Bitcoin price is experiencing downward pressure, trading near $62,500 following a failed attempt to break above $63,200. The recent pullback has raised concerns among investors as Bitcoin struggles to maintain its bullish momentum.
Market participants are now closely watching key support levels, particularly around $62,200, to gauge the potential for further declines.
Meanwhile, institutional interest remains robust, with Japan’s Metaplanet increasing its Bitcoin holdings and the National Bank of Bahrain launching a Bitcoin investment fund.
Japan’s Metaplanet Boosts Bitcoin Holdings by $6.7 Million, Shares Surge
Japan’s Metaplanet, often referred to as the “MicroStrategy of Japan,” has acquired an additional 108.786 Bitcoin, valued at approximately $6.7 million. This brings the company’s total Bitcoin holdings to $40.6 million.
CEO Simon Gerovich reiterated that the move is part of Metaplanet’s long-term strategy, predicting that global institutions will eventually incorporate Bitcoin into their balance sheets.
Following this latest acquisition, Metaplanet’s share price jumped over 10%, reflecting positive investor sentiment.
The company is also partnering with SBI VC Trade, a subsidiary of the SBI Group, to expand Bitcoin trading and custody services in Japan.
Key Points:
Metaplanet’s Bitcoin holdings now total $40.6 million.
Share price rose 10% after the recent acquisition.
Partnership with SBI VC Trade aims to grow Bitcoin services in Japan.
Peter Schiff Predicts Gold Could Hit $100,000 as U.S. Dollar Weakens
Economist and gold advocate Peter Schiff predicts that gold prices could soar to $100,000 per ounce due to inflation and rising U.S. national debt. In an interview with the Lead-Lag Report, Schiff argued that U.S. foreign policy and war spending are devaluing the dollar, while China’s growing economic power could further pressure the currency.
Schiff highlighted gold’s historical performance, noting that its rise from $20 to $2,600 per ounce indicates potential for further gains, possibly reaching $26,000 or even $100,000. He remains optimistic, stating that gold could have its best year since 1979.
Schiff also mentioned that as the U.S. dollar weakens, investors might turn to alternative assets like Bitcoin as a hedge against inflation.
National Bank of Bahrain Launches First Bitcoin Investment Fund for GCC
The National Bank of Bahrain has introduced its first Bitcoin investment fund, targeting institutional investors across the Gulf Cooperation Council (GCC).
Developed in partnership with digital asset firm ARP Digital, the fund offers 100% loss protection while providing potential Bitcoin gains up to a set limit.
Co-CEO of ARP Digital, Abdullah Kanoo, highlighted the fund’s balanced approach to Bitcoin exposure and risk management.
With Bahrain’s supportive regulatory environment, the country is becoming a digital asset hub, attracting firms like Crypto.com and Binance.
New fund signals growing institutional confidence in Bitcoin across the GCC.
Bahrain’s regulatory framework supports digital asset investment growth.
Rising interest from financial institutions could boost Bitcoin’s demand and market value.
This move could lead to more regional investments, potentially driving up demand for Bitcoin and strengthening its global financial standing.
Bitcoin Price Holds Above Critical Support at $62,700; Renewed Selling Pressure
Bitcoin faces renewed selling pressure after a failed attempt to sustain above the immediate resistance at $63,200. The cryptocurrency is trading near $62,700, reflecting a 0.45% decline.
The chart reveals that Bitcoin is holding just above a key ascending trendline, which currently aligns with the 50-day Exponential Moving Average (EMA) at $62,700.
This trendline provides crucial support, as a break below this level could signal further downside risk.
On the upside, a sustained move above $63,200 could open the door for a retest of the next resistance at $63,800, followed by the critical $64,400 mark.
Conversely, should Bitcoin slip below its immediate support of $62,200, it could experience additional selling pressure, targeting the next support levels at $61,700 and $61,200, respectively.
The Relative Strength Index (RSI) is currently at 50, indicating neutral momentum but suggesting the asset could tip into bearish territory if selling persists.
The 50-day EMA, at $62,700, acts as a dynamic support level, while the 200-day EMA, at $62,600, is another crucial level to watch.
Conclusion: Bitcoin is hovering around its key support trendline. A break below $62,700 could trigger further losses, while holding above this level may encourage a bullish rebound.
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The post Bitcoin Price Drops to $62,500 Amid Selling Pressure—Japan’s Metaplanet Makes Bold $6.7M Move appeared first on Cryptonews.
