Bitcoin Price Analysis: BTC Tests $97,000 As Momentum Builds
Bitcoin (BTC) briefly crossed $97,000 as markets recovered thanks to growing optimism the US and China would reach a trade deal. However, some analysts remain skeptical that a deal can be concluded before June. The flagship cryptocurrency extended its gains on Friday as it eyes a move to $100,000.
BTC is marginally up during the ongoing session, trading around $96,900.
Metaplanet Doubles Down On Bitcoin
Japanese Bitcoin treasury firm Metaplanet has doubled down on its crypto and Bitcoin acquisition strategy with a ¥3.6 billion ($23 million) bond issuance to purchase more BTC. This is the firm’s 12th bond issuance, with the capital raised supporting its goal of acquiring more Bitcoin.
“Metaplanet Issues 3.6 Billion JPY in 0% Ordinary Bonds to Purchase Additional BTC.”
The company has made significant strides in its Bitcoin accumulation strategy, taking its holdings past 5,000 BTC. The proceeds from the newly issued bonds are expected to bring Metaplanet closer to its target of purchasing 10,000 BTC by the end of 2025. The bond issuance comes after a significant development to boost the firm’s Bitcoin holdings. Earlier this year, Metaplanet announced it had founded Metaplanet Treasury Corp., a subsidiary based in Miami, Florida. According to the announcement, the subsidiary would focus exclusively on Bitcoin acquisition and is backed by $250 million in operating capital. Metaplanet CEO Simon Gerovich had stated at the time,
“Florida is rapidly emerging as a global hub for Bitcoin innovation, corporate adoption, and financial liberalization.”
Metaplanet’s Bitcoin acquisition strategy draws inspiration from Michael Saylor’s Strategy, the largest corporate holder of BTC. The company recently added Eric Trump to its strategic advisory board to help with its US expansion plans. Metaplanet intends to increase its holdings to 10,000 BTC by the end of 2025 and 21,000 by 2026.
Strategy Plans To Raise More Capital To Fund Bitcoin Acquisition
Michael Saylor’s Strategy reported a decline of $16.49 per common share during the first quarter of 2025, a direct result of Bitcoin’s dramatic decline. The company also recorded a loss of $5.9 billion on its Bitcoin holdings. However, the company doubled down on its Bitcoin acquisition strategy, announcing it would issue a new $21 billion common stock equity offering. Co-founder and Executive Chairman Michael Saylor stated the funding would help the company fund future Bitcoin purchases.
Phong Le, President and CEO of Strategy, stated,
“With over 70 public companies worldwide now adopting a Bitcoin treasury standard, we are proud to be at the forefront in pioneering this space.”
Strategy pioneered issuing shares to increase its Bitcoin holdings. The company has sold nearly $21 billion worth of common shares since it established its at-the-money equity offering program. The firm still has $128 million in common shares for issuance and sale. The company announced plans to raise $42 billion through equity and fixed-income sales over the next three years to purchase more Bitcoin than it otherwise could. Strategy, which pivoted from software development to focus almost exclusively on Bitcoin, holds around 554,000 BTC, valued at $53 billion at current prices.
“We successfully executed our record $21 billion common stock ATM, adding 301,335 BTC to our balance sheet while simultaneously achieving a 50% increase in MSTR share price during the same period.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) briefly crossed $97,000 as it extended its gains but registered a marginal decline to current levels. The flagship cryptocurrency broke above $95,000 on Thursday, reaching an intraday high of $97,406 before declining. While momentum has waned during the ongoing session, the price remains in positive territory, hovering around $97,000 as traders test key resistance levels. The break above $96,000 came after BTC spent several days confined between $90,000 and $96,000, as sellers prevented a move higher while buyers refused to cede ground to the bears. BTC showed incredible resistance in April, recovering from a low of $74,000 to retake $90,000. Analysts believe BTC could push higher over the next few sessions, with support established around the $90,000 mark.
BTC’s recovery comes after it plunged to a low of $74,393 during the first week of April. The rebound saw the flagship cryptocurrency retake key levels and reclaim $90,000 last week. The price broke above $95,000 after spending days trading between $90,000 and $95,000, crossing $97,000 on Thursday.
BTC’s latest push upward began the previous weekend when it crossed $85,000 after rising 0.61% on Saturday and registering a marginal increase on Sunday. The price continued to push higher on Monday, rising nearly 3% to cross $87,000 and settle at $87,508. Bullish sentiment intensified on Tuesday as BTC rallied almost 7%, surging past $90,000 and settling at $93,373. BTC ran into volatility on Wednesday but registered a marginal increase and settled at $93,749. The price plunged to an intraday low of $91,693. However, BTC rebounded from this level to register a marginal increase and settle at $94,009. Buyers retained control on Friday as the price rose 0.82% and settled at $94,776.
Source: TradingView
Price action turned negative over the weekend as BTC registered a marginal decline on Saturday and then fell 0.99% on Sunday to settle at $93,802. The current week started positively, as BTC rose 1.29% to cross $95,000 and settle at $95,010. However, selling pressure returned on Tuesday as the price fell 0.705 to $94,341. BTC encountered volatility on Wednesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as BTC registered a marginal decline and settled at $94,160. BTC rebounded on Thursday, rising over 2% to surge past $96,000 and settle at $96,452, but not before reaching an intraday high of $97,406. The current session sees BTC up nearly 1% and trading above $97,000 as bulls set their sights on $100,000.
The RSI is hovering around 70, indicating we could see a pullback as the asset approaches overbought conditions.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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