The Bitcoin price has continued to hold firm in the face of uncertain market conditions, showing resilience ahead of the Memorial Day holiday. Despite a sharp V-shaped recovery from $75,000, the price remains above the $77,000 level, with many market analysts attributing this stability to growing confidence among institutional investors and long-term holders.
On-chain data suggests that large investors are aggressively accumulating BTC during the current consolidation phase, while spot Bitcoin ETFs have contributed to short-term selling pressure. The shift towards safer crypto assets is being reinforced by institutional portfolio adjustments, with Bank of America reportedly increasing its exposure to BlackRock's IBIT Bitcoin ETF to $37 million.
Another bullish catalyst comes from Washington, where the American Reserve Modernization Act (ARMA) proposes the creation of a strategic Bitcoin reserve under the U.S. Treasury. If approved, government agencies would be required to transfer all seized Bitcoin into centralized custody for at least 20 years, with BTC sales permitted only for debt repayment purposes.