Bitcoin demand has shown resilience once again. After a brief dip below the $107,000 mark, the decline was swiftly bought up, demonstrating that buyers remain active and confident in the asset's long-term upside. Despite market pressure, traders are still betting on the continuation of the bullish trend.

This unwavering belief in Bitcoin's potential, reflected in its quick recovery from price pullbacks, suggests significant capital remains on standby, ready to flow in at attractive price levels. Such market behavior implies that investors view these dips as buying opportunities rather than reasons to panic.

Meanwhile, as the US pushes to become the world's leading crypto superpower, a surprise contender has emerged. Pakistan's authorities announced the creation of a government-led strategic Bitcoin platform. While it remains unclear how many bitcoins the country plans to acquire, or when, the recent appointment of Bin Saqib, CEO of the Pakistan Council on Cryptocurrencies, as Special Advisor on Blockchain and Crypto to Prime Minister Shehbaz Sharif signals a serious move forward.

In addition to building a Bitcoin reserve, Pakistan plans to invest in 2,000 megawatts of power for BTC mining and AI data centers. The country also intends to explore tokenizing its "illiquid assets" and using blockchain technology to streamline government functions.

In mid-May, Pakistan's Ministry of Finance launched the Digital Assets Regulatory Authority to oversee the crypto sector. This move came shortly after World Liberty Financial, a US-based group backed by Donald Trump, signed a letter of intent with the Pakistan Crypto Council to accelerate blockchain development in the region.

Currently, the US strategic Bitcoin reserve contains around 200,000 BTC seized in criminal and civil proceedings, placing America and China among the largest state holders of Bitcoin. El Salvador, the first nation to adopt Bitcoin as legal tender in September 2021, has accumulated around $664.72 million worth of BTC. Perhaps Pakistan will soon join the ranks of these crypto-forward nations.

Trading recommendations

Bitcoin (BTC)

Buyers are targeting a return to $108,400, which could open a direct path toward $109,900, and from there, a push to $110,700 is within reach. The ultimate target stands at $111,400. A breakout above this level would further strengthen the bullish trend.

If BTC declines, buyers are expected at $107,000. A move back below this zone may quickly drag Bitcoin toward $106,200, with a potential low at $105,200.

Ethereum (ETH)

Clear consolidation above $2,747 opens the way to $2,791, with an extended target at $2,838. A breakout here would indicate the start of a new bullish wave.

In the case of a drop, buyers are likely to emerge at $2,708. A return below this area could send ETH sliding toward $2,667, with the next key support at $2,625.

What we can see on the chart:

Red lines represent support and resistance zones, where either a slowdown or a price surge is expected.

• Green line is the 50-day moving average.
• Blue line is the 100-day moving average.
• Light green line is the 200-day moving average.

Typically, price interaction with these moving averages signals a pause or triggers momentum in the market.