Bitcoin Surges 0.35% as Pakistan Embraces Crypto Mining

Bitcoin is currently trading at $84,108, marking a 0.35% increase as bullish sentiment resurges amidst global developments. The Crypto Council of Pakistan has proposed leveraging surplus energy for Bitcoin mining, indicating a significant policy shift towards embracing cryptocurrency. This move aligns with Pakistan's recent legalization of cryptocurrency as a form of tender, effective from November 4, 2024. The council's CEO, Bilal Bin Saqib, emphasized the potential to attract foreign investment and establish Pakistan as a regional crypto hub. This initiative mirrors recent U.S. policy changes under the Trump administration, which involved blocking a central bank digital currency (CBDC) and creating a Bitcoin strategic reserve, similar to El Salvador's pro-Bitcoin stance. By repurposing idle energy for Bitcoin mining, Pakistan aims to reduce mining costs, enhance energy efficiency, and promote financial inclusion, further bolstering Bitcoin's role as a tool for national innovation.

The U.S. Department of Justice (DOJ) has announced the recovery of $7 million linked to a crypto fraud scheme involving shell companies and fake investment platforms. The scam deceived investors by displaying fake profits and pressuring them to deposit more funds. The operation involved moving money through over 75 bank accounts and laundering it overseas. The U.S. Secret Service seized the assets in June 2023, and the recovery followed a settlement with a foreign bank. Victims are now being asked to file claims to recover lost funds. This recovery highlights a growing regulatory push to combat crypto fraud, which, while potentially introducing short-term volatility, helps build long-term investor confidence, particularly in assets like Bitcoin that benefit from a more secure and transparent ecosystem.

Bitcoin is currently consolidating just under $84,500, with its price action tightening within a symmetrical triangle pattern. The $84,000 zone is acting as a key support-turn-resistance level. BTC is testing both the upper trendline of the triangle and the 50-period Exponential Moving Average (EMA), which is currently at $84,058. A decisive break above $85,800 could confirm bullish momentum, potentially driving prices toward $87,400 and $89,000. However, multiple rejections at this level suggest caution. On the downside, $81,500 remains critical support, followed by $80,000 and $78,400. Volume continues to remain low, indicating that traders are still waiting for a strong directional move. Bitcoin is at a pivotal technical and geopolitical intersection, with growing adoption, stablecoin competition, and regulatory enforcement all playing significant roles in shaping its future trajectory.