Bitcoin Price Analysis: BTC Starts Week On A Positive Note, Briefly Reclaims $107,000
Bitcoin (BTC) has made a positive start to the week after a sluggish weekend, reclaiming $107,000 and moving to its current level of $107,100 after an increase of 1.23%. The flagship cryptocurrency maintained its position above $105,000 despite facing selling pressure, indicating that traders are buying the dip.
Analysts have predicted that BTC will decline thanks to the ongoing Middle East crisis but will register a strong rebound if tensions de-escalate.
Metaplanet Announces Latest Bitcoin Purchase
Japanese investment firm Metaplanet has announced the purchase of 1,112 BTC, taking its total holdings past the 10,000 BTC mark. The company made its latest acquisition at an average price of $105,000 per coin, making the total purchase worth $117 million. The average purchase price for Metaplanet’s holdings is $96,000 per Bitcoin. The latest acquisition has taken the firm past Coinbase’s 9,627 BTC, according to data from Bitbo. The latest purchase comes after the firm became the eighth largest holder of the asset, and the same day it announced that its board of directors planned to raise $210 million via no-interest bonds to buy more Bitcoin.
Metaplanet has drastically revised its Bitcoin strategy in recent months and plans to increase its Bitcoin holdings to 210,000 BTC by the end of 2027. The company’s stock has also soared following the announcements, rallying over 22% on the Tokyo Stock Exchange. Metaplanet’s stock has seen an increase of over 417% year-to-date.
Crypto ETPs Register Inflows As Bitcoin Rebounds
Crypto investment products continued their inflow streak as Bitcoin (BTC) crossed $110,000 last week, while Ethereum (ETH) briefly crossed $2,800. Global crypto exchange-traded products registered inflows worth $1.9 billion the week ending Friday. The products have registered inflows for nine consecutive weeks, taking the total to $12.9 billion, according to data from CoinShares. The latest inflows mean crypto ETPs have registered a historic record of year-to-date inflows worth $13.2 billion. Meanwhile, the total assets under management in crypto ETPs rose from $175 billion to $179 billion.
Bitcoin investment products led the inflows, registering $1.3 billion in inflows, while Short-Bitcoin products registered modest inflows of $3.7 million.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) started the week positively as the flagship cryptocurrency brushed off a sluggish weekend to rise above $107,000 on Monday, reaching an intraday high of $107,263. BTC has traded downwards since crossing $110,000 last week. While analysts and investors expected a move to new all-time highs, geopolitical tensions sent the price into bearish territory. BTC, which was already losing momentum on Wednesday, plunged nearly 3% on Thursday, dropping to $105,828. Despite growing bearish sentiment, BTC maintained its position above $105,000 over the weekend, indicating that traders are buying the dip.
BTC registered a sharp decline on Friday as it plunged to a low of $102,832. Price action remained bearish and subdued over the weekend as buyers struggled to gain a foothold. On the other hand, crude oil prices rose over 14%, while gold rose nearly 2%. However, analysts expect BTC to bounce back after a period of decline. Marcin Kazmierczak, co-founder, and chief operating officer at RedStone, stated that the attack and market sell-off caught traders off-guard, highlighting significant liquidations across Bitcoin futures.
“Bitcoin dropped as much as 5% to $102,900, falling below the psychologically important $103,000 level. Ethereum shed even more, declining almost 7.6% at its worst point.”
However, he highlighted that similar incidents in the past were followed by strong rebounds, referring to a similar scenario in April 2024.
“Those moments turned out to be great buying opportunities. However, the current situation carries higher stakes given Israel’s direct targeting of Iran’s nuclear program and vows to continue operations indefinitely.”
While the flagship cryptocurrency is showing signs of a recovery, it is forming a Doji candlestick pattern on the weekly chart, suggesting growing indecision among buyers and sellers. However, while there is near-term uncertainty, analysts and traders are bullish on the long-term prospects of BTC, expecting the price to rally past $140,000 and higher. Popular trader Alan Tardigrade stated on X,
“Bitcoin is trending upward in an Ascending Broadening Wedge. This pattern has recently formed for weeks and is expected to reach $170k levels.”
BTC registered a marginal drop on Tuesday (June 3) and fell nearly 1% on Wednesday, slipping below $105,000 and settling at $104,752. Bearish sentiment intensified on Thursday as BTC fell 3%, falling to a low of $100,424 before settling at $101,614. The price recovered on Friday, rising nearly 3% and settling at $104,378. Price action remained positive over the weekend as BTC rose 1.15% on Saturday and registered a marginal increase on Sunday to reclaim $105,000 and settle at $105,784. BTC rallied on Monday, surging over 4% to cross $110,000 and settle at $110,251. The price fell to an intraday low of $108,335 on Tuesday before recovering to register a marginal increase and settle at $110,253.
Source: TradingView
BTC lost momentum on Wednesday, falling 1.42% to $108,687. Bearish sentiment intensified on Thursday as the price fell nearly 3% and settled at $105,828. BTC plunged to an intraday low of $102,832 on Friday. However, it recovered from this level to reclaim $106,000 and settle at $106,106, ultimately registering a marginal increase. Price action turned negative on Saturday as BTC fell 0.59% and settled at $105,482. It registered a marginal increase on Sunday to end the weekend at $105,562. The current session sees BTC up over 1%, trading around $106,708 after briefly crossing $107,000.
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.
Investment Disclaimer
.jpg)
