Bitcoin Holds Steady at $107,600 Amid FBI Hacker Arrest and India's Reserve Pilot Proposal

Bitcoin maintained a steady price near $107,600 on Friday, despite significant global events that included the arrest of a major hacker by the FBI and geopolitical developments in India. The arrest of British national Kai West, known online as “IntelBroker,” who allegedly ran BreachForums and facilitated the sale of stolen corporate data, was a key factor in the market's stability. West is accused of causing damages exceeding $25 million by leaking data from over 40 companies in exchange for Bitcoin and Monero. He was arrested in France and is awaiting extradition to the U.S.

West's cyber group allegedly sold data valued at $2.5 million, and by 2024, he had built a reputation as a major darknet figurehead. Despite the scandal, Bitcoin's price action barely flinched, indicating that traders are increasingly confident in regulators’ ability to track blockchain activity. This event highlights the dual nature of cryptocurrency, which is both used in criminal activities and traceable by law enforcement. The growing technical capability of law enforcement to monitor crypto transfers is reinforcing market trust.

In a separate development, India proposed a Bitcoin reserve pilot to boost its economy. Pradeep Bhandari, a national spokesperson for the ruling BJP party, advocated for this move, citing the strategic advantages of Bitcoin as a reserve asset. Bhandari highlighted that nations like Bhutan and the U.S. are already exploring sovereign crypto strategies, suggesting that India could benefit from joining that list. He emphasized India’s growing renewable energy sector as a competitive advantage for Bitcoin mining and accumulation. Bhandari argued that regulatory clarity, which is currently lacking in India’s tax-heavy environment, could unlock innovation, attract capital, and position India as a leader in financial technology.

India currently taxes crypto gains at 30% under Section 115BBH of the Income Tax Act, without a formal regulatory infrastructure. Despite this, domestic interest in crypto remains strong. Bitcoin hovered at $107,100 after Bhandari’s remarks, signaling steady institutional confidence. This proposal from India reflects a growing global trend of nations exploring the potential of Bitcoin as a strategic reserve asset, which could further stabilize the market and boost investor confidence.

Technically, Bitcoin faces stiff resistance at $108,250, the top of a descending trendline visible on the 2-hour chart. After bouncing sharply from $99,717, the asset broke above major Fibonacci levels—0.618 at $102,977 and 0.5 at $103,984—before stalling in a narrowing range. Price action suggests a rising wedge pattern, which often precedes a breakdown. The 50-EMA at $106,147 and the 23.6% Fib level at $106,237 offer critical support. Meanwhile, MACD is flashing bearish divergence, with momentum fading as histogram bars shrink. Recent candlesticks resemble spinning tops and doji formations—signals of indecision. If bulls fail to clear $108,250 with conviction, we could see a pullback toward $104K. On the flip side, a clean break could set up a run toward $109,257 and $110,448.