Highlights:
- Bitcoin is in a minor retreat after failing at $104,364 weekly resistance
- The correction could see Bitcoin retest the psychological $100k support
- Overall fundamentals remain strong as institutional adoption grows
Bitcoin remains in a minor retreat, down approximately 1.37% in the past 24 hours. It trades at $102,855.77 after attempting a breakout above $104,364 on May 12th. This apparent Bitcoin pullback is a test for the psychological support level of $100,000, and further attempts to breach $100,000 might lead to a plunge to around $93k. Conversely, a recovery would renew bullish momentum targeted toward $110k.
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Experts agree that the sentiment isn’t weakening despite the short-term price action. Bitcoin’s strengthening fundamentals are evident in its rising institutional adoption.
The American Bitcoin Merger Brings Points to Bitcoin Maturity
A notable mention this week would be the merger between Gryphon Digital Mining and American Bitcoin, a subsidiary of Hut 8 Canadian Miner. They will operate under the American Bitcoin name, with Eric Trump, the son of President Donald Trump, as chief strategy officer and co-founder. The company hopes to build “America’s Bitcoin infrastructure,” focusing on becoming leaders in the mining industry and accumulating treasuries.
On today's #PowerMiningAnalysis podcast we discuss the announcement of a merger between @GryphonMining and @AmericanBTC which will hopefully conclude by the end of Q3, 2025.
The new public listing aims to scale low-cost #BTC accumulation, accessing dedicated growth capital… pic.twitter.com/fEb5H55xxj
— Anthony P⭕️wer (@cazenove_uk) May 13, 2025
The merger seems to be exciting Wall Street, and that’s a positive signal for Bitcoin price. Gryphon Digital Mining (GRYP) shares rose over 173% to $1.42. Hut 8 also increased by nearly 12%. Politically connected leadership from the mining space seems to publicly excite investors, who hope to see more exposure to Bitcoin equities.
Bitcoin Price Supported by KindlyMD-Nakamoto Merger in Healthcare
Besides such mergers, more companies are increasing their exposure to Bitcoin in their balance sheets. The latest on this front is KindlyMD. Through Nakamoto Holdings, the company is looking to introduce Bitcoin treasuries to the healthcare industry. This transaction expands the crypto footprint beyond finance and technology.
David Bailey, CEO of Bitcoin Magazine, is spearheading the company, which plans to position Nakamoto Holdings as the first Bitcoin-native publicly traded conglomerate. The mission statement includes acquiring and operating businesses that revolve around accumulating Bitcoin and financing new-age digital currency investment products. Brought to life by Bailey, the company seeks to replicate J.P. Morgan’s strides in bringing Bitcoin to capital markets as he brought them to modern finance.
David Bailey and Bitcoin Native Holdings Company Nakamoto Announce Merger with KindlyMD® to Create Bitcoin Vault pic.twitter.com/0tby83O8CG
— Evan (@evan78_evan) May 12, 2025
High-Profile Backers Signal Growing Institutional Appetite for Bitcoin
The merger’s $16.5 million PIPE financing attracted more than 200 participants from all over the world, including notable names such as Van Eck, Arrington Capital, Adam Back, and Balaji Srinivasan. This level of participation indicates that Bitcoin is going mainstream and could soon transform the traditional finance sector.
US Economic Outlook Favors Risk-On Assets Like Bitcoin
Renewed enthusiasm in the US economy serves as a further catalyst for Bitcoin price. After a bout of volatility earlier in the year, many US financial institutions seem more optimistic about the country’s economic recovery. Goldman Sachs, which oversees more than $2.8 trillion in assets, recently reduced the estimated chance of recession in the US economy to 35%.
Goldman on US > In light of the somewhat smaller hit to GDP growth, the reduced risk of US-China tariffs high enough to cause production disruptions, and the encouraging signal about future tariff policy decisions, we are lowering our 12-m recession probability to 35% (vs. 45%). pic.twitter.com/kgHnMxkr1z
— Guy Faulconbridge (@GuyReuters) May 13, 2025
This is especially good news for risk-on instruments such as Bitcoin. That’s because recession fears tend to drive capital away from high risk assets, and vice versa. Because of this, many cross into risk-on assets such as cryptocurrencies. This set-up will benefit Bitcoin, especially if supportive technical indicators coincide with the strengthening macro narrative.
Recap on Bitcoin Price
Bitcoin’s price today reflects some form of technical resistance in the short term. However, the ecosystem continues to shift in positively bullish directions. A key potential driver of Bitcoin going forward is the rising mainstream adoption of Bitcoin. Public figures are joining the industry, corporate treasuries are stockpiling BTC, and institutional capital is markedly growing. Besides, Goldman Sachs has lowered the odds of the US economy falling into recession. This is a pro-risk assessment, and Bitcoin price could rally to new highs.
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