Bitcoin has recently surged to approximately $104,666, signaling growing strength in the market. While the cryptocurrency is currently consolidating, there are signs that a major breakout may be near. The circulating supply of Bitcoin remains limited, with around 19.88 million BTC mined, supporting the ongoing bullish sentiment. Additionally, recent policy shifts and technological advancements are adding further momentum to Bitcoin’s upward trajectory.
Ohio Approves Crypto Tax Break and Self-Custody Rights
The state of Ohio has made headlines by passing the Blockchain Basics Act, with 68 lawmakers voting in favor and only 26 against. The bill introduces several forward-thinking measures:
- A $200 tax exemption per crypto transaction
- Legal protections for individuals using self-custody wallets
- Regulatory support for Bitcoin miners, including protection against restrictive zoning
The legislation is currently pending in the state Senate. If approved, Ohio will become the first U.S. state to offer this kind of pro-crypto policy, potentially setting a standard for national legislation and easing the path for broader adoption.
Kraken Partners with Babylon Labs for Native Bitcoin Staking
In a major move for decentralized finance, crypto exchange Kraken has partnered with Babylon Labs to launch native Bitcoin staking. This new system enables users to stake BTC directly—without wrapping, bridging, or third-party custody.
Key details include:
- Staking is executed through the Bitcoin mainnet using Babylon’s protocol
- Participants earn BABY tokens as staking rewards
- The move could reduce Bitcoin liquidity, creating upward price pressure while offering yield opportunities
This development is expected to attract institutional and retail investors who have been seeking secure, passive income from their Bitcoin holdings.
Technical Analysis Suggests Breakout Above $105K Possible
From a technical standpoint, Bitcoin is currently forming an ascending triangle on the 2-hour chart. The price is trending toward the upper resistance level of $105,000, with support maintained by a 50-hour moving average around $105,252.
Traders are watching for:
- A confirmed breakout above $105,500
- Upside targets of $107,200 and $108,351
- A stop-loss below $103,400 to manage downside risk
- Supportive indicators like MACD and candlestick reversal patterns
If these signals align, Bitcoin could be set for another upward surge in the near term.
BTC Bull Token Gains Traction as Presale Nears Cap
As Bitcoin continues to flirt with the $105K level, the BTC Bull Token is also drawing attention. The token’s presale is approaching its hard cap of $8.29 million, with over $7.25 million already raised. Each token is priced at $0.00257, with a price increase expected as the cap is reached.
Investor incentives include:
- A staking pool offering 58% APY with full liquidity and zero withdrawal fees
- Built-in airdrop and burn mechanisms triggered by every $50K rise in Bitcoin’s price
- Strong community interest and urgency as the token nears the end of its presale phase
Conclusion
Bitcoin is approaching a critical resistance level around $105,000. Supported by favorable legislative developments in Ohio and innovations like native staking, the cryptocurrency is well-positioned for a potential breakout. If momentum continues, Bitcoin could be on track for further gains in the current bullish cycle.
