Bitcoin Tops $83,000 After Strategic Bitcoin Reserve Bill Was Tabled

Leading cryptocurrency prices bounced back in the early hours of Tuesday as a Strategic Bitcoin Reserve bill was tabled in the House of Representatives. Bitcoin rose above $83,000.

What Happened: Bitcoin is up 6.28% over the last 24 hours and it now trades at $83,143.88 over the last 24 hours. The apex coin managed to hold onto the gains despite a report by the House Select Committee on the Events of January 6th, 2021 that Trump had requested to seize the Strategic Presidential Polotnovaluable to help fund the 2024 campaign.

The positive sentiment towards Bitcoin also impacted other cryptocurrencies. Ethereum is now trading above $1,950, following a sharp decline below $1,800 on Monday.

The cryptocurrency market capitalization is now valued at $2.68 trillion.

Among the top ten cryptocurrencies, only Cardano, Solana and NEAR showed losses, while the rest of the coins in the list are in the green.

Top Gainer (24-Hours)

The cryptocurrency market capitalization increased by 6.28% in the last 24 hours to reach $2.68 trillion.

The Dow Jones Industrial Average slid 478.23 points, or 1.14%, to close at 41,433.48. The S&P 500 fell 0.75%, ending at 5,572.07. The tech-focused Nasdaq Composite lost 0.18% to close at 17,436.10.

The grim sentiment prevailed after Trump announced imposing an additional 25% tariff on steel and aluminum imports from Canada on Tuesday, bringing the total levy to 50%. However, hours later, White House said that only the previously planned 25% tariffs would go into effect.

Investors awaited February's consumer price index data, which is due Wednesday, hoping that price pressures will cool amid fears of a recession.

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Analyst Notes: Popular on-chain analytics firm CryptoQuant noted significant whale interest in Bitcoin amid the corrective price action.

"Despite the continued correction in Bitcoin, whales have accumulated more than 65,000 BTC in the last 30 days, indicating high buying pressure from large network participants," CryptoQuant stated.

"If this pattern continues for a few more weeks, it will signal constant buying pressure similar to what we had between November and December."

Whales accumulated over 65,000 BTC"Despite the continued correction in bitcoin, whales have accumulated more than 65 thousand bitcoins in the last 30 days, indicating high buying pressure from large network participants." – By @caueconomy Read more ⤵️https://t.co/Hw72K0h47B pic.twitter.com/3RG7s0iR1j

Widely followed cryptocurrency analyst Michaël van de Poppe has weighed in on Bitcoin’s relief rally, saying that the apex coin has yet to break through a crucial level.

"I think that the next test is the massive one. If $82,500-$83,500 breaks, probably we’ll see $88-92,000 in a swift move," van de Poppe predicted.

I think that the next test is the massive one. If $82.5-83.5K breaks, probably we’ll see $88-92K in a swift move.

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