Bitcoin price forecast: The government of El Salvador added 240 Bitcoin since signing a $1.4 billion loan agreement with the IMF in December 2024, which restricted the country's ability to increase its Bitcoin holdings; however, legal loopholes allowed it to continue accumulating, bringing its total BTC balance to 6,209 coins.
President Bukele's strategy of buying one Bitcoin daily is still in effect, but outside the official accounts of the state. Despite a 44.5% year-over-year decline in incoming investments in cryptocurrencies in the country in the first quarter of 2025, the stability of this country's position sends a strong signal to the markets that the adoption of Bitcoin remains strong, at least in some parts of the world.
NEW: El Salvador has bought 240 $BTC since IMF non-accumulation agreement. pic.twitter.com/2zH5BdG2LR
— Cointelegraph (@Cointelegraph) June 16, 2025
This highlights the contrast between political pressure and the accumulation of small investors in the currency, which enhances long-term confidence.
Mining companies enhance American market dominance and support Bitcoin.
According to JPMorgan, publicly listed mining companies in the United States now control 31.5% of the global Bitcoin hash rate, the highest share ever recorded for a country. These companies include Riot Platforms, Hive Technologies, and CleanSpark, which collectively saw a 99% annual increase in hash rate, while the Bitcoin blockchain grew by 55%.
Despite the slight decline in hash price, the market capitalization of the mining sector has increased by $2.4 billion this year, with Riot alone accounting for 20% of these gains. This change enhances the institutional infrastructure in North America and supports the idea of Bitcoin maturing into an independent asset class.
Technical outlook for Bitcoin price: Bulls are losing control at $108,950
Bitcoin is currently trading at $106,647, down 0.52% during the day, and the hourly chart shows the price declining from the resistance level formed by the symmetrical triangle pattern around $108,951.
There are also signs of weakening momentum, such as the bearish crossover of the MACD indicator and the appearance of a long wick trading candle indicating a failed attempt to push the price up.
Bitcoin price chart – Source: Tradingview. Additionally, support levels are now around the 50-period exponential moving average at $106,656, followed by $106,196 and $104,633, and a drop below these levels could lead to further decline towards $103,132.
Levels to watch:
Resistance: $108,951 and $110,406 respectively
Support: $106,196, $104,633, and $103,132 respectively
Proposed trading strategy:
Bullish scenario: Speculate on price increase if the level of $109,000 is regained with strong trading volume
Bearish scenario: Speculate on price decrease if the level of $106,196 is broken, targeting $104,633
Despite positive news regarding macroeconomic factors, price movement remains confined within a limited range, keeping Bitcoin's price expectations neutral, with a need for patience and precision currently.
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