Market
Texas Bitcoin Reserve Bill Passes Committee 9-0
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Texas’ Bitcoin Reserve proposal was unanimously passed by the Business and Commerce Committee and will proceed to a Senate vote.
However, several similar bills were handily defeated in other Republican-controlled states. Even Texas’ GOP is not unified behind the effort, and it might not succeed in the Senate.
Can Texas Pass a Bitcoin Reserve?
Several US states are trying to pass their own Bitcoin Reserves, which would make them major BTC holders. When these bills first started being introduced, the crypto community was ecstatic because they would guarantee up to $23 billion in new acquisitions.
Today, one more Bitcoin Reserve effort moved forward, thanks to a Committee in Texas:
“The committee sub for SB 21 [the Bitcoin Reserve bill] just passed the Business and Commerce Committee by a 9-0 vote. Strategic Bitcoin Reserve heading to the Senate floor,” claimed Brad Johnson, a local reporter.
When a proposal passes a committee vote, it means that a small group of legislators specializing in the subject matter—here, the Business and Commerce Committee—has reviewed it and agreed that it merits further consideration.
Once the proposal passes the committee stage, it moves to the full Senate. This is when all senators debate and vote on it. If a majority of senators support the proposal, it can proceed toward becoming law.
This news from Texas is a particular relief because it’s a fresh win for all Bitcoin Reserve legislation efforts. At the beginning of the month, they had strong momentum, with Utah making major progress.
However, Montana rejected its own Reserve bill, and this was followed by several other red states. In other words, it’s the first major crack in crypto’s new political coalition.
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Texas’ new Lieutenant Governor strongly supports the Bitcoin Reserve bill, which has surely helped its chances. Wyoming’s legislative effort didn’t make it through the Committee despite one of the state’s Senators heavily supporting it.
One key factor that may help this legislation is that Texas is one of the US’ largest Bitcoin mining hubs. Currently, the bill does not explicitly mandate that Texas buy these assets from local businesses, but it easily could.
Presently, though, the recent proposal defeats in various red states are stinging. It’s still very unclear what the bill’s chances are.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
ETH Accelerates Losses Amid Market Turmoil
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Ethereum price started a fresh decline from the $2,350 resistance zone. ETH is now consolidating losses and might extend losses toward the $2,000 support.
- Ethereum is facing an increase in selling below the $2,350 zone.
- The price is trading below $2,250 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $2,260 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent recovery wave if it settles above $2,250 and $2,350.
Ethereum Price Dips Further
Ethereum price failed to clear the $2,450 resistance zone and started a fresh decline, like Bitcoin. ETH gained pace below the $2,350 and $2,320 support levels to move further in a bearish zone.
The price declined over 5% and even traded below the $2,220 support zone. A low was formed at $2,123 and the price is now consolidating losses. It is showing many bearish signs below the 23.6% Fib retracement level of the downward wave from the $2,520 swing high to the $2,123 low.
Ethereum price is now trading below $2,250 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $2,260 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,220 level. The first major resistance is near the $2,250 level or the trend line and the 50% Fib retracement level of the downward wave from the $2,520 swing high to the $2,123 low.
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The main resistance is now forming near $2,350. A clear move above the $2,360 resistance might send the price toward the $2,450 resistance. An upside break above the $2,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $2,250 resistance, it could start another decline. Initial support on the downside is near the $2,120 level. The first major support sits near the $2,050 zone.
A clear move below the $2,050 support might push the price toward the $2,000 support. Any more losses might send the price toward the $1,880 support level in the near term. The next key support sits at $1,750.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,120
Major Resistance Level – $2,260
Market
Pi Network (PI) Might See a Major Price Correction Soon
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Pi Network (PI) is perhaps the most hyped altcoin of 2025. Its price has skyrocketed more than 200% in the last seven days, almost touching $3 in the last few days. Despite this impressive rally, technical indicators suggest that the uptrend may be losing momentum.
The DMI shows that buyers are still in control, but the narrowing gap between the +DI and -DI signals weakening bullish pressure. Meanwhile, PI’s RSI has cooled off from extreme overbought levels, and its EMA lines hint at a potential trend reversal, putting its bullish outlook at risk.
PI DMI Shows Buyers Are Still In Control, But This Could Change Soon
PI’s DMI chart shows that its ADX is currently at 37.6, after surging from 9 to 62.7 between yesterday and today. The Average Directional Index (ADX) measures the strength of a trend without indicating its direction.
It ranges from 0 to 100, with values above 25 signaling a strong trend and values below 20 suggesting a weak or non-trending market.
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PI’s +DI is at 23.6, down from 57 yesterday, indicating weakening bullish pressure. The -DI has risen to 20 from 1, showing an increase in bearish sentiment.
Despite this shift, the +DI remains above the -DI, confirming that PI is still in an uptrend. However, the narrowing gap between the directional indicators suggests that the uptrend is losing strength. If the +DI continues to decline and crosses below the -DI, it could signal the beginning of a trend reversal.
Pi Network RSI Is Back to Neutral After Staying In Overbought Levels
PI’s RSI is currently at 52.2, after reaching an extreme high of 95 yesterday and staying above 70 for several hours on February 26. The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100.
Values above 70 indicate overbought conditions, suggesting that the asset may be overvalued and due for a pullback, while values below 30 indicate oversold conditions, signaling potential for a price rebound.
An RSI between 30 and 70 is generally considered neutral, with no strong directional bias.
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PI’s RSI dropping to 52.2 after staying above 70 and peaking at 95 suggests that the intense buying pressure has cooled off. This decline reflects a loss of bullish momentum and may indicate that PI is entering a consolidation phase.
The sharp pullback from extreme overbought levels suggests that profit-taking is occurring, increasing the likelihood of a temporary price correction.
However, as the RSI is now in the neutral zone, the next price movement will depend on whether buying interest resumes or selling pressure continues to build.
Pi Network Could Correct By 68% Soon
PI’s EMA lines remain bullish, with short-term lines above long-term ones, indicating that the uptrend is still intact. However, the recent movement suggests that this uptrend could be losing momentum, as confirmed by the latest DMI and RSI values.
PI continues to be one of the most hyped coins in the market, making headlines repeatedly. Recently, Moonrock Capital CEO Simon Dedic Alleges Wash Trading in Pi Network. Before that, the coin surged after Florida Businesses Started Accepting PI Coins.
The weakening buying pressure and rising bearish sentiment indicate a potential shift in the positive market sentiment of the last days. If the EMA lines continue to converge, it could signal an impending trend reversal, putting PI’s bullish outlook at risk.
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If PI can regain the strength of its uptrend, it could rise to test levels above $3 for the first time, possibly reaching $3.5.
However, if the trend reverses, the PI price could test support at $1.69. If this level is lost, it could continue to decline to $1.42. If even that support fails, Pi Network could drop as low as $0.8, marking a significant 68% correction.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Onyxcoin (XCN) Drops 23% After January Rally
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Onyxcoin (XCN) was one of the best-performing altcoins in January, with its market cap soaring from $70 million on January 1 to $1 billion by January 26. However, it’s down 23% in the last 30 days.
The Relative Strength Index (RSI) has dropped to 42, and the Average Directional Index (ADX) indicates a fading downtrend, signaling a potential consolidation phase. If XCN loses its key support at $0.0145, it could drop as low as $0.0075, but a bullish reversal could see it testing resistances at $0.0229, $0.033, and even $0.040.
Onyxcoin RSI Shows Buying Pressure Isn’t Strong
Onyxcoin’s RSI is currently at 42, down from 52.6 two days ago, after previously rising from 29.2.
The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. It ranges from 0 to 100, with values above 70 indicating overbought conditions and potential for a price pullback, while values below 30 suggest oversold conditions and potential for a rebound.
An RSI between 30 and 70 typically indicates a neutral trend with no strong directional bias.
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XCN’s RSI has struggled to break above 60 since January 30, indicating a lack of strong bullish momentum.
The recent drop from 52.6 to 42 suggests that buying pressure is weakening, potentially signaling further downside if the RSI continues to decline. This decrease reflects fading bullish sentiment, making the altcoin vulnerable to continued selling pressure.
If the RSI fails to recover above 50 soon, it could confirm a bearish trend, potentially leading to further price declines.
XCN ADX Shows the Downtrend Is Fading Away
Onyxcoin’s ADX is currently at 15.6, down from 24.2 two days ago. The Average Directional Index (ADX) is a trend strength indicator that measures the intensity of a trend without indicating its direction.
It goes from 0 to 100, with values above 25 signaling a strong trend and values below 20 indicating a weak or non-trending market.
An ADX below 20 suggests that price movements are likely to be sideways or lack momentum.
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XCN’s ADX dropping to 15.6 suggests a weakening trend, indicating that the current downtrend is losing momentum.
In a downtrend, a declining ADX reflects reduced selling pressure and market indecision, increasing the likelihood of price consolidation or sideways movement.
However, without a rise in ADX or a directional shift, XCN is unlikely to see a significant price reversal soon. If the ADX remains below 20, the price could continue to drift without a clear direction.
Onyxcoin Could Drop 51% If the Downtrend Gets Strong Again
The combination of a fading downtrend and a dropping RSI suggests that the altcoin could be entering a consolidation phase.
Currently, it has a close support of around $0.0145, which, if tested and lost, could lead to a decline toward $0.0075.
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On the other hand, if an uptrend emerges, XCN could rise to test the $0.0229 resistance level. If this is broken, and Onyxcoin recovers the positive momentum seen in previous months, it could continue to rally, testing $0.033 or even $0.040.
This would represent a potential 154% upside from current levels. However, for this bullish scenario to play out, XCN would need to regain strong buying momentum and maintain it through key resistance zones.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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