The Pennsylvania House of Representatives has passed a bill that could impact how digital assets are used within the state.

House Bill 2481, also known as the Bitcoin Rights Bill, was approved with a bipartisan majority of 176 votes to 26, and now heads to the state Senate for further consideration, according to Fox Business.

The bill, introduced by the nonprofit Satoshi Action Fund, establishes legal clarity around cryptocurrency ownership and usage. It allows residents to self-custody their digital assets, meaning they can hold Bitcoin (BTC) and other cryptocurrencies directly without relying on third-party services like exchanges.

Improved Bitcoin use

The bill also permits the use of Bitcoin for payments, which could change the way businesses and individuals conduct transactions using the cryptocurrency.

For those unfamiliar with crypto, self-custody means owning your digital currency directly, giving you full control over your assets. When you use exchanges, you trust them to store and manage your assets, but self-custody puts that responsibility in the hands of the individual.

Bitcoin is a digital currency that operates without a central authority, and this bill would make its use more widely accepted in Pennsylvania.

If passed by the Senate, this legislation could signal a growing acceptance of digital currencies at the state level, while the federal government continues to grapple with crypto regulation.

Pennsylvania’s decision mirrors efforts in other states, such as Oklahoma and Louisiana, which have passed similar laws.

Crypto analyst MMBT Trader has revealed that the Bitcoin price is retesting a bullish channel at the $65,000 price level. He further mentioned what market participants should expect if the flagship crypto holds above or breaks below this bullish channel. 

Bitcoin Price Retesting $65,000 And What Could Come Next

MMBT Trader mentioned in a TradingView post that the $65,000 support zone is now the major daily support, and market participants can expect a valid retest of the channel breakout. The analyst claimed that if the Bitcoin price holds this support, investors can expect a “heavy pump”, which could lead to a new all-time high (ATH). 

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However, if the Bitcoin price fails to hold the $65,000 bullish channel, such a breakout to the downside would lead to a free fall to the $60,000 support level. MMBT Trader even suggested the possibility of BTC retesting $50,000 if it fails to hold above $65,000. Meanwhile, a breakdown means that the flagship crypto could range for a while before it makes another attempt to break its ATH at $73,000. 

Analyst Justin Bennett also recently highlighted the $65,800 range as the first test for the Bitcoin price. He had also indicated that BTC could drop to around $63,000 if it fails to hold above this level. However, a successful hold above this price range would invalidate his trade setup. 

The Bitcoin price has so far held well above $65,000 since it again reclaimed $67,000 after the price crash two days ago. However, Bennett indicated that BTC isn’t yet in the clear despite the bounce on October 23. He claimed there is no confirmed bottom as long as the flagship crypto is below $68,200. 

BTC Needs A Weekly Close Above This Level

In an X post, crypto analyst Rekt Capital mentioned that a weekly close above $66,200 would be confirmed as a successful retest. He noted that the flagship crypto was showing promising signs so far, having already produced a wick below the $66,200 price level and returned above it. 

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His accompanying chart showed that the Bitcoin price drop below $66,200 before the weekly close could lead to further breakdown below the $60,000 support level. 

Meanwhile, bear analyst CrediBULL Crypto predicted that the Bitcoin price could retest the $68,000 range to “bait in some final longs” before it suffers a “rug pull” to the $60,000 support level. The analyst is one of those who believe that it is still too soon to call for a new ATH for BTC based on his belief that the flagship crypto still needs to retest the lower range. 

At the time of writing, the Bitcoin price is trading at around $67,000, up in the last 24 hours, according to data from CoinMarketCap. 

Featured image created with Dall.E, chart from Tradingview.com

A widely followed crypto analyst is warning that Bitcoin (BTC) may be heading lower after tapping the $69,000 level on Sunday.

Pseudonymous crypto trader Credible Crypto tells his 431,100 followers on the social media platform X that he is turning short-term bearish on Bitcoin.

“I think our top is probably now in on BTC. Here’s what I think makes the most sense on lower timeframes. A bit more chopping about before we are ready to continue down ideally…

Going well so far, a bounce from this region would be ideal. Bait in a some final longs before the rug pull.”

Looking at his chart, the analyst suggests that Bitcoin may make one more run to the $68,000 level, face rejection and collapse to the $61,000 level by next week.

The analyst is warning that Bitcoin may correct below $49,000.

“Still expecting sub $49,000. That $58,000-$61,000 is just the last stand for bulls if they want to avoid that.”

However, the analyst expresses long-term bullish sentiment in response to an X user asking him if “liquidity is being engineered to the upside for a bigger move down the road in a few weeks (after we sweep lows)?”

“Yes. That’s why the highs are being defended and why we get so close each time but fail. Those highs are being ‘saved’ for the real breakout so that when it happens it’s aggressive and there’s no looking back. A cascade of short liquidations with spot buyers relentlessly bidding. When the time is right it will be spectacular.”

Bitcoin is trading for $66,455 at time of writing, down nearly 2% in the last 24 hours.

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