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Read expert analysis on what could drive XRP to new highs here.
Bitcoin in Sideways Move Amid Strategic Reserve Uncertainty
Amid XRP speculation, Strategic BTC Reserve (SBR)-related news left bitcoin (BTC) hovering below the $100k mark.
Montana rejected House Bill No. 429 on Saturday, February 22, opposing state investments into precious metals and digital assets due to fiscal conservatism. Bitcoin Laws, which tracks Bitcoin and Digital Asset legislation, stated:
“HB 429 failed in the House, largely due to fiscal conservative opposition. Critics objected to using General Fund money, calling it ‘speculation with taxpayer dollars’. Despite arguments that digital assets could provide strong returns, too many Republicans joined the opposition, and the bill was rejected.”
Despite the rejections, 32 US states have introduced legislation to establish state-level SBRs, potentially paving the way to a national SBR. A national SBR would tilt the supply-demand balance firmly in BTC’s favor, supporting a move to new record highs.
Bitcoin Price Outlook
On February 23, BTC fell 0.41%, reversing Saturday’s 0.31% gain to close at $96,185. In another crucial week for BTC and the digital asset markets, US economic data, sentiment toward the Fed rate path, US tariff developments, SBR-related progress, and BTC-spot ETF demand will influence BTC price trends.
Key BTC Price Scenarios:
- Bearish: Rising tariff threats, upbeat US economic data, a more hawkish Fed, and government resistance to a US SBR could drag BTC toward $90,000.
- Bullish: Easing trade concerns, progress toward a US SBR, and a more dovish Fed rate path may drive BTC toward its all-time high of $109,312.
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