The Bitcoin price is up a fraction of a percent over the past 24 hours to trade at $87,769 as of 2:40 a.m. EST, while trading volume fell 7% to $66.1 billion.
This comes as the Texas state government purchased $5 million of BlackRock’s iShares Bitcoin Trust (IBIT) spot BTC exchange-traded fund (ETF) at an average price of about $87,000 per bitcoin.
Lee Bratcher, chairman of the Texas Blockchain Council, highlighted the purchase in a post on X.
TEXAS HAS BOUGHT THE DIP!
Texas will become the FIRST state to purchase Bitcoin on November 20 with a $10 million investment for approximately $87,000!
Congratulations to the controller @KHancock4TX and Texas Treasury’s dedicated investment team who have been watching this market… pic.twitter.com/wsMqI9HrPD— Lee ₿ratcher (@lee_bratcher) November 25, 2025
Another $5 million is set aside for additional direct purchases of Bitcoin.
Still in the US, Congressman Warren Davidson says the US can fund its Bitcoin Reserve by accepting taxes in Bitcoin, which is exactly what the Bitcoin for America Act, a bill he introduced, makes possible.
Allowing Americans to pay federal taxes in Bitcoin will benefit the US by providing them with an asset that will increase in value over time – unlike the US dollar, which has been crushed by inflation.
Congress should pass my Bitcoin for America Act and put the US on a stronger financial footing! pic.twitter.com/ADvMEYGv66
— Rep. Warren Davidson (@Rep_Davidson) November 25, 2025
In another positive development for Bitcoin and crypto in general, Bloomberg reported that pro-crypto Kevin Hassett is US President Donald Trump’s preferred candidate to succeed Jerome Powell at the helm of the Federal Reserve.
The chances that Hassett will succeed Powell are high rose to 58% on Kalshi prediction market
As a former chairman of the Council of Economic Advisers, Hasset is known for advocating interest rate cuts and maintaining direct ties to the crypto industry. He has stated that he owns approximately $1 million worth of Coinbase stock.
Kevin Hassett is now the leading candidate for Fed chairman. He recently supported a 50 basis point cut in December. The yield on ten-year government bonds is already below 4%, reflecting growing market confidence. Looking ahead, I think the 10-year horizon could drop even further, targeting the 3% to…
— Steve Grasso (@grassosteve) November 25, 2025
Bitcoin price is gearing up for a recovery
After reaching an all-time high (ATH) above $126,000 in October, the BTC price is in an ongoing downtrend, fueled by a death cross formed around the $116,000 level.
Bitcoin price has since traded within a well-defined descending channel pattern towards the support area around $82,000.
This support at the lower boundary of the falling channel allowed the bulls to recover above the centerline level of the channel.
As a result of the slight recovery, BTC’s price has now crossed above its 50-day SMA at $87,451 on the 4-hour chart.
Meanwhile, the 200-day SMA still acts as the next possible resistance at $100,782 if BTC manages to break out of the descending channel.
The Relative Strength Index (RSI) has also turned positive and is now hovering around the 50 center line level, currently at 55 and rising, which could indicate that Bitcoin’s price is recovering.
Furthermore, the Moving Average Convergence Divergence (MACD) indicates a shift towards positive momentum, with the blue MACD line crossing the orange signal line.
BTC price bulls target the $104K resistance
According to the BTC/USD chart analysis on the 4-hour chart, Bitcoin price is trying to recover from a bearish downtrend.
If the price rises above the upper limit of the descending channel, the next possible target is the resistance at $104,053, an increase of 18% from the current level.
Conversely, if the bearish move within the descending channel continues, the BTC price could fall back to the $80,000 zone.
Ali Martinez, an influential analyst on X with over 163,000 followers, further supports this story. He says BTC is forming a bearish flag on the 1-hour chart and could lead to a decline towards the $79,000 zone.
If this is a bearish flag, Bitcoin $BTC could go towards $79,000. pic.twitter.com/FGFjWSmpcg
— Ali (@ali_charts) November 25, 2025
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