Bitcoin’s adoption is gaining momentum in Russia, where it’s being utilized for international trade. Russian Finance Minister Anton Siluanov revealed that the country is experimenting with Bitcoin and Digital Financial Assets (DFAs) as alternative settlement methods. With the goal of reducing reliance on traditional currencies amidst geopolitical tensions, Bitcoin is becoming an integral part of Russia’s “creative settlements,” offering an alternative to the US dollar. Additionally, plans are underway to expand Bitcoin mining and its use in sovereign transactions by 2024. While Siluanov cautioned against speculative investments, the integration of Bitcoin in international trade is expected to bolster its demand and value in uncertain times.

MicroStrategy’s Strategic Accumulation Sparks Optimism

MicroStrategy, a major institutional player in the cryptocurrency market, continues its aggressive acquisition of Bitcoin. The company announced plans to issue additional shares to further increase its holdings, following a $561 million Bitcoin purchase during its seventh consecutive week of accumulation. This move has strengthened investor confidence, with Bitcoin’s price rising to $98,117, reflecting a 0.32% increase after the announcement. With Bitcoin’s annual growth surpassing 135%, significantly outperforming traditional assets like gold, MicroStrategy’s accumulation reinforces institutional trust in digital assets and adds stability to the market.

Technical Insights: Bitcoin Eyes Bullish Breakout

Bitcoin is currently consolidating after retracing 50% from $92,126 to $108,400. At $98,117, the cryptocurrency faces immediate resistance at $102,207. A decisive breakout above this level could open the path toward $104,954 and $108,400. On the downside, failure to hold the $100,293 pivot might trigger corrections to $95,717 and $92,139. Technical indicators suggest a neutral-to-positive trend, with the RSI at 57.39 signaling moderate buying pressure and the 50-day EMA at $97,427 providing robust support. Traders should await a clear move above $102,207 to confirm a bullish continuation.

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