Bitcoin Price Near $70K as Brazil’s Strategic Bitcoin Reserve Plan Boosts Market Sentiment

Bitcoin price has climbed back toward the $70,000 level after a softer-than-expected U.S. inflation report eased investor concerns and revived risk appetite across global markets. The improved macroeconomic outlook has fueled a broader crypto market recovery, pushing total market capitalization up 1.55% in the last 24 hours to $2.4 trillion. Ethereum (ETH) surged above $2,000, while XRP gained nearly 5%, reflecting renewed bullish momentum in digital assets.

A major development adding to the positive sentiment is Brazil’s proposal to establish a strategic sovereign Bitcoin reserve. The proposed bill outlines a plan for the government to acquire up to one million BTC over the next five years, representing a potential $68 billion investment at current prices. If approved, Brazil could become one of the world’s largest Bitcoin holders, surpassing even the United States and China. The gradual purchase strategy aims to avoid major market disruption while strengthening Brazil’s long-term financial position.

The proposal also includes progressive crypto regulations, such as allowing Bitcoin payments for federal taxes and fines, exempting crypto sales from taxation, and retaining confiscated Bitcoin within the national reserve. The bill is currently under review by Brazil’s economic development, finance, and justice committees. If passed, it could significantly accelerate global Bitcoin adoption and reinforce BTC’s role as a strategic reserve asset.

Meanwhile, U.S. spot Bitcoin ETFs recorded $15.20 million in net inflows on February 13, led by Fidelity’s FBTC with $11.99 million. Spot Ethereum ETFs also saw $10.26 million in net inflows, highlighting continued institutional demand for crypto exposure.

From a technical perspective, Bitcoin is trading near $69,800. The Relative Strength Index (RSI) sits at 57, signaling room for further upside before reaching overbought conditions. The Chaikin Money Flow (CMF) at 0.07 suggests steady capital inflows. If bullish momentum continues, Bitcoin could test resistance at $70,000 and $75,000, with a breakout potentially targeting $80,000. Key support remains around $65,000, which traders should monitor closely.