Bitcoin Price Analysis: BTC Trades Around $107,000 Amid Weekend Calm
Bitcoin (BTC) traded between $107,000 and $108,000 as markets witnessed a bit of calm over the weekend. The flagship cryptocurrency is marginally up over the past 24 hours, trading around $107,670.
Some analysts believe Bitcoin’s bull run could soon be ending, as investors lose confidence after two weeks of falling prices.
Japan’s FSA Mulling Allowing Banks To Hold Bitcoin
Japan’s Financial Services Agency (FSA) is preparing to review regulations to allow banks to acquire and hold cryptocurrencies like Bitcoin for investment purposes. The move would signal a significant policy shift, as current guidelines effectively ban banks from holding crypto due to volatility risks. According to reports, the FSA plans to discuss the reforms during the upcoming Financial Services Council meeting. The move aims to align crypto asset management with traditional financial products.
Regulators will explore a framework to manage crypto-related risks, including price swings that could impact a bank’s financial health. The FSA is also considering allowing banks to register as licensed cryptocurrency exchange operators, enabling them to offer crypto trading and custody services directly.
Investors Quietly Accumulating?
Bitcoin has sunk to multi-month lows during the latest market correction, briefly dipping below $104,000. However, underlying buyer activity hints at a bullish resurgence. Analyst Amr Taha highlighted a significant uptick in buying pressure, suggesting investors may be quietly accumulating despite the current weakness. On-chain data shows that Bitcoin’s crash below $105,000 coincided with a spike in the net taker volume on Binance, which jumped to $309 million, its first positive zone since October 10.
This indicates that despite short-term price weakness and volatility, Bitcoin holders and traders are convinced about the flagship cryptocurrency’s long-term prospects. High accumulation activity during a price decline generally precedes local bottom formations as buyers absorb selling pressure and set the stage for a rebound.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has registered a marginal recovery as it rebounds after falling to a low of $103,516 on Friday. The flagship cryptocurrency registered a 0.70% increase on Saturday and is up almost 1% during the ongoing session, trading around $107,976 as it looks to start the new week in positive territory.
Analysts are divided about BTC’s price action, with some arguing the bull run is ending, while others believe prices can recover. The flagship cryptocurrency has recovered over the weekend, but sentiment remains weak thanks to market uncertainty and trade tensions. Some analysts believe Bitcoin is bottoming or has already bottomed. One analyst predicted a “generational bottom” for Bitcoin, highlighting its performance relative to gold over the past four years.
“There have been 4 occasions in history when Bitcoin was this undervalued against Gold. All of them marked a generational bottom. BTC just crossed that mark again.”
The ratio dropped to -2.5, indicating BTC was undervalued against gold after its record highs. Some analysts believe this could mark the beginning of Bitcoin’s next bull phase. Analyst CryptoBird believes Bitcoin only has a few days of price expansion left if it follows historical patterns from previous bull runs. The analyst stated in a post on X,
“Bull run ends in 10 days. Cycle Peak Countdown says BTC is 99.3% done (1,058 days in) as we shake out weak hands in classic pre-peak pattern. Are we in a bear market or is there more upside?”
Meanwhile, HSBC doubled down on its bullish outlook on gold, stating that it could climb as high as $5,000 per ounce by 2026. The bank based its prediction on geopolitical tensions, economic uncertainty, and a weaker US Dollar.
BTC and the crypto market crashed on Friday after President Trump announced 100% tariffs on Chinese goods and new export controls for software. The announcement was made in retaliation for China's imposition of restrictions on rare earth mineral exports. As a result, BTC plunged to $102,000 on Binance before recovering and settling at $112,980. Selling pressure persisted on Saturday as the price fell almost 2% to $110,768. Despite the overwhelming selling pressure, markets recovered on Sunday. As a result, BTC rose nearly 4% to reclaim $115,000 and settle at $115,067.
Source: TradingView
The price faced selling pressure and volatility on Monday, ultimately registering a marginal increase and settling at $115,274. Selling pressure returned on Tuesday as BTC fell to an intraday low of $109,945. It recovered from this level to reclaim $113,000 and settle at $113,068, ultimately dropping 1.91%. Sellers retained control on Wednesday as the price fell 2% to $110,804. Bearish sentiment persisted on Thursday as BTC fell below $110,000 and settled at $108,198. The price plunged to a low of $103,516 on Friday as selling pressure intensified. However, it recovered from this level to settle at $106,463, ultimately dropping 1.60%. BTC recovered on Saturday, rising 0.70% to reclaim $107,000 and settle at $107,208. The price is up almost 1% during the ongoing session, trading around $108,059.
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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