Menu

Search

  |   Insights & Views

Menu

  |   Insights & Views

Search

Bitcoin Boom: El Salvador Accumulates BTC While Traders Stay Cautious

El Salvador’s Bitcoin Accumulation

El Salvador within a week added up to 20 BTC in its reserves. On February 4, 2025, it bought 11 BTC bringing up the total count to 6,056 BTC. Then, on February 5, it bought 12 more BTC taking the total up to 6,068 BTC. This is a belief in Bitcoin that President Nayib Bukele holds as an important long-term asset, especially given the still ongoing market volatility and discussions of the International Monetary Fund (IMF) over crypto policies. The value of El Salvador's Bitcoin holdings exceeds $554 million.

Cautious Sentiment Among Bitcoin Traders on CME

Bitcoin traders on CME were cautious on 5 February 2025. K33's report of the day stated that caution prevailed with a "no leverage month." Bitcoin premiums are weak with Open Interest currently at 166,475, its lowest in November 2024. As a result of such uncertainty among traders, all these are clear reflections of their being cautious about the times, as the reports have emphasized a no-leverage month for February. Although the regulatory talks over digital assets remain positive, for instance, by proposing a U.S. Bitcoin Reserve, caution is still a must for traders. The overall market remains unstable, and so caution is still the word of the day.

Technical Analysis: Key Levels to Watch for BTC/USD

BTC/USD currently trades above both short-term (34-EMA and 55-EMA) and long-term (200-EMA) moving averages on the daily chart. Minor support is around $90,000; breaking below this would drag the pair down to $86,700, $84,000, $80,000, or $75,800. Immediate resistance is around $103000 any breach above confirms intraday bullishness, a jump to $110000. A secondary barrier at $110,000 indicates that closing above this level could lead to targets at $111,292, $115,000, or even $135,000.

Investment Strategy: Opportunities for Traders

Indicators (4-hour chart).

It is good to buy on dips around $90,000, with a stop-loss set at $80,000 for a TP of $110000/$115,000 or $135,000.

 

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.