Bitcoin (BTC) price is approaching a key resistance level near $110,000

Bitcoin (BTC) price is approaching a key resistance level near $110,000. The price rally follows large institutional investments from MicroStrategy and Metaplanet, who injected over $1.5 billion into Bitcoin this past week.

According to multiple reports, MicroStrategy (NASDAQ:MSTR) has expanded its Bitcoin holdings. The move is part of the firm’s treasury strategy.

Japan-based Metaplanet also recently disclosed raising $21.25 million through zero-interest bonds to purchase more Bitcoin as part of its broader plan to use BTC as a reserve asset.

Metaplanet issued its 14th series of ordinary bonds at 0% interest. The total amount of bonds sold was 2124 at a price of 10 million yen ($91,400) each, with funds allocated to EVO FUND. These bonds will be redeemed in November 2025.

“Metaplanet remains committed to building a strategic BTC position in support of long-term balance sheet growth,” the company said in a statement.

Such large-scale purchases signal continued institutional interest, even during short-term market cooling. With these firms acquiring Bitcoin at current levels, it suggests they view current prices as attractive for long-term accumulation.

According to crypto analytics firm Glass Node, Bitcoin ownership remains low despite the recent rally. Global macro participation in crypto is still less than 1% of the world’s population.

According to Glass Node data, there are 54 million Bitcoin addresses with non-zero balances. Even assuming one holder per address, ownership is still limited. Only 1.81% of holders own at least 1 BTC, while 8.16% hold 0.1 BTC or more, and 22.6% hold at least 0.01 BTC.

According to on-chain data, BTC price is maintaining a strong uptrend within a long-term ascending parallel channel, which spans between $60,000 and $65,000. This zone acted as a solid support point in previous market cycles.

Recently, the asset rebounded from this support level after testing it in May. In the event of any further drops below this zone, it could serve as a strong defence point for buyers to regroup and return with renewed bids.

According to multiple reports, institutional demand continues to play a key role in supporting higher price targets for BTC.

Rising Volume Confirms Bullish Trend

According to data from TradingView, Bitcoin price broke above the 200-week moving average (MA) at $46,000 on June 14, marking a significant technical event.

This breakout, accompanied by rising trading volume, suggests that the current rally is not a bear market rally. Instead, it signals the continuation of a long-term bull market that began in 2023.

Moreover, the Bollinger Bands are expanding, indicating increased price volatility and potential for further gains in the near term.