On Wednesday (March 12), Bitcoin rose above $83,000, with Crypto shorts liquidating $0.274 billion within 24 hours. Legislators in the USA Senate and House of Representatives reintroduced a Bitcoin bill authorizing the Trump administration to accumulate 1 million Bitcoins. Texas introduced a $0.25 billion Bitcoin reserve bill, doubling down on Cryptos.

According to CoinGlass data, the total liquidation amount in the Crypto market within 24 hours reached $0.481 billion, with shorts being liquidated more than longs.

USA reintroduces proposal: authorizing the Trump administration to acquire 1 million Bitcoins.

US Senator Cynthia Lummis has once again proposed legislation authorizing the US government to acquire up to 1 million Bitcoins, formally confirming Trump's recent executive order to establish a national strategic reserve for Bitcoin.

The Bitcoin bill aims to incorporate digital Assets into USA's Global Strategy, requiring the Treasury to manage the acquisition and safe storage of Bitcoins. Lummis positions this bill as a forward-looking initiative to promote economic stability and innovation.

She stated in the declaration: "By enshrining this effort into law, we can ensure that our country leverages digital assets to strengthen our financial future while maintaining its global leadership."

The bill is co-sponsored by five Republican senators: Jim Justice (Republican from West Virginia), Tommy Tuberville (Republican from Alabama), Roger Marshall (Republican from Kansas), Marsha Blackburn (Republican from Tennessee), and Bernie Moreno (Republican from Ohio).

Meanwhile, Congressman Nick Begich has introduced a companion bill in the House. Once enacted, this bill will require the federal government to purchase up to 1 million Bitcoins within five years, currently valued at approximately 80 billion dollars.

Part of the funding for the plan will come from the Federal Reserve's net earnings and adjustments to government bonds based on the Federal Reserve's Gold holdings, with the latest valuation covering the costs.

The proposal also calls for the establishment of a decentralized network of secure Bitcoin storage facilities across the country. All acquired Bitcoins will be held for at least 20 years, with restrictions that prohibit any Treasury Secretary from selling more than 10% of the reserves within two years. Loomis's bill differs from the White House's position on Bitcoin reserves.

Although Trump's executive order established a strategic reserve, senior officials indicated a preference for holding indefinitely rather than acquiring as planned.

The U.S. government also emphasized the importance of a budget-neutral approach, while Loomis's proposal outlines a broader procurement framework.

The introduction of this legislation comes after growing political support for cryptocurrency initiatives. Notably, advocacy groups supporting cryptocurrency played a key role in the electoral defeat of Senator Sherrod Brown, a vocal critic of the industry. These developments may impact the legislative trajectory of the bill, though it remains uncertain whether it will pass.

Once approved, the Bitcoin Bill will signify a major shift in USA monetary policy, positioning Bitcoin as an official reserve Asset and strengthening the USA's position in the digital Assets economy.

Texas has introduced a 0.25 billion Bitcoin reserve bill.

According to CryptoSlate, Texas has launched its second crypto reserve bill, marking an important step in incorporating Bitcoin into its financial framework.

According to documents released on Tuesday, the proposed bill HB 4258 seeks to allocate up to 0.25 billion dollars from the state's economic stabilization fund for Bitcoin and other digital Assets.

This is the state's second attempt to establish a digital Assets reserve, following the recent bipartisan support for the previous SB 778 bill.

Unlike previous proposals, HB 4258 explicitly limits investments and expands the scope to city and county governments, allowing them to allocate up to 10 million dollars to digital Assets. If approved and signed into law, the bill will take effect on September 1, 2025.

Texas's push to establish a Bitcoin reserve aligns with a broader trend in the USA, where 21 states are exploring similar frameworks at different legislative stages. Some states have active proposals, while others are still undergoing assessments.

Lee Bratcher, the chairman of the Texas Blockchain Council, emphasized the state's strategic position in Bitcoin adoption. He pointed out that the Texas Triangle - Houston (Energy), Austin (Technology), and Dallas (Capital Markets) - is a fusion area for the Industry, making the integration of Bitcoin particularly viable.

As mentioned earlier, SB 778 aims to integrate Cryptos into the national financial system by supporting the payment of taxes and donations with digital assets. The bill also seeks to impose a five-year restriction on the sale of state-owned Bitcoin. The bill has been approved by the Senate and is currently awaiting a ruling from the Texas House of Representatives, with the decision expected on May 24.

Meanwhile, the initiative has received strong support, with Texas Lieutenant Governor Dan Patrick calling the establishment of a Bitcoin reserve a strategic move that could serve as a model for other states.

He emphasized the decentralized nature of Bitcoin and its limited supply, calling it a valuable asset for the financial future of Texas. Patrick added, 'Trump has made it clear that he intends to make the USA the global capital of Cryptos. His visionary approach towards Bitcoin and digital assets has paved the way for rapid innovation in the USA, and Texas is at the forefront.'

Bitcoin Technical Analysis

FXStreet Analyst Manish Chhetri noted that the price of Bitcoin fell below the 200-day Exponential Moving Average (EMA) at $85,754 on Sunday, dropping to a low of $76,606 at the beginning of the week but then rebounding back above $80,000.

If Bitcoin continues its downward trend and closes below $78,258 (the low from February 28), it may prolong the decline and retest the next Resistance at $73,072.

The Relative Strength Index (RSI) on the daily chart is at 36, pointing upward after rebounding from 30 on Monday, indicating that the Put momentum is weakening and an oversold condition may change. However, the RSI must break through the neutral level of 50 to sustain a recovery rebound.