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.