Bitcoin Hits $83.5K as Texas Eyes $250M BTC Fund—What’s Next for Crypto?

Bitcoin remains under $85,000 as institutional adoption gains momentum. Rumble, a video-sharing platform, added 188 BTC ($17.1 million) to its holdings, positioning Bitcoin as an inflation hedge amid shifting U.S. policies.

Texas is also pushing forward a $250 million Bitcoin investment proposal, reinforcing expectations of broader state-level adoption. However, Bitcoin faces resistance at $85,000, while ETF outflows have weighed on price momentum, keeping investors cautious.

Texas Proposes $250M BTC Fund, Pushing Institutional Adoption

Texas is advancing its pro-Bitcoin stance with a proposal to invest up to $250 million in BTC, setting a potential precedent for other states.

House Bill 4258, introduced by Representative Ron Reynolds, would allow the state comptroller to allocate funds to Bitcoin or other cryptocurrencies, with local governments able to invest up to $10 million each.

If passed, the law would take effect on September 1, 2025.

Additional bills, such as Senate Bill 778 and Senate Bill 21, propose creating a Texas Strategic Bitcoin Reserve and allowing the state comptroller to invest in cryptocurrencies with a market capitalization of over $500 billion—currently limited to BTC.

Texas’ move could set a precedent for other states to follow, increasing institutional adoption and mainstream confidence in Bitcoin. If more governments begin allocating funds to digital assets, demand could rise significantly, potentially pushing Bitcoin’s price higher.

Bitcoin Struggles Below $85K as Altcoins Rally on CPI Data

While BTC remains range-bound, the broader cryptocurrency market added $40 billion following softer-than-expected U.S. inflation data. BTC climbed to $83,500 but remains below the key resistance at $85,000, weighed down by continued ETF outflows totaling $1.5 billion this month.

Altcoins, however, saw stronger gains. Pi Network (PI) surged 22%, Hedera (HBAR) jumped 6% on ETF speculation, and Binance Coin (BNB) gained 2%. Meme coins also experienced a boost, reflecting increased risk appetite among investors.

Meanwhile, the U.S. House of Representatives voted to repeal a controversial crypto tax law, Russia is considering new restrictions on digital asset investments, and Cantor Fitzgerald announced a $2 billion Bitcoin financing venture.

Bitcoin Technical Outlook: Can BTC Hold Above Key Support?

BTC/USD is testing critical resistance near $83,800, a level that has repeatedly capped upside momentum. Currently trading at $83,431, BTC is hovering around the 50-period EMA at $82,973, a key short-term indicator.

• A break above $83,800 could lead to a rally toward $86,973 and $91,054.
• A failure to break resistance at $83,800 may lead BTC to test support at $78,529, with $75,195 as the next key level.

Bitcoin’s near-term outlook hinges on whether ETF outflows slow and fresh institutional inflows emerge. A daily close above $84,000 would confirm bullish momentum and signal a potential move higher.

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The post Bitcoin Hits $83.5K as Texas Eyes $250M BTC Fund—What’s Next for Crypto? appeared first on Cryptonews.

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