Market Update
The Bitcoin price saw a slight increase of a fraction of a percent in the past 24 hours, trading at $87,769 as of 2:40 a.m. EST. This movement occurred on trading volume that decreased by 7% to $66.1 billion.
Texas State Investment in Bitcoin
The Texas state government has made a significant move by purchasing $5 million of BlackRock’s iShares Bitcoin Trust (IBIT) spot BTC exchange-traded fund (ETF). The average purchase price was approximately $87,000 per bitcoin.
Lee Bratcher, president of the Texas Blockchain Council, shared this development on X. Another $5 million has been allocated for additional direct Bitcoin purchases.
TEXAS BOUGHT THE DIP!
Texas becomes the FIRST state to purchase Bitcoin with a $10M investment on Nov. 20th at an approximately $87k basis!
Congratulations to Comptroller @KHancock4TX and the dedicated investments team at Texas Treasury who have been watching this market… pic.twitter.com/wsMqI9HrPD— Lee ₿ratcher (@lee_bratcher) November 25, 2025
Federal Policy Proposals for Bitcoin
In the United States, Congressman Warren Davidson has proposed that the U.S. could fund its Bitcoin Reserve by accepting taxes in Bitcoin. This concept is embodied in the "Bitcoin for America Act," a bill he introduced.
Allowing Americans to pay federal taxes in Bitcoin will benefit the U.S. by having an asset that appreciates over time—unlike the U.S. dollar, which has been crushed by inflation.
Congress should pass my Bitcoin for America Act & give the U.S a stronger financial foundation! pic.twitter.com/ADvMEYGv66
— Rep. Warren Davidson (@Rep_Davidson) November 25, 2025
Potential Federal Reserve Leadership Change
Bloomberg has reported that pro-crypto advocate Kevin Hassett is President Donald Trump’s preferred candidate to succeed Jerome Powell as the head of the Federal Reserve. The odds of Hassett succeeding Powell have risen to 58% on the prediction market Kalshi.
Hassett, as the former chair of the Council of Economic Advisers, is known for his advocacy of rate cuts and has maintained connections with the crypto industry. He has previously stated that he owns approximately $1 million worth of Coinbase shares.
Kevin Hassett is now the leading candidate for Fed chair, he has recently backed a 50 basis point cut in December. The 10-year Treasury yield is already below 4%, reflecting growing market confidence. Looking forward, I believe the 10-year could drop further, targeting the 3% to…
— Steve Grasso (@grassosteve) November 25, 2025
Bitcoin Price Gearing Up Toward A Recovery
Following an all-time high (ATH) above $126,000 in October, the BTC price entered a sustained downtrend, influenced by a death cross formation around the $116,000 level. The price has since been trading within a defined falling channel, approaching the support area near $82,000.
This support at the lower boundary of the falling channel has enabled bulls to initiate a recovery, pushing the price above the channel's midline. Consequently, the BTC price has now crossed above the 50-day Simple Moving Average (SMA) at $87,451 on the 4-hour chart.
The 200-day SMA is identified as the next potential resistance level at $100,782, should BTC successfully break out of the falling channel. The Relative Strength Index (RSI) has also turned positive, currently at 55 and trending upwards, suggesting a potential recovery for Bitcoin's price. Furthermore, the Moving Average Convergence Divergence (MACD) indicates a shift towards positive momentum, with the blue MACD line crossing above the orange signal line.
BTC Price Bulls Target The $104K Resistance
Based on the BTC/USD chart analysis on the 4-hour chart, Bitcoin is currently attempting a recovery from a bearish downtrend. If the price successfully surges above the upper boundary of the falling channel, the next potential target is the $104,053 resistance level, representing an 18% increase from the current price.
Conversely, if the bearish trend within the falling channel persists, the BTC price could see a decline back towards the $80,000 zone. Ali Martinez, a prominent analyst on X with over 163,000 followers, supports this outlook. He has indicated that on the 1-hour chart, BTC is forming a bearish flag pattern, which could potentially lead to a drop towards the $79,000 zone.
If this is a bearish flag, Bitcoin $BTC could be heading toward $79,000. pic.twitter.com/FGFjWSmpcg
— Ali (@ali_charts) November 25, 2025