BTC News Today: Holding $117K After Fed Rate Cut, Likely to Remain Bullish

Key Takeaways:Bitcoin price rises 1% to $117,783, slightly underperforming broader crypto market gainsOver 1.5M BTC now held in treasuries, signaling deep institutional accumulationUS lawmakers propose national Bitcoin reserve, meet with crypto industry leadersBitcoin price rose 1% over the past 24 hours to $117,783, holding firm near multi-month highs despite modest underperformance relative to the broader crypto market's 1.69% gain.Institutional Accumulation and US’ Proposed BTC Reserve Corporate and state-level accumulation of Bitcoin has surged to historic levels. According to CoinGecko data, 118 public companies and 29 countries hold a total of 1,503,435 BTC. The push for strategic reserves is also gaining political traction, particularly in the US. The proposed BITCOIN Act, supported by lawmakers and industry leaders like Strategy’s Michael Saylor, would allow the U.S. government to accumulate up to 1 million BTC over five years.What’s Next for BTC: Technical Indicators Point to Continued Strength Bitcoin is showing sustained strength above key moving averages:7-day SMA: $115,96030-day SMA: $112,686Bitcoin’s RSI (69.34) remains below extreme overbought levels, suggesting room for further gains. If BTC holds above the pivot point at $116,000, analysts expect a potential move toward $120,000, the next Fibonacci resistance level.