- Bitcoin struggles to hold gains as analysts caution the correction could push prices toward the $105K support.
- Japanese investment firm Metaplanet boosts its BTC holdings to 20,000, signaling long-term confidence.
- Popular analyst notes rejection at $108K, reinforcing bearish momentum and sustained selling pressure.
Bitcoin is facing downward pressure as it struggles to hold higher levels, with analysts warning that the correction may continue. While institutional buyers like Metaplanet are increasing their holdings, market signals suggest that sellers are still in control and further declines remain possible.
At the time of writing, BTC is trading at $107,955 with a 24-hour trading volume of $37.16 billion and a market cap of $2.14 trillion. BTC price decreased by 0.71% in the last 24 hours.
Metaplanet Expands Bitcoin Holdings to 20K BTC
Notably, Japanese investment firm Metaplanet announced that it had bought more BTC, taking its holdings to 20,000 BTC after purchasing 1,009 BTC. This is evidence that the firm has long-term confidence in BTC despite dwindling short-term market sentiment.
Bitcoin Correction Deepens After $108K Rejection
Popular analyst Alfa Crypto Signal pointed out that Bitcoin was unable to remain above the $108K mark and has registered a clear rejection. According to the analyst, this is a sign that the correction period is still underway and that the selling pressure is still prevailing.
Our BTC short at $117K is still in profit,” commented the analyst, adding that the next key level of concern is at $105K. For now, any price rebound is viewed as an opportunity to add more short positions.
Despite corporate accumulation such as Metaplanet’s, Bitcoin’s short-term future is uncertain, and analysts are keenly observing whether BTC can remain above a support level or continue falling.
Also Read | Bitcoin Targets $92K and $117K CME Gaps Amid Liquidity Surge
Bitcoin Holds Key Levels Amid Cooling Momentum
Bitcoin Relative Strength Index (RSI) is at 52.83, sitting in a neutral zone after weeks of rising volatility. With the moving average near 62.58, the RSI shows slowing momentum as buyers retreat, keeping BTC balanced between oversold and overbought conditions. BTC is likely consolidating after the recent top, with neither bulls nor bears in full control.
Meanwhile, the MACD displays mixed signals with the MACD line standing at 5,643.83 and the signal line at a slightly higher 6,677.76, generating a negative histogram of -1,033.92. This is a sign of fading bullish pressure and a likelihood of a short correction where selling pressure lingers. However, BTC may regain strength if buyers step in.
Also Read | Bitcoin $1M and Ethereum $60K: Tom Lee Predicts Massive Crypto Shift
