Bitcoin Price Drops 2% as El Salvador’s Holdings Hit $482 Million in Unrealized Gains

The Bitcoin price dropped 2% in the past 24 hours to trade at $123,318 on a 53% daily trading volume surge to $64.1 billion.

This slump in BTC price comes after El Salvador reported $482 million in unrealized profits from its Bitcoin holdings, as the coin hit a new all-time high and became the seventh most valuable asset in the world with a $2.5 trillion market cap. President Nayib Bukele said the country now holds around 6,246 BTC, worth about $775 million, marking a 162% increase since 2022.

To keep its assets safe, the National Bitcoin Office moved $678 million worth of BTC into 14 separate wallets, each holding up to 500 coins. El Salvador will also host the first government-backed Bitcoin event, “Bitcoin Histórico,” on November 12–13, 2025, in San Salvador.

Bitcoin recently reached $125,500, and analysts at Standard Chartered expect it could climb to $200,000 by late 2025, supported by strong ETF inflows and growing investor demand.

BTC Price Double Bottom Pattern Confirms Bullish Breakout

Bitcoin looks ready for a strong rally after breaking out of a major double bottom pattern, signaling the start of a new bullish phase. The leading cryptocurrency is trading around $123,400, up from lows near $110,000, as buyers regain control of the market.

The chart shows that Bitcoin spent several months moving sideways between $100,000 and $115,000, forming a solid support base. This consolidation phase created the setup for a double bottom, a classic reversal pattern that often marks the end of a downtrend. Once Bitcoin broke above the $120,000 neckline, it confirmed the bullish breakout and opened the way for higher prices.

BTCUSDT Analysis. Source: Tradingview

The pattern’s projected target price points to the $150,000 area, marking a potential 20%–25% upside from current levels. Analysts often call this region the “reward zone,” where early buyers could start taking profits if the rally sustains. The $120,000 level now acts as a new support or “buy zone,” confirming a shift in market sentiment from caution to accumulation.

in addition, BTC bullish setup follows months of sideways trading between March and August, a phase marked as consolidation on the chart. That period allowed large investors to build positions while retail interest remained low — a common setup before strong uptrends. The breakout above the neckline indicates renewed confidence, likely fueled by improving liquidity conditions and growing institutional participation.

If Bitcoin maintains momentum above $120,000, traders may look for the next resistance near $130,000 before the potential run toward $150,000. However, failure to hold current levels could send prices back to test $115,000 for support.