Bitcoin continues to face pressure around the $91,000 level, with the ABCD correction wave targeting a test of the $83,800 level despite growing institutional and sovereign confidence. Cathie Wood’s ARK Invest bought Bullish shares worth $10 million during the wave of selling of shares of companies operating in the crypto sector, while El Salvador defied International Monetary Fund (IMF) guidelines by investing in new Bitcoin worth $100 million. These developments reflect a growing belief in the sustainability of investments despite market weakness for the foreseeable future.
ARK Invest Acquires $10 Million in Bullish Stocks Amid Slowing Crypto Stocks
ARK Invest, led by Cathie Wood, took a bold step on Monday by purchasing shares of Bullish, listed under the symbol “BLSH”, worth $10.2 million, coinciding with shares of crypto-related companies suffering a sharp decline, with the investment value split between the company’s exchange-traded funds (ETFs), namely ARKK, ARKW and ARKF, following a decline in Bullish shares by 4.5%. It hit $36.75, continuing its six-month decline of about 46%.
The deal came a day before Bullish announced its third-quarter results, after the stock market reported a decline in revenue but an increase in net profits. The timing of the purchase indicates ARK’s confidence in the possibility of recovery despite short-term market fluctuations.
While the wave of selling reflects investors’ temporary caution, ARK’s massive purchases suggest a growing belief that the worst is already over and that stable Bitcoin prices could soon restore confidence in crypto markets.
El Salvador buys $100 million worth of Bitcoin, sparking IMF concerns
Despite El Salvador’s previous agreement with the International Monetary Fund (IMF) to restrict Bitcoin purchasing activities in a deal that gave it a $1.4 billion loan, El Salvador purchased an additional 1,090 BTC worth more than $100 million, making the country – according to government data – currently in possession of more than 7,474 Bitcoin, after owning 5,968 in December 2024.
However, the latest developments contradict previous statements from the International Monetary Fund this year that El Salvador had not purchased any new Bitcoin since accepting the loan and that the Fund had asked the government to reduce risks by limiting its Bitcoin-related advertising and reducing public sector participation in the Chivo wallet.
As a result, the country’s compliance with the agreement is under scrutiny after this sudden and significant acquisition, as El Salvador’s strong purchasing activity supports long-term confidence in Bitcoin. This is encouraging news that can help smooth out fluctuations in currency prices during market declines, even if it does not lead to an immediate increase in prices.
Bitcoin Price Forecast: ABCD Correction Pattern Targets $83,800 Before Temporary Recovery
Bitcoin price continues to face strong selling pressure as it trades near $91,000 with a corrective ABCD pattern forming on the daily chart. This harmonious structure – known as the harmony of the range of price movements – indicates the possibility of the trend ending near $83,800, a key area of demand that has already spurred strong rebounds in early 2024.
The “AB” correction wave extending from $115,200 to $99,000 indicates the target of the currently ongoing “CD” correction wave, which suggests that the bearish momentum is nearing its end, and confirms the intersection of the exponential moving average line measured over a 20-day range (EMA-20) with its counterpart measured over a 50-day range (EMA-50) and the stability below with the downward trajectory controlling the direction of price movements for the foreseeable future, while the Relative Strength Index (RSI) reading indicates 30 touching the oversold range, which often means a prelude to a temporary rebound.
Trading candlestick patterns also indicate an impending change, as their downward-extending tails indicate buyer intervention as support zones approach, providing a test of the overall market mood as price approaches an intermediate bottom. If the bulls are able to defend the $83,800 area, this could be followed by a strong bounce towards $96,000 and perhaps $99,000 to retest the broken trendline after it turns into a resistance barrier.
But the price’s failure to consolidate above $83,000 could deepen the correction wave to $74,500, which is the lower end of the broader currency consolidation range.
As for traders, they should wait for confirmation of the breakout direction, as the formation of a bullish engulfing candle or another type of hammer at the demand zone can represent a turning point. Despite the current weakness, Bitcoin’s price structure remains favorable for a broader recovery by 2026, as the completion of the ABCD pattern could represent the final wave of decline.
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The post Bitcoin-BTC Price Expectations Approaching Test of $83,800 Support Level After ARK Invest’s $10 Million Investment and El Salvador’s Purchase of Bitcoin Currencies Worth $100 Million appeared first on Cryptonews Arabic.
