Bitcoin (BTC) Price Edge Down by a Fraction of a Percentage

The price of Bitcoin edged down a fraction of a percentage in the last 24 hours to trade at $96,734 as of 10:33 p.m. EST on trading volume that plunged 26% to $22.4 billion.

BTC is closing in on the $100K mark as Senator Cynthia Lummis announced that President Donald Trump supports her legislative proposal to purchase 1 million BTC.

The legislation aims at establishing a Strategic  Bitcoin Reserve for the US government, and aims to position the nation as a global leader in financial innovation while addressing the country’s substantial national debt.

🚨BREAKING:Senator Cynthia Lummis recently stated that President Trump supports her bill to purchase 1,000,000 #Bitcoin pic.twitter.com/liUIcStrHF

— Grey BTC (@greybtc) May 2, 2025

The proposed act mandates the US government to acquire 1 million Bitcoin over a five-year period.

What does this mean for the future trajectory of the Bitcoin price?

Bitcoin Price Currently On An Ongoing Bullish Trend Reversal

The BTC price chart on the 3-day timeframe reveals a notable bullish breakout from a falling wedge pattern, a formation typically viewed as a bullish reversal signal.

This breakout confirms the shift from a period of consolidation and accumulation within the wedge to renewed upward momentum. The breakout occurred after the Bitcoin price had previously interacted with a clearly defined demand zone near the $92,000 range.

Currently, the price of BTC is trading at approximately $96,734, positioning itself just above the 50-day Simple Moving Average (SMA) of $92,882 and well above the 200-day SMA of $65,553. The fact that the 50-day SMA is significantly above the 200-day SMA reinforces a long-term bullish outlook, indicative of sustained upward momentum over time.

Meanwhile, the Relative Strength Index (RSI) is currently at 60.88, approaching the overbought threshold of 70. This reading signals that momentum is favoring the bulls but has not yet entered the overbought territory.

Moreover, the MACD (Moving Average Convergence Divergence) histogram is strongly positive, and the blue MACD line (1,821.54) is well above orange the signal line (748.51). This bullish crossover and widening gap between the MACD and signal line confirm increasing bullish momentum.

BTC/USDT Chart Analysis (Tradingview)

BTC Charts Path to $109,000

According to the BTC/USDT price analysis, the Bitcoin price is on a bullish breakout from a falling wedge, showing a supportive stance of both the RSI and MACD, and BTC’s firm positioning above the 50-day and 200-day SMAs, the Bitcoin price action strongly favors further upside.

A retest of the previous high near $109,000 appears likely in the medium term if the price of Bitcoin can maintain support above the $92,000–$94,000 area.

However, there is a potential resistance near the $100,000 psychological level, which could lead to short-term consolidation or pullback before continuation. If this happens, BTC could retrace, with the $82,476 level providing a cushion against downward pressure.

The post US May Purchase 1 Million BTC As Senator Lummis Announces Trump's Support For Bill, Chart Analysis Points To $109K Level For Next High After A Short-Term Pullback Or Consolidation At $98K-$99K Could Take The Price Towards $82.476 Or The 200-day SMA At $65.553suggest that the price of BTC could continue to rise.