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BTC Finds Support Amid Strategic Bitcoin Reserve Developments

While investors track Ripple case-related updates, hopes for a US Strategic Bitcoin Reserve (SBR) bolstered BTC demand.

Dennis Porter, CEO and Co-Founder of Satoshi Act Fund announced:

“MASSIVE BREAKING: The ‘Strategic Bitcoin Reserve’ bill has officially PASSED the House in the state of Utah – The bill now moves onto the Senate!”

Legislation aims to classify BTC as a strategic reserve asset, fueling hopes for a future national SBR. In January, speculation about BTC becoming a US SBR pushed bitcoin to an all-time high of $109,312.

Anthony Scaramucci recently suggested that the US government may acquire a sizeable BTC holding, saying:

“They’ll probably buy another four or five hundred thousand BTC. Let me tell you why I think it will happen ok. Trump wants it to happen and he’s got the Senate Banking Committee. Tim Scott wants it to happen. He’s going to be the Chair of the Senate Banking Committee. Bessent wants it to happen.”

Amicus Curiae attorney John E. Deaton gave his BTC price prediction, stating:

“If the U.S. Government (USG) passes Senator Lummis’ Bill and begins buying BTC, it will no doubt cause other nations to follow suit, just like with gold. It could literally create Nation State FOMO, and if that occurs, $1M per BTC happens a lot faster than people think.”

The Bitcoin Act, introduced by Senator Cynthia Lummis, proposes that the US government acquires one million BTC over five years with a 20-year mandatory holding period.

Bitcoin Price Outlook

On Thursday, February 6, BTC slipped by 0.03% after falling 1.34% on Wednesday to close at $96,642.

BTC’s near-term price trends remain dependent on multiple factors, including US-China tensions, SBR-related news, the Fed rate path, and US BTC-spot ETF flows.

On Friday, February 7, the US Jobs Report could influence the Fed’s policy stance and BTC price trends. Softer wage growth and higher unemployment could boost Fed rate cut bets and BTC demand. However, tighter labor market conditions may sink expectations of an H1 2025 Fed rate cut, potentially pressuring BTC.

Possible Scenarios:

• Bearish case: Rising trade tensions, a hawkish Fed, and stalled SBR discussions could pull BTC below $90,000.
• Bullish case: De-escalating trade risks, a more dovish Fed, and increasing political support for an SBR could push BTC toward its all-time high of $109,312.