Bitcoin breaks below ascending channel after repeated $112K rejections
CZ says governments may print fiat to accumulate Bitcoin reserves
MACD and RSI confirm bearish momentum with rising market volatility
Changpeng Zhao, also known as CZ, has stated that countries may begin printing money to acquire Bitcoin. His comment came as a response to growing interest from institutions and governments in the asset.
Increased Government Interest in Bitcoin
According to CZ, the shift may begin when countries decide to treat Bitcoin as a strategic reserve asset. He believes that once one country starts this approach, others may follow to keep pace. He added that such action could potentially lead to a significant price movement.
https://twitter.com/Vivek4real_/status/1926439874258776547
If nations start printing fiat currencies to purchase Bitcoin, global monetary dynamics may experience pressure. CZ did not name any country or timeline for this development. However, the statement points to a potential shift in how national reserves may be managed.
Following the comment, Bitcoin maintained its position near recent highs. Market observers are watching closely for signs of national accumulation. CZ's statement relates with ongoing discussions about Bitcoin's role in national reserves, especially amid global monetary shifts and inflation concerns.
Bitcoin Current Market Trend Revealed
According to CoinMarketCap data, Bitcoin is currently trading for $107,431.25, after a 1.27% drop in the past 24 hours. At present, the market capitalization of the asset is $2.13 trillion, falling 1.16% from yesterday’s level. Over the last day, the amount traded dropped coolly to $43.76 billion, a fall of 29.67%.
Source: CoinMarketCap
The chart shows a sharp decline from the $109,240 peak recorded on May 24 to the current level. Volatility intensified near midnight, causing BTC to drop below $107,000 before rebounding slightly above that mark. The volume-to-market cap ratio over 24 hours is 2.04%, reflecting lower transaction activity relative to market size. Bitcoin remains well below its 24-hour high, indicating persistent selling pressure throughout the observed trading session.
Bitcoin Shows Weakness With Breakdown Below Ascending Channel
According to an analysis prepared by Titan of Crypto, Bitcoin has broken below its ascending channel after maintaining upward movement since early April. The recent decline occurred following multiple failed attempts to break above the $112,000 resistance zone.
Source: Titan of Crypto (X)
The Moving Average Convergence Divergence indicator recorded a bearish crossover. This occurred as the MACD line moved below the signal line. The histogram also turned negative, indicating downward momentum on the daily timeframe. The Relative Strength Index (RSI) dropped below its rising support line, confirming weakening buyer pressure. This shift occurred as price volatility increased.Price support remains near $104,000, based on past consolidation levels. Bitcoin’s recent candles showed reduced volume and failed to maintain higher highs. Despite the breakdown, no bullish reversal has formed. All technical shifts occurred within the past three sessions, pointing to concentrated weakness.
