Yesterday, Bitcoin and Ethereum continued to attract demand from traders and investors, maintaining strong prospects for the continuation of the bullish market.

Meanwhile, the International Monetary Fund (IMF) stated that it would work to ensure that the amount of Bitcoin held on El Salvador's government balance sheet remains unchanged. This position contradicts President Nayib Bukele's ongoing calls to increase the country's Bitcoin holdings.

The IMF's stance underscores the growing concerns within the international community about El Salvador's financial stability, particularly given the volatility of the cryptocurrency market. Increasing the share of Bitcoin in national reserves could pose significant risks to financial resilience, especially in the event of a sharp decline in crypto valuations. At the same time, President Bukele's push to expand Bitcoin adoption reflects his belief in its potential as a tool for economic development and financial inclusion. He views Bitcoin as a way to attract investment, reduce dependency on traditional financial institutions, and provide access to financial services for those excluded from the conventional banking system.

The IMF's latest statement followed news that the first review of the Extended Fund Facility (EFF) agreement with El Salvador had reached a staff-level agreement. Recall that in December of last year, El Salvador and the IMF reached a preliminary deal to limit the country's crypto-related activities, including Bitcoin, in exchange for a 40-month financing package that includes a $1.4 billion loan. Other institutions, including the World Bank, may also provide supplementary support, potentially bringing the total package to around $3.5 billion.

El Salvador moved quickly to advance the deal: its Congress approved amendments that incorporate the IMF agreement into the Bitcoin Law, including making Bitcoin payment optional for the private sector. In February of this year, the IMF Executive Board also gave the green light to the agreement's financing, allowing El Salvador to receive a $120 million payout following a separate board approval.

Meanwhile, Bukele—a vocal Bitcoin advocate—has vowed to continue expanding the country's holdings even after the IMF deal was approved. "No, this will not stop," Bukele wrote. "If it didn't stop when the world ostracized us, it won't stop now, and it won't stop in the future." Just last week, Bukele posted on social media that the country's Bitcoin holdings had generated over $357 million in unrealized profit.

Trade Recommendations:

Bitcoin Technical Outlook:

Buyers are currently targeting a return to the $109,300 level, which would open a direct path to $110,000, with $110,700 just within reach. The ultimate bullish target is around $111,400—a breakout above this level would further reinforce the bull market.

In case of a decline, buyers are expected to step in around $108,500. A move back below this area could quickly drag BTC down toward $107,700, with $107,000 as the furthest bearish target.

Ethereum Technical Outlook:

A clear consolidation above $2,667 opens a direct path to $2,708. The furthest upward target is around $2,747, and a breakout above that would confirm the continuation of the bullish trend.

If Ethereum declines, support is expected at $2,625. A move below this level could send ETH down to $2,588, with $2,548 as the final bearish target.

Chart Key:

• Red levels – support and resistance areas where price may either slow down or bounce sharply;
• Green line – 50-day moving average;
• Blue line – 100-day moving average;
• Light green line – 200-day moving average.

The crossing or testing of moving averages by price often serves as either a stopping point or an impulse trigger for the market.