Block Inc applies for federal bank charter to custody Bitcoin

Bitcoin is experiencing significant market volatility and technical shifts. After failing to maintain levels above $80,000, the price has fluctuated around the $78,000 to $79,000 range. Analysts note that while short-term sellers currently hold an edge, long-term holder supply remains high, which has historically contributed to low volatility. Some market experts suggest a potential short-term dip toward $58,000 or $60,000, while others monitor the $38,400 balanced price level as a historical capitulation zone.

In the broader cryptocurrency market, Bitcoin dominance has slipped below 60%, fueling discussions regarding a potential altcoin season. Meanwhile, Hyperliquid (HYPE) and other altcoins like Ethereum and Zcash are showing signs of momentum fatigue near key resistance levels.

In regulatory news, Block Inc, the fintech company led by Jack Dorsey, has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter. The proposed entity, Builders Bank and Trust, N.A., would be an uninsured, non-deposit-taking bank focused on providing custody and fiduciary services for Bitcoin and stablecoins.