The Pakistan government is preparing to launch a strategic Bitcoin (BTC) reserve to ensure long term economic prosperity. The announcement was made at the Bitcoin 2025 Conference on Wednesday at the Venetian Convention Center in Las Vegas by Bilal Bin Saqib, the special assistant to the Pakistani prime minister on blockchain and cryptocurrency.
Saqib announced that Pakistan will establish a strategic Bitcoin reserve and never sell its BTC trove in future. Furthermore, Pakistan wants to follow in the footsteps of the United States, which intends to implement a strategic Bitcoin reserve to deal with the high debt burden.
“We are getting inspired by the U.S. government. We will be holding these Bitcoins and we will never, ever sell them,” Saqib stated.
What Next For Bitcoin Price Action?
Bitcoin price experienced a significant resistance level above $110k in the past few days, thus resulting in the ongoing market correction. The flagship coin dropped over 2 percent in the past 24 hours to trade about $107k on Wednesday, May 29, during the late North American trading session.
Bitcoin price has experienced relentless bearish pressure since last Friday, despite the notable accumulation by institutional investors. Furthermore, more institutional investors, led by GameStop, have joined Strategy in acquiring more BTCs as a hedge against inflation.
https://x.com/techcharts/status/1927791497090363555?s=46 According to market analyst, Aksel Kibar, Bitcoin price must clear the resistance hurdle around $109k, in the weekly timeframe, to invalidate a potential retrace towards $76k. Moreover, BTC price could be forming a potential double top coupled with bearish divergence of the weekly Relative Strength Index (RSI).
The US Senate has voted in favor of a motion to repeal an IRS rule targeting decentralized finance (DeFi) platforms. The motion now heads to President Donald Trump’s desk for his anticipated signature.
According to the latest reports, the resolution is close to becoming law, potentially by the end of this week.
Lawmakers Move to Overturn IRS DeFi Broker Rule
On March 26, the Senate voted 70-28 to pass H.J. Res. 25, introduced by Senator Ted Cruz and Representative Mike Carey. This vote marks the second time this month that the resolution has passed, following a 70-27 vote on March 4.
A procedural requirement regarding budget measures necessitated the re-vote after the House approved its version in a 292-132 tally.
“This clears the way for innovation in DeFi. This is bullish—less regulation, more growth, as we’ve been saying,” wrote Dan Gambardello on X.
Meanwhile, Eleanor Terrett, host of Crypto in America, revealed, citing a Republican Senate source, that the bill could become law as early as this Friday.
“Resolution to overturn IRS DeFi broker rule could become law by week’s end,” she stated.
The development comes amid a broader push for regulatory clarity. On March 26, the DeFi Education Fund, alongside a coalition of organizations, submitted a letter to leading US Senate and House Committees on Banking, Judiciary, and Financial Services members.
The letter aims to address the Department of Justice’s (DOJ) misinterpretation of money transmission laws.
“We write to urge you to correct the Department of Justice’s (DOJ) unprecedented and overly expansive interpretation of the criminal code provision proscribing operating an “unlicensed money transmitting business” as applied to software developers,” the letter read.
The coalition argues that the DOJ’s interpretation creates ambiguity. This could criminalize software developers working in the blockchain space.
Specifically, it would impact those using non-custodial technologies who do not control or possess customer funds. This position could threaten the viability of US-based software development in the digital asset industry and beyond.
Furthermore, the letter emphasizes that the DOJ’s stance contradicts existing guidance from the Financial Crimes Enforcement Network (FinCEN) and previous legal interpretations. Thus, it could potentially lead to overreach and unfair treatment of blockchain developers.
The signatories, including Paradigm, A16z Crypto, Polygon Labs, Coinbase, Kraken, and others, request that Congress urge the DOJ to clarify its position. They aim to ensure alignment with legal precedent and congressional intent and prevent the stifling of innovation in the US tech sector.
Welcome to the US Morning Crypto News Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to see what experts have to say about Bitcoin’s (BTC) price outlook. Key investment strategies are driving the next directional bias for the pioneer crypto.
Is a $90,000 Breakout Imminent for Bitcoin?
Crypto markets continue to reel from Trump-infused volatility, which weighs heavily on investor sentiment. Traders and investors are bracing for macroeconomic headwinds that continue to temper modest gains.
However, despite the concerns, analysts are still optimistic, citing key investment or trading strategies. BeInCrypto contacted Blockhead Research Network (BRN) analyst Valentin Fournier, who alluded to the Wyckoff price cycle.
“Our base case remains an accumulation phase, with occasional dips likely before Bitcoin can make a clean break above the $89,000–$90,000 resistance,” Fournier told BeInCrypto.
The Wyckoff Price Cycle, developed by Richard Wyckoff, is a technical analysis framework to identify market trends and trading opportunities. It consists of four phases:
Accumulation: Where smart money buys at low prices, often marked by a “spring” (a false breakdown).
Markup: A bullish phase with rising prices.
Distribution: Where smart money sells at highs, also featuring a “spring” (false breakout).
Markdown: A bearish phase with declining prices.
Fournier added that because Bitcoin dominance continues to rise, this suggests altcoins could continue underperforming in the short term.
He also noted that, in contrast to Bitcoin’s strength, trade tensions have affected traditional markets more.
“This is highlighted by Nvidia’s decline following new export restrictions on chips to China,” he said.
What Does Options Data Say?
If the accumulation phase thesis is true, it aligns with a recent analysis by Deribit’s Tony Stewart, highlighting trader sentiment favoring the upside.
The bullish cohort is buying $90,000 to $100,000 Calls, suggesting bets on a price rise for Bitcoin. However, others are bearish, buying $80,000 Puts and selling $100,000+ Calls, indicating they expect a decline or hedging.
Likewise, funding strategies reveal bullish traders are rolling up positions from $84,000 to $90,000 Calls and selling lower Puts ($75,000) to finance their bets. This indicates confidence in a near-term rally.
Traders analyze these repeating phases’ price action, volume, and market structure. Based on that, they can spot reversals and time entries or exits while understanding institutional behavior.
Solana (SOL) has shown limited price movement recently despite a substantial accumulation of the token. The price has remained relatively stable in May, likely due to the altcoin’s overheating.
While this stagnation is a sign of caution, the market is optimistic, which could lead to potential gains for Solana in the near future.
Solana Investors Continue Accumulation
Over the past 10 days, the balance of Solana on exchanges has dropped by 2.2 million SOL, valued at approximately $381 million. This decline in supply indicates that investors have been accumulating Solana during this period.
The ongoing accumulation is likely driven by a mix of factors, including the broader bullish market sentiment, fear of missing out (FOMO), and the expectation of future price appreciation.
This reduction in supply reflects increased investor confidence, with many choosing to hold rather than sell their SOL. As more investors accumulate the token, the supply on exchanges decreases, potentially creating upward pressure on the price in the long run.
Solana’s overall market momentum shows signs of potential volatility. Technical indicators, such as the Bollinger Bands, reveal that the bands are narrowing.
This tightening of the bands is a classic signal of a potential squeeze, which often precedes a surge in price volatility.
Should the squeeze result in a bullish breakout, Solana could see a rise in price, especially with the broader market showing positive momentum.
However, the narrowing of the Bollinger Bands also suggests that a period of consolidation could occur before any significant move.
Solana’s price has been moving sideways for much of May, likely due to the token overheating in the previous weeks. However, this cooling-off period could create an opportunity for a bullish move.
As the broader market continues to show positive signals and the accumulation trend persists, Solana may rise from its current consolidation phase.
At $173, Solana is testing critical support levels. To initiate a rally, Solana would need to secure $178 as support. If it manages to break above $180 and successfully breaches $188, it could indicate the start of an uptrend.
A successful breakout above these levels would signal further upward potential.
On the other hand, if Solana fails to maintain support at $178, it could fall below the $168 mark, potentially reaching $161. Such a decline would invalidate the bullish thesis and suggest further downside risk for the token.
