The recent geopolitical developments, including President Donald Trump's decision to pause proposed tariff hikes, have provided some relief to the cryptocurrency market, allowing Bitcoin to stabilize. This stabilization comes after a significant drop earlier in the week, with institutional investments into Bitcoin ETFs, such as BlackRock's iShares Bitcoin Trust, further bolstering market sentiment. Despite these positive signals, analysts remain cautious, pointing to the Relative Strength Index (RSI) that suggests Bitcoin may not yet be in an optimal position for new long trades. El Salvador's continued accumulation of Bitcoin, adding 20 BTC to its reserves, underscores ongoing confidence in the cryptocurrency's long-term potential.
The 2x Bitcoin Strategy ETF (BITX) experienced a decline, dropping 1.46% to $54.76 as of 6:00 AM on Wednesday, February 5.