• Bitcoin rebounds as Japanese firm Metaplanet adds $1.4B to its treasury, signaling strong institutional interest.
• BTC is trading near $ 112,000, showing steady momentum with bullish MACD signals and an RSI indicating balanced buying pressure.
• Analysts watch the ascending triangle and Ichimoku Cloud patterns for a potential breakout or breakdown that could define the next major move.

Bitcoin holds steady amidst increased institutional interest, with giant corporations expanding their holdings and treating it as a valuable asset. On the other hand, analysts observe technical signs attentively as they can point towards the future price direction of BTC.

At the time of writing, Bitcoin is trading at $112,730, recording a minor 0.26% decline in the past 24 hours. A $2.24 trillion market cap and $50.21 billion 24-hour trading volume confirm stable movement despite small downside momentum.

Metaplanet Expands Bitcoin Holdings

Prominent crypto analyst Crypto Patel noted that Metaplanet substantially increased holdings in Bitcoin. The company added ¥205 billion ($1.4 billion) to accumulate treasury reserves, further solidifying the plan to hold BTC as a significant balance sheet item.

This program has been compared to MicroStrategy’s prolonged accumulation of BTC, and Metaplanet is being dubbed the Japanese counterpart. The program also indicates a deeper pattern: businesses are seriously contemplating BTC as a hedge against yen declines and foreign monetary turbulences.

Instead of waiting, institutions are apparently taking advantage of the decline and continuously buying BTC, demonstrating confidence in the asset’s future strength.

Bitcoin Eyes Next Big Move

Technically, CryptoOpus noted that BTC was recovering from the downtrend support line of an ascending triangle pattern while moving within the Ichimoku Cloud. According to him, the next breakout or breakdown from such a pattern might result in Bitcoin’s next major price movement.

Also Read | Bitcoin Holds Strong Above $111,000 Despite $12.7 Billion Whale Sell-Offs

Bitcoin Holds Steady Amid Mixed Momentum Signals

RSI is at 58.91, while the signal line is marginally higher at 64.36. This indicates that BTC is in a neutral state, not oversold or overbought. The analysis also indicates that buyers are in control, but not excessively. If RSI crosses above 70, it could indicate that the market is overheating.

Looking at the MACD, the blue line stands at 7,301.96, above the orange signal line at 7,061.24, forming a bullish crossover. The green histogram at 240.72 reflects rising momentum. This indicates that BTC’s trend is upward, with buyers dominating the market. If this continues, BTC could experience significant gains in the coming weeks.

Also Read | Bitcoin (BTC) surged past $113K as Fed rate cut hopes fuel bullish outlook