Bitcoin Stays Near $98,000 as Russia Accepts BTC for Trade and MicroStrategy Grows

Bitcoin is growing popularity in Russia for international transactions. Finance Minister Anton Siluanov said the nation is testing Bitcoin and DFAs.

Russia wants to reduce its dependence on conventional currencies amid geopolitical upheavals. Bitcoin is used in “creative settlements,” according to Siluanov, making it a viable alternative to the US currency.


Russia intends to develop Bitcoin mining and usage in sovereign transactions in 2024.

Siluanov warned against speculative cryptocurrency investments, but Bitcoin's international commerce boosts its usefulness and demand. This smart action should boost Bitcoin values, especially given global uncertainty.

MicroStrategy's Aggressive Accumulation Fuels Bitcoin Rally
To increase its cryptocurrency holdings, MicroStrategy, a leading institutional Bitcoin investor, revealed intentions to issue more shares. After buying $561 million in Bitcoin, this was its seventh straight acquisition week.

Bitcoin, now selling at $98,117, rose 0.32% after the news, indicating market optimism.


MicroStrategy's Bitcoin holdings boost institutional trust in digital assets, stabilizing markets.

Bitcoin's yearly rise exceeds 135%, outpacing gold and global markets, so institutional acquisitions like this may maintain price momentum.

Technical Outlook: Bitcoin Consolidation, Bullish Potential
After completing a 50% Fibonacci retracement from $92,126 to $108,400, Bitcoin is stabilizing. Bitcoin's $98,117 price confronts immediate resistance at $102,207. Breakouts might seek $104,954 and $108,400 resistance.

Failure to maintain the $100,293 pivot might lead to a decline to $95,717 and $92,139.


Technical indicators indicate neutral to positive momentum. RSI at 57.39 indicates modest buying activity, while the 50-day EMA at $97,427 provides strong support. To confirm an upward trend, traders should wait for a clear rise over $102,207.

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