Bitcoin Price Flirts With $86K As Bhutan Pledges 10K BTC To Fund Gelephu Mindfulness City

The Bitcoin price edged up a fraction of a percent over the past 24 hours to trade at $86,381 as of 4:37 a.m. EST on trading volume that dropped 16% to $43.8 billion.

This comes as Bhutan says it will tap 10,000 Bitcoin worth about $863 million from its national hoard to help fund the Gelephu Mindfulness City (GMC), a special administrative region in the south of the country.

GMC was launched in 2024 as a new economic hub to create high-value jobs and reduce youth emigration.

“As your King, I must ensure that every Bhutanese is a custodian, stakeholder, and beneficiary of GMC,” His Majesty King Jigme Khesar Namgyel Wangchuck said in his National Day Address. “This commitment is for our people, our youth, and our nation.”

The plan sits within Bhutan’s Bitcoin Development Pledge, which aims to support long-term economic development through national bitcoin holdings and mining.

Data from Bitbo shows that the country holds about 11,286 BTC worth approximately $975 million, making it the fifth-largest known holder among nations.

Bitcoin Price Consolidates At Key Demand Area, With Falling Wedge Nearing Resolution

According to the BTC/USD daily chart on TradingView, the BTC price has entered a corrective phase after surging to a peak near $126,230 in October.

Since that high, Bitcoin price action has been trading within a falling wedge pattern, a structure that often precedes a trend reversal once confirmed.

The drop has since been reinforced by repeated rejections from key supply zones near $115,000 and $110,000. At the same time, BTC also slipped below the 50-day Simple Moving Average (SMA), currently positioned around $94,900, a signal of weakening short-term momentum.

Meanwhile, the 200-day SMA at $108,300 remains intact above Bitcoin’s price, indicating that the broader market structure remains bullish despite the ongoing pullback.

Bitcoin is now trading within a demand zone between $85,000 and $88,000, where buyers have stepped in multiple times to absorb selling pressure. This defense has led to a period of sideways consolidation, even as the Bitcoin token remains capped below the $94,000 resistance.

Moreover, the Moving Average Convergence Divergence (MACD) indicator has turned negative, with the orange signal line now crossing above the blue MACD line, indicating bearish momentum.

The Relative Strength Index (RSI) on the daily timeframe is hovering around 38, falling from above the 50-midline level, suggesting increasing bearish pressure.

BTC Price Prediction

Based on the BTC/USD chart analysis, the BTC price is compressing within a falling wedge pattern while holding a critical demand zone.

If the bearish pressure continues, a decisive breakdown below the $85,000 demand zone would invalidate the bullish wedge thesis.

In this case, the next potential support levels are at $80,000, with further downside risk toward $75,000.

Conversely, if buyers push the Bitcoin price above the wedge resistance and reclaim the 50-day SMA, Bitcoin could attempt a recovery toward the $100,000 psychological level, followed by the next major resistance near $108,000 (around the 200-day SMA).