Bitunix Analyst: Michigan’s HB4087 Advances—Symbolic Institutional Endorsement, But Short-Term Volatility Likely

This article is machine translated
Show original

According to Followin, On Sept 19, Michigan’s Bitcoin Reserve Bill (HB 4087) passed a second reading in the House and moved to the Government Operations Committee. The proposal would allow up to 10% of state funds to be allocated into crypto assets — a symbolic but potentially precedent-setting step for U.S. state-level institutional adoption.


If finalized, HB4087 could serve as a legal milestone, encouraging other states to follow suit. In the near term, however, it remains more of a sentiment boost than a structural shift, raising both optimism and debate around fiscal risk and regulation.

In crypto markets, BTC trades near $117K. Key resistance levels stand at $119K and $120.7K; supports are at $113K, $111K, and $108K. Passage of the bill could catalyze an upside breakout, while political pushback may trigger liquidation-driven pullbacks.

Analyst View: HB4087 signals long-term recognition of crypto as a reserve asset, but near-term trading will remain headline-driven. Traders should closely monitor $119K–$120.7K resistance and $113K–$108K support zones.

Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments