Bitcoin surges past $105K as MetaPlanet buys 1,241 BTC. The US-China trade deal and ETF inflows could push BTC to $112K soon.
Bitcoin, at $105,623, surged nearly 1.5% today. The bullish trend marks a positive start to the week, as MetaPlanet added more Bitcoin, fueling the rally.
The recent trade deal between the US and China in Geneva serves as a sentimental boost. Amid such conditions, will the Bitcoin price reach the $112K mark? Let’s find out.
Bitcoin Price Analysis
On the 4-hour price chart, Bitcoin’s uptrend signals a bullish breakout from an expanding wedge. The surge has created a 24-hour high of $105,706 while forming a short-term parallel channel.
The current 1.45% surge in Bitcoin over the past four hours has created a bullish engulfing candle. Furthermore, it has formed a morning star pattern within the short-term parallel channel, signaling a breakout rally.
For a conclusive breakout, Bitcoin must sustain a closing price above the overhead trendline. However, the rising BTC price has yet to be accompanied by a surge in bullish momentum in the Relative Strength Index (RSI), warning of a bearish divergence and hinting at a potential minor correction.
This scenario suggests a possible retest of the previously broken overhead trendline of the expanding wedge. If BTC manages a decisive breakout from the short-term channel, the uptrend will likely reach the immediate R1 pivot resistance near $108,284. This would increase the probability of BTC reaching the R2 pivot resistance near $112,439.
On the flip side, crucial support lies at the central pivot level near $100,900.
Bitcoin ETF Flows Signal Rising Institutional Strength
Supporting the bullish trend, U.S. spot BTC ETFs have recorded three consecutive weeks of inflows. According to SoSoValue data, over the past three weeks, the weekly net inflow has exceeded $3.5 billion.
On May 9, the daily total net inflow stood at $321.46 million, with BlackRock accounting for an inflow of $356.20 million.
MetaPlanet Adds 1,241 BTC as U.S. and China Sign Trade Deal
Following a prolonged tariff war between the U.S. and China, both countries mutually agreed to a trade deal in Geneva. As the dialogue progresses, more details are expected today. Meanwhile, the development has already significantly boosted sentiment in both global and crypto markets.
Amid these conditions, MetaPlanet recently acquired 1,241 BTC for $125.3 million. With this purchase, MetaPlanet’s Bitcoin holdings have now surpassed those of El Salvador. Currently, MetaPlanet holds 6,796 BTC worth $700 million, with an average purchase price of $90,243.
