Bitcoin Holds Steady As Texas Allocates $5M To BlackRock’s IBIT

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Bitcoin’s price has risen a meager percent over the past 24 hours to trade at $87,769 as of 2:40 a.m. EST on trading volume that has fallen 7% to $66.1 billion.

This comes as the Texas state government purchased $5 million of BlackRock iShares Bitcoin Trust (IBIT) BTC exchange-traded fund (ETF) at an average price of about $87,000 per bitcoin.

Lee Bratcher, president of the Texas Blockchain Council, highlighted the purchase in a post on X.

Texas bought the dip!
Texas became the first state to purchase Bitcoin with an investment of $10 million on November 20 with a basis of approximately $87,000!
Congratulations to the Controller @KHancock4TX And the dedicated investments team at Texas Treasury who have been monitoring this market… pic.twitter.com/wsMqI9HrPD

– Lee₿Bratcher (@lee_bratcher) November 25, 2025

Another $5 million has been earmarked for additional direct purchases of Bitcoin.

Also in the US, Congressman Warren Davidson says the US could fund its Bitcoin reserve by accepting taxes into Bitcoin, which is exactly what the Bitcoin for America Act, a bill he introduced, enables.

Allowing Americans to pay federal taxes in bitcoin would benefit the United States by having assets that rise in value over time — unlike the US dollar, which has been crushed by inflation.

Congress should pass my Bitcoin for America Act and give the United States a stronger financial foundation! pic.twitter.com/ADvMEYGv66

– Rep. Warren Davidson (@Rep_Davidson) November 25, 2025

In another positive development for Bitcoin and cryptocurrencies broadly, Bloomberg reported that crypto proponent Kevin Hassett is US President Donald Trump’s preferred candidate to succeed Jerome Powell at the head of the Federal Reserve.

There are possibilities that Hassett will succeed Powell increased to 58% On the prediction market it’s like nothing

As the former chairman of the Council of Economic Advisers, Hassett is known for his advocacy of lower interest rates and maintaining direct ties with the cryptocurrency industry. He has announced that he owns about $1 million worth of Coinbase stock.

Kevin Hassett is now the leading candidate to chair the Fed, most recently backing a 50 basis point cut in December. The yield on 10-year Treasury bonds is already below 4%, reflecting growing market confidence. Looking ahead, I think the 10-year bond may fall further, targeting 3% to…

– Steve Grasso (@grassosteve) November 25, 2025

Bitcoin price is poised for recovery

After reaching an all-time high (ATH) above $126,000 in October, the price of… Bitcoin price It has been in a sustained downtrend, driven by a death cross that formed around the $116,000 level.

Bitcoin price has since traded within a well-defined bearish channel pattern to the support area around $82,000.

This support at the lower border of the descending channel allowed the bulls to recover above the midline level of the channel.

As a result of the slight rebound, Bitcoin price has now crossed the 50-day simple moving average at $87,451 on the 4-hour chart.

Meanwhile, the 200-day simple moving average remains the next potential resistance at $100,782 if BTC manages to break out of the bearish channel.

The Relative Strength Index (RSI) has also turned positive, and is now hovering around the 50 mid-line level, currently at 55 and rising, which could indicate that Bitcoin price may be in a recovery mode.

Furthermore, the Moving Average Convergence Divergence (MACD) indicates a shift towards positive momentum, with the blue MACD line crossing above the orange signal line.

Bitcoin price chart analysis source: GeckoTerminal — BTC/USD chart analysis source: GeckoTerminal

BTC bulls are targeting the $104K resistance level

According to BTC/USD chart analysis on 4-hour chart, Bitcoin price is trying to recover from a bearish downtrend.

If the price rises above the upper border of the descending channel, the next possible target is the $104,053 resistance level, which is an 18% upside from the current level.

Conversely, if the downward movement within the descending channel continues, Bitcoin price may fall back to the $80,000 region.

Ali Martinez, an influential X analyst with more than 163,000 followers, supports this narrative. He says that on the 1-hour chart, BTC is forming a bearish flag, which could lead to a decline towards the $79,000 region.

If this is a bear flag, it is Bitcoin $ Bitcoin It could be heading towards $79,000. pic.twitter.com/FGFjWSmpcg

– Ali (@ali_charts) November 25, 2025