The institutions are still buying, and a new sovereign treasury is in the pipeline for Pakistan. With Bitcoin (BTC) continuing to hold above the $106,000 support level, the next rally could be brewing. Increasing buying interest for Bitcoin The US Spot Bitcoin ETFs have just recorded their 10th day of positive inflows as another 3.97K BTC entered the coffers. This was all swallowed up by the Blackrock IBIT ETF with just a couple of small negative outflows from ARKB (315 BTC) and FBTC (128 BTC). These last 10 days brought in a total of more than 36K BTC. As an ever-increasing number of companies announce that they are setting up their own Bitcoin treasuries, a new sovereign country has thrown its hat into the ring. It was announced at Bitcoin Vegas 2025 on Day 3 that Pakistan would establish a national bitcoin wallet as part of a “government-led Strategic Bitcoin Reserve”. The Pakistani representative at the Bitcoin conference said that the country would devote 2,000 megawatts of surplus electricity to Bitcoin mining, and that digital assets already owned by the government would be kept in the national Bitcoin wallet and held long-term. $BTC price action moves sideways within wedge Source: TradingView The short-term price action for $BTC shows that the $106,000 support is holding up well. More sideways price movement has revealed $BTC to be inside a wedge. The Stochastic RSI at the bottom of the chart has the indicators climbing, which could enable positive price momentum to lift the price up to the top of the wedge and the resistance formed by the January all-time high. The current rally would get very bullish if the price can get above $110,760 which would make a higher high. Moving averages are sorting themselves into order Source: TradingView The daily chart for $BTC indicates that the price may be about to fall underneath the ascending trendline that stretches back to early April. However, there is still the rest of the day for the bulls to regain this trendline. The three major simple moving averages are displayed, and this reveals that a golden cross has just taken place, as the 50 SMA (blue) crosses above both the 100 (green) and 200 (red) SMAs. In order to start being extremely bullish, the 100 (green) SMA must now also cross above the 200 (red) SMA. When the SMAs were in order last time, the first big run-up to over $100,000 was able to occur. Bull market cycle to end in Q4? Source: TradingView The above chart is the 3-monthly and it reveals that from the 2013 bull market top to the next top in 2017, a total of 16 3-month candles were needed. For the next bull market cycle until the top in 2021, exactly 16 candles were printed again. We enter the current bull market cycle and so far we are in candle 14, which will take us to the end of June. Could this mean that there are another two 3-month candles to be printed before we hit the top of this cycle in Q4 of this year? This could certainly be a possibility. At the bottom of the chart, the Stochastic RSI for this timeframe is showing that there is still a little way to go before the indicator lines hit the peak (blue line). This bull market is not over yet … Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
