The price of Bitcoin (BTC) rose slightly on Monday, approaching its key resistance level of USD$85,000, with a breakout signaling a future uptrend. Meta planet announced on Monday that it has purchased an additional 319 bitcoins, bringing its total holdings to 4,525 bitcoins. In addition, Ampardata shows that the strike price of 100,000 USD has the highest open interest, indicating an uptrend among traders. However, institutional demand continues to weaken, with mutual funds recording Bitcoin’s exchange-traded (ETFs) had a total net flow of $713.30 million last week.
Meta bplanet adds 319 bitcoins to its holdings
Meta bplant, a Japanese investment firm, announced on Monday that it has bought an additional 319 bitcoins for $26.30 million at an average price of $82,549 per bitcoin, after buying 160 bitcoins on April 2. The company currently owns a total of 4,525 bitcoins.
Public companies’ interest in Bitcoin indicates a growing acceptance of Bitcoin as a strategic asset, which enhances its legitimacy and possibly pushes for long-term adoption. This trend is generally bullish for the price of Bitcoin due to increased demand, reduced circulating supply, and positive market sentiment. If this trend continues, Bitcoin may see more stable long-term price growth, but short-term volatility is likely to continue as the market adapts to this new wave of institutional involvement.
Amberdata’s open interest data by strike price shows that the open interest value of Bitcoin calls at the strike price of $100,000 exceeds $1.19 billion in nominal terms (in US dollars), making it the largest open interest value for the individual strike price, as shown in the chart below. This indicates high concentration and activity observed at out-of-band strike prices (OTM) to strong long-term bullish sentiment, and speculative positioning for large bullish movements.
Cryptocurrencies Rebound on Support of US Tariff Easing
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) opened the week on a modest note, with risk appetite improving following President Donald Trump’s decision to suspend tariffs on imports of consumer electronics.
The easing of tariffs led to a sharp rise in global stock markets, with the pan-European STOXX 600 index rising more than 2%, and US technology stocks rising in pre-opening trading, providing an opportunity for markets troubled by uncertainty over the trade war.
The cryptocurrency market, which closely follows broader risk trends, has responded with renewed bullish momentum across key support areas. As a result, the interim bullish outlook for Bitcoin, Ethereum and Ripple has improved. Let’s look at that.
Bitcoin (BTC) Technical Analysis – A Return to $100,000 is very likely
Bitcoin is showing signs of a possible rebound towards the USD$100,000-102,000 range after defending a key support confluence point on the weekly chart.
The Bitcoin/USD pair is holding above a long-term upward trend line, which has driven its recovery since the bottom of 2022. This line coincides with the 50-week EMA (50-week EMA; red wave), which is currently approaching $78,068, forming a critical support zone.
The latest weekly chart confirms a rebound from this area, indicating renewed buying interest.
Momentum indicators support the bullish outlook. The Relative Strength Index (RSI) rises again towards the neutral 50 level, suggesting that sellers are losing control, leaving room for growth before reaching overbought.
Technically, Bitcoin is also approaching the Fibonacci extension level of 1.618 near USD$102,812. This level, extending from the 2021 high to the 2022 low, is in line with the psychological level of USD$100,000, and is often a typical target for breakout in bull markets.
Bitcoin between correction expectations and upcoming bullish opportunities
Bitcoin [BTC] rose 6% last week, briefly recovering $85,000, but the cryptocurrency’s next move kept optimists and pessimists evenly divided.
According to renowned trader Peter Brandt, Bitcoin’s recovery may be a prelude to an additional corrective phase.
His argument was based on Bitcoin’s bearish bullish wedge pattern on the four-hour chart. This model could drag Bitcoin to the $76K level if it materializes.
However, not all analysts were pessimistic. Coinbase analysts have pointed to Bitcoin’s value as “fair” and a “buying opportunity,” citing renewed interest from long-term (LTH) shareholders. In their weekly market report, analysts said:
It should be noted that long-term shareholders have been major sellers (red color) since late December when the price of Bitcoin exceeded $100,000. It remains to be seen whether the LTH sentiment shift will boost Bitcoin’s recovery.
For its part, Stockmoney Lizards highlighted the similarity between the current price action and last year’s accumulation phase. He said the decisive move above $85,000 could mark the next stage of the rally.
Another analyst, Michael van de Poop, expressed a similar view. Bob noted that the bullish RSI divergence is a strong signal for Bitcoin. He added that Bitcoin could rise if it settles above $80,000.
If Bitcoin breaks through the $85,000 level and closes above it, the rally could extend to the key psychological level at $90,000. A successful close above this level may extend an additional rally to test its March 2 high of USD$95,000.
At the same time, there are three main levels to watch in the short term: $86K, $84K, and $82.7K. Coinglass’s 48-hour chart has indicated the above levels as key liquidity pools that may be attractive to prices.
