Texas is building a state Bitcoin reserve just as BTC holds a key 78,000 to 79,000 dollar support zone on the weekly chart. Meanwhile, this mix of state buying and a clearly defined “invalidation” level gives traders and policymakers a shared line in the sand for Bitcoin’s next move.
Texas Invests $5M in BlackRock Bitcoin ETF, Lines Up $5M in Self-Custodied BTC
Texas has taken its first formal step toward a state Bitcoin reserve, purchasing $5 million worth of BlackRock’s iShares Bitcoin Trust (IBIT) on Nov. 20 as it prepares to hold Bitcoin directly on its balance sheet.
The transaction, revealed this week by Texas Blockchain Council president Lee Bratcher, used part of a $10 million allocation from the state’s general revenue for Bitcoin. Bratcher said the initial $5 million was placed into IBIT as a temporary vehicle while Texas finalizes its process to “self-custody Bitcoin,” with another $5 million earmarked for a direct Bitcoin purchase once a custody framework and vendor contracts are in place.
Texas Bitcoin Purchase Symbolic. Source: Lee Bratcher via X
Earlier this year, lawmakers and Governor Greg Abbott created the Texas Strategic Bitcoin Reserve under Senate Bill 21, authorizing the state to hold Bitcoin as a long-term reserve asset. The law set aside $10 million for cryptocurrency investments and requires any asset in the reserve to have maintained at least a $500 billion market capitalization over 24 months, a threshold Bitcoin meets but IBIT does not, underscoring the plan to move from ETF exposure to self-custodied coins.
Texas’ move comes as several U.S. states explore or experiment with crypto exposure. Wisconsin’s state investment board previously disclosed a sizable position in BlackRock’s Bitcoin ETF through pension funds, but Texas is positioning this allocation as the opening step of a dedicated, state-managed Bitcoin reserve rather than a traditional investment holding.
Bitcoin Bounces Off Channel as Trader Sets 78K–79K Line in the Sand
Meanwhile, Bitcoin is trading around 87,000 USDT on the weekly Bybit chart after rebounding from a long-term rising channel. The latest candles show price holding above layered trend support that has guided the advance since 2023, with buyers stepping in as BTC dipped into the mid-80,000 zone.
Bitcoin Weekly Channel With 78K Support. Source: Profit Blue X
In the chart shared by trader Profit Blue, two green arcs mark recent lows near the lower boundary of that channel, outlining a potential double-bottom structure. The pattern appears after a sharp drawdown from the 130,000 area, yet weekly closes remain inside the channel, signaling that the broader uptrend is still in place for now.
Profit Blue labels 78,000–79,000 USDT as the “invalidation” zone, stating that a sustained move below that band would undermine the bullish view. Until that level breaks on a weekly closing basis, the chart frames current price action as a rebound from major support rather than a confirmed trend reversal.
Source: https://coinpaper.com/12668/texas-puts-10-m-into-bitcoin-as-btc-fights-to-hold-78-k-support