Bitcoin once again failed to break above the $118,000 level, showing that bulls currently lack enough strength to push higher. This suggests the market may remain in consolidation for now, with the risk of a deeper pullback toward $107,000 and $105,000.
At the same time, news from Michigan has caught traders’ attention. Lawmakers in the state are reviewing a bill that would allow up to 10% of state funds to be invested in Bitcoin. The proposal has sparked debate among both financial and political circles. Supporters believe that including Bitcoin could diversify investments and act as a hedge against inflation, while critics warn about the risks of volatility and stress the need for accountability in handling public money.
If the bill is passed, Michigan would become one of the first states in the US to permit public sector Bitcoin investments. Such a move could shape future policies in other regions and strengthen the role of digital assets in the economy.
Trading Outlook for Bitcoin
Buyers will aim for recovery toward $117,800, with the next targets at $119,300 and $120,900. A push above $121,300 would signal strong bullish momentum. On the downside, support is seen near $116,000, and a break below this level could open the way toward $114,400 and $113,200.
Trading Outlook for Ethereum
Ethereum needs to hold above $4,619 to open the way toward $4,697. The next target sits at $4,784, and a breakout above this level would confirm stronger bullish momentum. On the downside, support lies at $4,533, with deeper targets at $4,441 and $4,347 if sellers take control.
Chart Signals
Support and resistance levels are marked in red, the 50-day moving average in green, the 100-day moving average in blue, and the 200-day moving average in light green. When the price tests or crosses these moving averages, the market often pauses or finds new direction.
