Bitcoin vs. Banks: Minnesota Senator’s Bitcoin Act Signals Growing Bitcoin Institutional Adoption

Bitcoin is hitting the news once again as Minnesota state Senator Jeremy Miller introduces the Minnesota Bitcoin Act, seen as a bold step that could accelerate mainstream adoption of the leading cryptocurrency. Miller who at one point of time viewed Bitcoin with skepticism, admitted that deeper research and feedback from constituents changed his perspective. Now a firm believer in BTC, Miller aims to position Minnesota at the forefront of the crypto economy by allowing the state to invest directly in Bitcoin and other cryptocurrencies with the Bitcoin Act. This shift in policy reflects growing Bitcoin institutional adoption in Bitcoin’s long-term value and rallies up demand and liquidity in the market.

Growing Adoption Across US States

Minnesota’s move can not be seen as a unilateral move but is part of a growing trend among many US states. Across the US, 23 states have already adopted the bills to establish BTC reserve, signally how governments no longer look at BTC with skepticism. If the bill passes, Minnesota residents could pay state taxes in BTC following the example of states like Colorado and Utah. The bill has also provisions to to exempt the investment gains from BTC state taxes making the state an attractive destination for crypto investments.

Bitcoin Institutional Adoption Could Supercharge Bitcoin’s Growth

This Bitcoin buzz isn’t just limited to states, US Congress Senator Cynthia proposed Lummis’ Strategic BTC Reserve Act states that the US government buy 200,000 Bitcoin annually over the next five years, amounting to 1 million Bitcoin in holding. Miller’s Bitcoin Act could push this even further, allowing the government to hold more than 1 million Bitcoins in total. This large-scale institutional backing is likely to bolster market confidence and contribute to long-term crypto price stability.

With the increasing Bitcoin institutional adoption and growing political support, Bitcoin’s outlook appears stronger than ever. Let’s now dive into the technical picture to see how these developments are influencing Bitcoin’s price action and what key indicators are signaling the next course of action.

Price Analysis and BTC Price Prediction

The trading session started with a trading range of $83545 and $83320. At 02:00 UTC, a golden cross formed at the MACD line, pushing the prices towards the key resistance level of $83545. However, the buy side could not hold the momentum for long as soon as a death cross appeared at 03:20 UTC pulling the prices down with the range. The prices soon hit the support level from the continuous development of selling pressure. By 07:00 UTC, a perfect golden cross constructed on the MACD line aligning with the previous oversold signal from RSI started a bullish momentum with a spike eyeing the resistance level again. 

Chart 1, Analyzed by Alokravantmedia published on March 19, 2025.

What lies ahead of BTC?

However, the price rally could not sustain the buy run for long as soon as a death cross appeared at the MACD line by 09:10 UTC pushing towards a breakout in support level and entering a new trading range. Soon after entering a new trading zone, the prices again started rallying after the RSI level indicated an oversold market and a golden cross appeared on the MACD line at 14:25 UTC. The bull run got another push after another clear golden cross formed at 18:40 UTC, kicking off in an uptrend channel toward the initial key resistance level.

The last 24 hours’ price action exhibits overall positive market sentiments prevailing in the market as price fall is quickly overwhelmed by strong bullish sentiment in the light of BTC adoption at institution levels. The BTC price analysis suggests that a sustained breakout above the key resistance of $$83545 would strengthen the bullish momentum and will enter a new key support and resistance level. However, a fall below the $81240  support level could also result in consolidation of prices, reducing it to lower support levels. The BTC price prediction indicates that traders should monitor confirmation from signals like MACD and RSI to ascertain the subsequent course of action.