Bitcoin (BTC) Holds Above Key Support Level and Poised for Bullish Movement

February 19, 2025 by Usman Zafar

• Bitcoin remains stable above key support despite recent declines, indicating potential for a bullish move.
• El Salvador increases its Bitcoin purchases to 1.6 BTC daily, strengthening its $579.9M holdings.
• Bitcoin faces key resistance at $98,850, with a breakout potentially triggering strong upward momentum.
• Traders monitor $93,640 support as BTC consolidates, awaiting its next decisive move.

Bitcoin (BTC) demonstrates remarkable resilience by maintaining its position above a crucial support level. Over the past week, Bitcoin has experienced a slight decline of 2.37%, and over the last 30 days, it has dropped by 9%. Despite this downturn, BTC remains firm above its key support level, indicating potential for a bullish move shortly.  

At the time of writing, Bitcoin is trading at $95,651, with a 24-hour trading volume of $48.00 billion and a market capitalization of $1.90 trillion. In the last 24 hours, BTC has seen a minor decrease of 0.56%, reflecting its ongoing consolidation phase. This stability suggests that Bitcoin is gathering strength for its next decisive move.

Source: CoinMarketcap

El Salvador Buys 1.6 BTC Daily, Boosting $579.9M Holdings

A significant development in the Bitcoin market is El Salvador’s aggressive Bitcoin accumulation strategy. According to data from Spot On Chain, El Salvador is now purchasing approximately 1.6 BTC daily, a notable increase from its previous rate of 1 BTC per day. This strategic move underscores the nation’s growing confidence in Bitcoin as a long-term investment.

Since December 22, 2024, the Salvadoran government has amassed 93.417 BTC with an average of $98,579 for each coin. The volume of their purchases has been between 1 and 11 BTC, with a regular buying pattern. Therefore, the country’s overall Bitcoin reserves stand at 6,081 BTC, valued at approximately $579.9 million. The accumulation strategy enhances the country’s status as a key player in the global cryptocurrency space.

Bitcoin Price Analysis: Will It Break $98,850?

According to More Crypto Online analysis, Bitcoin’s price action has remained relatively quiet, with no significant changes in its market structure. The cryptocurrency is currently rangebound, trading below its previous high, and momentum appears to be stalling. This sideways movement indicates a state of indecision among traders as they await a breakout to determine the next trend direction.  

For Bitcoin’s bull momentum, the $98,850 resistance needs to be breached. A breach of this resistance point will create the momentum for testing the February top. A breakout of this key point will end the current range-bound trading behavior and result in a more forceful upward movement, pulling more bullish traders into the space.

The analyst identified $93,640 as a critical support point in the current trend. As long as Bitcoin stays above this point, the overall view remains bullish, with higher price targets. But if this support point is violated, the bearish trend may be reversed, and the price may continue its descent.

On the bright side, the $98,850 resistance point is still a significant barrier. A breakdown of this resistance would be a momentum trigger, confirming a breakout of the current consolidation. Traders and investors keep such levels under keen observation, for they’re anticipated to propel Bitcoin’s short-term worth.  

Bitcoin’s ability to maintain its levels above major resistance levels, even after correction, suggests its resilience and future value. With El Salvador increasing its Bitcoin purchases and major resistance levels in sight, Bitcoin is on the verge of a decisive movement shortly.

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