators led by Representative Giovanni Capriglione and Senator Charles Schwertner. The Texas SB 21 bill confirms that the United States will imminently approve its SBR legislation to purchase up to 1 million BTCs in the next five years.
Bitcoin Price Teases New ATH Next
Bitcoin price briefly rallied to a local daily high of about $107,307 on Tuesday, during the late North American trading session. The flagship coin has, however, lacked enough fuel to pump towards its all-time high above $109,114, which was set on January 20, 2025.
From a technical analysis standpoint, considering robust fundamentals such as multi-year low supply of Btc on centralized exchanges, market analyst Aksel Kibar believes the flagship coin is en route towards a new all-time high of above $137k in the near future. However, a retrace below the recently established support level of around $102,395 will set a bearish precedent in the subsequent weeks and likely push the BTC price below $100k.
