Bitcoin closed near $38,525 following the $38,039 low and the $39,350 high. The crypto kept consolidating momentum as it remained within a constricted range for the 12th successive session yesterday. Recently, a Republican senator presented a bill to the Arizona state legislature to authorize Bitcoin as a payment option.

The bill requires state legislature endorsement to proceed for more approval by the United States Congress. The senator presented the proposal last Tuesday, and it awaits the last vote from the Senate on Wednesday.

Mexican Senator’s Remarks Support Bitcoin

Indira Martinez, a Mexican senator, stated that legalizing BTC as an official currency will mean a national growth opportunity. Remember, the senator congratulated Nayib Bukele on adopting Bitcoin as a legal payment option in 2021. She disagreed with the Mexican president, who was against the move. Martinez believes making Bitcoin legal tender will translate to more opportunities for the nation’s growth. The positive comments by the senator supported $BTC on Tuesday.

Moreover, Ukraine vice-Prime Minister Mukhailo Fedorov stated that MTC mining would transform Ukraine into a high-tech country. The remarks came after the nation legalized crypto last September. He remained optimistic that the crypto space might draw transparent investors to empower Ukraine in the high-tech empire.

Tuesday’s filing from SEC showed MicroStrategy bought 660 BTC from 30 December to 31 January for about $25 million. MicroStrategy purchased the dip as Bitcoin saw a month of plummeting prices. Averagely, the firm pair is approximately $37,865 per BTC.

BTC Technical Outlook

Bitcoin price broke past the resistance at $38K, trading near $38,635. The coin formed a low of around $38,200 before resuming uptrends. Moreover, BTC/USD hourly chart shows a break past a massive bearish trend-line with the resistance of $37,450. BTC created a high at $38,786, and it now encounters a significant hurdle at $38,800.

The crypto traded near 23.6% Fibonacci retracement of the upside movement from $36,667 swing low to peaks of $38,786. Meanwhile, the first resistance stands at $39,500. Overpowering this level might support further surges towards the resistance at $40,500.

On the other side, the initial significant support floor emerges at $37,750, near 50% Fibonacci retracement of the upswing from $36,667 to $38,786. Losing the barrier at $37,500 will mean a downward move to $37,000.

Daily Technical Zones

  • Support – $37,215.3, $35,904.6, and $35,126.2
  • Resistance – $39,304.4, $40,082.8, and $41,393.5
  • Pivot Point – $37,993.7