Bitcoin Price Nears $105K; Ohio Bitcoin Bill and ETF Demand Surge in Play

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

December 18, 2024

Bitcoin trades around $104,800 as the proposed Ohio Bitcoin Reserve Act gains momentum. Led by Republican House Leader Derek Merrin, the bill enables the state treasury to diversify assets by purchasing Bitcoin.

Citing concerns over the devaluation of the U.S. dollar, the measure positions Bitcoin as a hedge and financial opportunity.

Ohio’s initiative follows similar moves by Pennsylvania and Texas, signaling growing state-level adoption. While the current session ends December 31, Merrin plans to reintroduce the bill in 2025, further boosting Bitcoin’s institutional appeal.

Bitcoin Hits $108K Before Profit-Taking Pullback

Bitcoin spiked to a record $108,315 before consolidating near $104,500, as traders anticipate a Federal Reserve rate cut. Market optimism stems from potential pro-crypto policies under President-elect Donald Trump, alongside growing institutional adoption.

The dollar strengthened following strong November retail data, but analysts argue that a rate cut—currently priced at 97%—could ease dollar dominance and drive “risk-on” sentiment in cryptocurrency markets.

Bitcoin ETFs Rival Gold as Institutional Interest Grows

Institutional demand remains robust as Bitcoin ETFs now hold $121.8 billion, or 5% of total supply. Last week alone, spot ETFs saw $2.16 billion in inflows. Analysts predict continued adoption, projecting Bitcoin prices could reach $200,000 by mid-2025.

This surge reinforces Bitcoin’s institutional status, supporting its long-term upward trajectory.

Technical Analysis: Bitcoin’s Key Levels

Bitcoin has rebounded to $104,800 following its dip near $103,169 (Fib 0). Immediate resistance lies at $105,152 (Fib 0.382), with the next major hurdle at $106,377 (Fib 0.618). A breakout above $106,377 could open the door for a rally toward $107,217 and beyond.

On the downside, failure to maintain above the $104,394 pivot (Fib 0.236) could see BTC retesting $103,169. The 50 EMA remains supportive, while the RSI at 53.61 indicates neutral momentum with signs of recovery.

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