Bitcoin resumes its rise after a slight decline.. with expectations to surpass $200,000 by the end of 2025.
The cryptocurrency Bitcoin has recovered some of its losses during recent trading, rising by about 2% to $106,000, approaching $109,000 once again.
This fluctuation occurred within a daily price range between $106,954 and $109,225, with a trading volume of $24.98 billion in the past 24 hours, reflecting short-term market volatility and significant activity.
The total market capitalization of cryptocurrencies reached $2.13 trillion on Sunday, May 25, supported by a strong performance during the current week.
Bitcoin had set a new record on May 22, surpassing $111,000 for the first time in its history, coinciding with the weakness of the US dollar and improved investor sentiment following the trade agreement between the US and China, which followed a selling wave experienced by the US currency last month due to trade tensions.
The fluctuations were not limited to Bitcoin, as Ether dropped by 1.90% to $2,503.30, while Solana lost about 3.51% trading at $170.81.
The recent price movement indicates the possibility of forming a "double bottom" or showing "slight upward divergence" between price and trading volume.
A decrease in trading volume during downtrends was noted, while a slight increase was seen with the improvement, potentially indicating a shift in market momentum, according to Bitcoin platform analyses.
Despite the current fluctuations, Standard Chartered Bank expects Bitcoin to reach $200,000 by the end of 2025, reflecting widespread optimism about the future of digital currency.
In a related context, the "Texas Bitcoin Reserve" bill made significant progress after Governor Greg Abbott announced his support for the proposal (SB 21) on May 22, which was approved by the state council to establish a Bitcoin reserve.
Thus, Texas joins Arizona and New Hampshire in enacting supportive legislation for cryptocurrencies, as part of Abbott's efforts to make the state a global hub for this sector.
It is worth noting that Congress has not yet defined the "National Bitcoin Reserve" measures despite an executive order from President Donald Trump, but establishing a state-level reserve could boost investor confidence and help push the price above $110,000.
In enhancing the legal status of cryptocurrencies, the US Department of Justice announced on May 23 the recovery of stolen digital currencies worth $2.5 million from fraudulent projects that exploited investors' fears of missing out.
