Kraken’s Staking Launch and Regulatory Progress Propel Bitcoin to $104K

Bitcoin has surged past the $104,000 mark, driven by positive regulatory developments in Ohio and the launch of Kraken's staking service. The cryptocurrency is currently trading at $104,341 with a daily volume of $39.9 billion, showing signs of consolidation that often precede significant breakouts. Ohio's House recently passed progressive crypto legislation, including a $200 capital gains tax exemption and wallet protection measures, further fueling market optimism.

Bitcoin Surges to $104K Amid Regulatory Tailwinds and Exchange Developments

Bitcoin breached the $104,000 threshold as Ohio's legislative progress and Kraken's staking launch injected bullish momentum into crypto markets. The flagship cryptocurrency now trades at $104,341 with $39.9 billion in daily volume, showing consolidation patterns that typically precede major breakouts.

Ohio's House passed groundbreaking crypto legislation including a $200 capital gains tax exemption, wallet protection clauses, and mining safeguards. The Blockchain Basics Act now moves to the Senate, potentially establishing Ohio as America's most crypto-friendly jurisdiction. Such regulatory clarity historically precedes accelerated institutional adoption.

Exchange developments compound the positive sentiment. Kraken's staking integration coincides with Bitcoin's circulating supply approaching the psychologically significant 19.88 million threshold. Scarcity dynamics continue driving long-term valuation models as real-world utility expands.

Bitcoin Price Bottoms Out? Recovery Hopes Rise After Base Formation

Bitcoin's price action shows signs of stabilization after a recent downturn. The cryptocurrency dipped below $106,000, testing support NEAR $103,500 before entering a consolidation phase. Market observers note potential for recovery if BTC maintains above this critical level.

Technical indicators reveal a key battle at $105,000 resistance, with a bearish trend line capping upward moves at $104,850. A decisive break above $105,500 could signal renewed bullish momentum, potentially targeting the 50% Fibonacci retracement level near $106,150.

The Kraken exchange data shows Bitcoin trading below both the psychological $105,000 mark and the 100-hour moving average. This technical setup suggests cautious Optimism among traders, with the $103,500 zone now serving as crucial support.