Bitcoin (BTC) Surges Past $105K as MetaPlanet Buys 1,241 BTC

Bitcoin, at $105,623, surged nearly 1.5% today. The bullish trend marks a positive start to the week, as MetaPlanet added more Bitcoin

Bitcoin price is surging past the $105K mark as MetaPlanet buys 1,241 BTC and the US-China trade deal keeps the bullish trend strong. Could we soon see BTC reach $112K with ETF inflows and a crucial pivot point in play?

Bitcoin price has increased by nearly 1.5% today, trading at $105,623. The cryptocurrency's bullish trend continues with a positive beginning to the week as more Bitcoin was added by MetaPlanet, which might be fueling the rally.

Recently, the US and China reached a trade deal in Geneva, which could be boosting sentiment. With such conditions in mind, will the Bitcoin price reach the $112K mark?

Bitcoin Price Analysis

On the 4-hour price chart, Bitcoin's uptrend signals a bullish breakout from an expanding wedge. The surge has created a 24-hour high of $105,706 while forming a short-term parallel channel.

The current 1.45% surge in Bitcoin over the past four hours has created a bullish engulfing candle. Furthermore, it has formed a morning star pattern within the short-term parallel channel, signaling a breakout rally.

For a conclusive breakout, Bitcoin must sustain a closing price above the overhead trendline. However, the rising BTC price has yet to be accompanied by a surge in bullish momentum in the Relative Strength Index (RSI), warning of a bearish divergence and hinting at a potential minor correction.

This scenario suggests a possible retest of the previously broken overhead trendline of the expanding wedge. If BTC manages a decisive breakout from the short-term channel, the uptrend will likely reach the immediate R1 pivot resistance near $108,284. This would increase the probability of BTC reaching the R2 pivot resistance near $12,439.

On the flip side, crucial support lies at the central pivot level near $100,900.

Bitcoin ETF Flows Signal Rising Institutional Strength

In terms of institutional activity, U.S. spot BTC ETFs have recorded three consecutive weeks of inflows. According to SoSoValue data, over the past three weeks, the weekly net inflow has exceeded $3.5 billion.

On May 9, the daily total net inflow reached $321.46 million, with BlackRock alone contributing an inflow of $356.20 million.

MetaPlanet Adds 1,241 BTC As U.S. And China Sign Trade Deal

Following a prolonged tariff war between the U.S. and China, both countries mutually agreed to a trade deal in Geneva. As the dialogue continues, further details are expected to be announced today.

The development has already significantly boosted sentiment in both global and crypto markets.

Amid these conditions, MetaPlanet acquired an additional 1,241 BTC for $125.3 million. Following this purchase, MetaPlanet's Bitcoin holdings now exceed those of El Salvador.

Currently, MetaPlanet holds 6,796 BTC valued at $700 million, with an average purchase price of $90,243.