Highlights:
- Bitcoin is trading at the weekly $104,364 resistance
- Breaching resistance could bring $110k into focus
- A confluence of positive factors could push Bitcoin to $110k
Bitcoin displays modest strength today, gaining 0.20% to trade at $103,951.60. This puts the world’s leading cryptocurrency on the cusp of a notable technical resistance level at $104,364. While the price action remains trivial, it is important in the context that suggests Bitcoin is poised to break out or pull back within a short time.
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Technical Analysis – Bitcoin Traders Watch for Breakout or Reversal
The $104,364 level represents weekly resistance, a crucial fencepost that could trigger a rally to new highs. Many traders now wait to see whether BTC rises above this threshold. A breakout above could trigger a rally with near-term targets of $110,000.
On the contrary, this setup can also lead to a sharp selloff. Bitcoin’s failure to move above that zone risks a potential trade below the psychological $100,000. However, analysts are more optimistic about breakout odds, attributing it to Bitcoin’s current trajectory.
Strong Inflows Into Bitcoin ETFs Highlight Growing Interest
The increasing inflow into Bitcoin ETFs is one factor fueling optimism. ETFs have ostensibly captured the attention of institutional investors, which suggests further interest in traditional finance. BlackRock’s IBIT is one such standout example.
BlackRock’s spot Bitcoin ETF, IBIT, has realized 20 consecutive days of net inflows, with a record duration in 2025. The fund has gained over $5 billion during this period, demonstrating the growing investor confidence and demand for Bitcoin through regulated channels.
JUST IN: BLACKROCK'S #BITCOIN ETF HAS NOW POSTED 19 CONSECUTIVE DAYS OF INFLOWS – THE LONGEST STREAK OF THE YEAR
SMART MONEY IS COMING 🚀 pic.twitter.com/HfP94gvePj
— The Bitcoin Historian (@pete_rizzo_) May 10, 2025
Goldman Sachs markedly increased its investment in IBIT, becoming the largest holder of the ETF’s shares after scaling up its share by 28% in Q1 2025. Actions taken by some of the most impactful financial players only add to the bullish argument made on Bitcoin.
BREAKING 🚨 GOLDMAN SACHS BOOSTS IBIT SPOT BITCOIN ETF HOLDINGS BY 28%, BECOMING ITS LARGEST KNOWN HOLDER. pic.twitter.com/iYG6xMTgfJ
— That Martini Guy ₿ (@MartiniGuyYT) May 11, 2025
Corporations Adopt Bitcoin Faster Than Nation-States
Corporations are also rushing to add Bitcoin to their reserves. The Japanese investment company Metaplanet recently hit headlines, surpassing El Salvador in total Bitcoin holdings. Metaplanet previously made headlines for purchasing an additional 1241 BTC, which cost around $129 million at current market values.
Metaplanet's new 1,241 $BTC purchase pushes holdings past El Salvador#crypto pic.twitter.com/BAma0pkKoD
— CryptOpus (@ImCryptOpus) May 12, 2025
With this newest acquisition, Metaplanet’s total Bitcoin holdings now stand at 6,796 BTC, valued at $707 million. The company’s average purchase price has risen to $91,000 per Bitcoin.
By comparison, El Salvador, the first country to officially recognize Bitcoin as legal tender, is estimated to hold 6,714 BTC, valued at approximately $642 million according to their National Bitcoin Office. This shift highlights the rapid accumulation pace of Bitcoin’s power towards corporate entities, surpassing nation-states.
Geopolitical Developments Enhance Appetite for Bitcoin
Macroeconomic conditions are also promoting Bitcoin. Following recent high-level meetings, hope surrounds resolving the ongoing trade dispute between the United States and China. Scott Bessent, U.S. Treasury Secretary, and Trade Representative Jamieson Greer shared that considerable progress has been made towards a new trade agreement.
BREAKING 🚨 Secretary of Treasury Scott Bessent stuns the media saying trade talks with China went VERY well and a full briefing will be done tomorrow
MAGA WAS RIGHT, TARIFFS WORK
LIBERALS CAN’T STAND THIS 🔥
— MAGA Voice (@MAGAVoice) May 11, 2025
Greer emphasized that both parties reached an agreement quicker than anticipated, resolving issues related to the U.S.’s $1.2 trillion trade deficit focus area. He noted that they were confident about our deal with their Chinese partners. The Geneva agreement focuses on macroeconomic stabilization, aiming to achieve balanced trade and reduce tariffs. Such progress motivates investors to invest in risk-on assets such as Bitcoin.
Recap
With Bitcoin trading at resistance, investors are waiting to see how the price action will play out next. If it breaks above the current resistance, the next target of $110,000 could be hit soon. If it doesn’t, traders will likely continue accumulating positions below the $100,000 mark while Bitcoin’s long-term fundamentals remain strong.
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