Key Insights
- Metaplanet purchases 497 BTC, raising its total holdings to 2,888 BTC.
- Bitcoin forms a triangle pattern, signaling a possible price breakout.
- Analysts predict BTC could hit $123K if an upward breakout occurs.
Institutional interest in Bitcoin price continues to grow as Metaplanet, a Japanese investment firm, has purchased an additional 497 BTC for $43.46 million. The firm acquired Bitcoin at an average price of $88,938, increasing its total holdings to 2,888 BTC, valued at approximately $251.18 million.
According to Lookonchain data, Metaplanet’s average purchase price across all its Bitcoin holdings is $84,325. This latest acquisition aligns with the company’s ongoing strategy of increasing its exposure to Bitcoin, reinforcing the growing trend of institutional adoption in the digital asset space.
Bitcoin Price Forms Triangle Pattern, Breakout Expected
Market analyst MakroDives suggests that Bitcoin is forming a triangle pattern, a technical setup that often signals a potential breakout. The anticipated price movement could be triggered by the release of the U.S. Consumer Price Index (CPI) inflation data on March 12.
If Bitcoin breaks out to the upside, it could target $123,000, which corresponds to the 127.20% Fibonacci extension level. However, if bearish momentum takes over, Bitcoin may drop to around $64,000, a key historical support level near its March 2021 high. Analysts estimate a 65% probability of an upward breakout and a 35% chance of a downward move.
Bitcoin Price Market Performance and Institutional Interest
Bitcoin has shown strong market performance, rising 2.62% in the last 24 hours to $87,423.83, with a total market capitalization of $1.69 trillion. The majority of Bitcoin holders are currently in profit, with 89% seeing gains, while 11% are at breakeven, and none are at a loss.
Institutional interest remains high, with large Bitcoin transactions exceeding $100,000 totaling $163.66 billion over the past seven days. Furthermore, exchange net flows present a negative balance of $1.32 billion, and while this implies Bitcoin is flowing off exchanges into cold wallets, it usually means accumulation instead of the pressure to sell.
Furthermore, Bitcoin open interest (OI) has also surged to $24.2 billion, up by 2.46% over the last 24 hours.
El Salvador and Strategy Continue Aggressive Bitcoin Accumulation
The question of El Salvador’s Bitcoin strategy remains an important issue for the country to consider amid its $1.4 billion loan agreement with the International Monetary Fund (IMF). The agreement reportedly includes an agreement to cease using public funds to buy Bitcoin in July 2025.
Despite this, President Nayib Bukele continues to make Bitcoin his own and recently bought another five BTC at $83,000. Today, the country has 6,100 BTC worth around $510 million.
Meanwhile, Strategy, the firm led by Michael Saylor, maintains its aggressive Bitcoin price accumulation. The company has kept its total reserves at 499,096 BTC, holding its position as the largest corporate Bitcoin holder. Over the past few months, Strategy has continued to make large and frequent Bitcoin purchases, reinforcing its bullish stance on the asset.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.