Key Takeaways
- French lawmakers have introduced a bill aiming to purchase $8 billion worth of Bitcoin (BTC).
- A Bitcoin whale has increased long positions to 2,083.84 BTC, worth $237.12 million, hinting that a massive rally could be on the horizon.
- Price action suggests that a major BTC rally could occur only if it clears the $116,000 level; if it does, the price could soar to $124,600.
After the United States’ pro-crypto stance, France’s bold move into Bitcoin has sent shockwaves across the global market. Reports reveal that the French government is planning a massive $48 billion BTC purchase, marking one of the largest national-level cryptocurrency investments by any country to date.
France’s $48 Billion Bitcoin (BTC) Purchase Plan
According to the report, French lawmakers have introduced a bill aiming to purchase 420,000 BTC, equivalent to 2% of the total Bitcoin supply, for the nation’s reserves, similar to what El Salvador, Bhutan, and other countries have done.
The report further reveals that this move would make France the first major economy to consider BTC as a strategic reserve asset.
Looking at this bold Bitcoin investment plan, it appears that France, along with other countries, is exploring Bitcoin as a means to diversify and strengthen its national reserves.
So far, there is no further information regarding the investment plan, such as the purchase date or when the purchase will take place.
Adding to the bullish sentiment, on-chain analytics platform Crypto Rover shared that a whale with a 100% win rate has been continuously adding to his long positions. With the recent additions, his total BTC longs with 13x leverage now amount to 2,083.84 BTC, worth $237.12 million.
Bitcoin (BTC) Price Momentum
With this bold statement and the whales’ strong interest, BTC has approached the key resistance level of $116,000 for the third consecutive day.
As per the latest data, BTC is currently trading at $115,050, reflecting a modest 0.85% price uptick. However, market participation remains lower compared to previous days, as evidenced by the trading volume, which has dropped nearly 15% to $48.65 billion.
Also Read: Bitcoin Trades Near $114K as Institutions Scoop $206M in BTC
Major Liquidation Levels and Key Zones to Watch
Despite the bullish outlook, derivative data from Coinglass reveals that traders holding short positions are currently dominating.
According to the Bitcoin Exchange Liquidation Map, major liquidation levels are positioned at $112,812 on the lower side and $116,228 on the upper side. At these levels, traders have built $852 million worth of long positions and $977.47 million worth of short positions.
However, the price action tells a different story as BTC nears the key resistance level of $116,000.
According to TimesCrypto’s technical analysis, if BTC breaks above this resistance and closes a daily candle above $116,000, there is a strong possibility that it could trigger a 7% price uptick, potentially reaching the $124,600 level in the near future, as there are no major hurdles between $116,000 and $124,600.
