The Pakistani government made an important announcement regarding the establishment of a strategic Bitcoin reserve during the Bitcoin 2025 conference in Las Vegas.
Announcement of Bitcoin Reserve
At the Bitcoin 2025 conference in Las Vegas, Bilal Bin Saqib, special assistant to the Prime Minister of Pakistan on blockchain and cryptocurrency, announced the country's intent to create a strategic Bitcoin reserve. He added that Pakistan will not sell its BTC holdings in the future, inspired by the example set by the U.S. government.
Impact on Bitcoin Market
Despite the recent announcements, Bitcoin's price faced significant resistance levels above $110k, leading to a market correction. Over the last 24 hours, Bitcoin's price dropped by more than 2%, trading around $107k. This trend continues despite accumulating assets by institutional investors.
Price Outlook for Bitcoin
Market analysts point out the need for Bitcoin to clear the resistance hurdle around $109k to prevent a potential retrace towards $76k. Bitcoin may be forming a double top pattern, which, combined with bearish divergence of the Relative Strength Index, raises concerns among traders.
The planned creation of a strategic Bitcoin reserve by the Pakistani government may affect the further development of the cryptocurrency market. This decision is expected to have both positive and negative impacts on the price of Bitcoin.
