Bitcoin ($BTC) Records the Top Weekly Close at $107K

Bitcoin ($BTC) has recently recorded the top weekly close. The latest market data reveals that Bitcoin ($BTC) has closed the past week at the highest level of $107K.

Bitcoin (BTC) has closed the past week at the highest level of $107K. This development follows six consecutive weeks of gains, and the current price of Bitcoin is around $105,000.

As the weekly close of Bitcoin (BTC) has touched $107,000K, the top crypto asset has a greater possibility to claim an exclusive ATH. This upsurge takes place at a time when the institutions are ramping up their Bitcoin (BTC) exposure.

Specifically, a Japanese investment platform Metaplanet has announced the purchase of nearly 1,004 BTC. The latest buyout has increased the firm’s cumulative holdings to 7,800 BTC, which is valued at around $812M.

However, this is not the first time that Metaplanet has invested in Bitcoin (BTC). Previously, the investment firm began accumulating BTC in 2022. Over the past year and a half, the firm has made a total of 14 buyovers.

Out of these purchases, the largest one took place in December 2023. During that time, Metaplanet bought 2,003 BTC at an average price of around $62,000K.

After adding the latest purchase to its portfolio, Metaplanet now holds a diversified portfolio of crypto assets, valued at over $1B.

The Beginning of A New Chapter For Bitcoin (BTC)

In the U.S. market, the surging liquidity is putting more fuel in the engine of Bitcoin’s price. Former CEO of BitMEX, Arthur Hayes, has highlighted this factor.

According to him, the Treasury General Account has shown a decline of $300B in this quarter. This allows for more government spending, despite the limitations imposed by the debt ceiling.

Moreover, to keep the U.S. economy afloat, the government is planning to sell more, putting downward pressure on Treasury bonds.

Keeping this in view, as the liquidity is boosting Bitcoin’s price, BTC could jump to $106K and even $107K marks soon.

Apart from that, the long-term price target of Bitcoin is the $150K-$200K range. However, to reach that level, Bitcoin (BTC) first needs to rise above the $110K spot.

Amid this broader bullish outlook, Hayes points toward the anticipation of a huge price action before the 3rd quarter of this year.