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The price of Bitcoin edged up a fraction of a percent over the past 24 hours to trade at $87,769 as of 2:40 a.m. EST, on trading volume that fell 7% to $66.1 billion.
This comes as the Texas state government purchased $5 million of BlackRock’s iShares Bitcoin Trust (IBIT) BTC spot exchange-traded fund (ETF) at an average price of around $87,000 per bitcoin.
Lee Bratcher, president of the Texas Blockchain Council, highlighted this purchase in an article on X.
TEXAS BOUGHT THE DIP!
Texas becomes the FIRST state to purchase Bitcoin with a $10 million investment on November 20 for approximately $87,000!
Congratulations to the controller @KHancock4TX and the dedicated Texas Treasury investment team that monitors this market… pic.twitter.com/wsMqI9HrPD– Lee Ratcher (@lee_bratcher) November 25, 2025
An additional $5 million has been set aside for additional direct Bitcoin purchases.
Also in the United States, Congressman Warren Davidson claims that the United States can fund its Bitcoin reserve by accepting taxes on Bitcoin, which is exactly what the Bitcoin for America Act, a bill he introduced, allows for.
Allowing Americans to pay federal taxes in Bitcoin will benefit the United States because it will have an asset that will appreciate over time, unlike the US dollar, which has been crushed by inflation.
Congress should pass my Bitcoin for America Act and put the United States 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 as head of the Federal Reserve.
Odds of Hassett succeeding Powell climbed to 58% on Kalshi prediction market
As the former chairman of the Council of Economic Advisers, Hasset is known for advocating rate cuts and having direct ties to the crypto industry. He reported owning about $1 million worth of Coinbase stock.
Kevin Hassett is now the leading candidate for Fed chairman; he recently backed a 50 basis point cut in December. The 10-year Treasury yield is already below 4%, reflecting growing market confidence. For the future, I think the 10-year rate could fall further, aiming for 3% at…
– Steve Grasso (@grassosteve) November 25, 2025
Bitcoin price prepares for recovery
After hitting an all-time high (ATH) above $126,000 in October, the BTC Price is in a sustained downtrend, fueled by a deadly crossover formed around the $116,000 level.
Bitcoin price has since traded in a well-defined descending channel pattern towards the support zone around $82,000.
This support on the lower boundary of the descending channel allowed the bulls to stage a recovery above the channel’s mid-level.
Due to the slight recovery, BTC price has now surpassed the 50-day SMA at $87,451 on the 4-hour chart.
Meanwhile, the 200-day SMA still forms the next possible resistance at $100,782 if BTC manages to break out of the bearish channel.
The Relative Strength Index (RSI) has also turned positive, now hovering around the mid-level of 50, currently at 55 and rising, which may suggest that Bitcoin price may be recovering.
Additionally, the Moving Average Convergence Divergence (MACD) indicates a shift towards positive momentum, with the blue MACD line moving above the orange signal line.
BTC price surges target $104,000 resistance
According to the BTC/USD chart analysis on the 4-hour chart, Bitcoin price is trying to recover from a downtrend.
If the price breaks above the upper boundary of the bearish channel, the next possible target is the resistance at $104,053, an 18% upside from the current level.
Conversely, if the bearish movement in the descending channel continues, BTC price could fall back to the $80,000 zone.
Ali Martinez, an influential X analyst with over 163,000 followers, also supports this narrative. He says that on the hourly chart, BTC is forming a bearish flag and could lead to a decline towards the $79,000 zone.
If it is a bearish flag, Bitcoin $BTC could head towards $79,000. pic.twitter.com/FGFjWSmpcg
– Ali (@ali_charts) November 25, 2025
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