The price of Bitcoin rose by 1.7% over 24 hours to reach $107,539, reflecting purchases by major institutions, positive technical patterns, and a decrease in geopolitical risks.
Metaplanet raised $210 million to buy BTC, achieving its goal of owning 10,000 BTC.
A technical pattern known as "reverse head and shoulders" is nearing completion with a price target of $140,000.
Trump Media has filed to launch an ETF linked to BTC and ETH with 75% of the fund allocated to Bitcoin.
Detailed Analysis
1. Core Driver: Institutional Accumulation
Metaplanet issued bonds worth $210 million on June 16 to purchase 1,112 BTC, thus completing its goal of holding 10,000 BTC (source link).
Demand from companies continues, with GameStop holding approximately 4,710 BTC worth over $500 million, and there are now 79 public companies holding a total of $57 billion in BTC, an increase of 159% compared to last year.
Movement of ETF funds: Trump Media's proposal for a mutual fund for Bitcoin and Ethereum with 75% of the fund allocated to Bitcoin indicates a politically supportive stance towards digital currencies, following Bitwise's launch of the GME ETF.
2. Technical Context
A "reverse head and shoulders" pattern has been identified with a neckline at $113,000, and a breakout is expected towards $140,000 (source).
The price remains above critical moving averages:
The simple moving average for 50 days is at $103,631.
The exponential moving average for 200 days is at $91,894.
The 14-day Relative Strength Index (RSI) is at 50.11, indicating neutral momentum without entering overbought territory like that seen in May's rally.
3. Market Dynamics
Easing geopolitical tensions: Stocks and digital currencies rose on June 16 as tensions between Israel and Iran eased, with Trump claiming that a "peace agreement" is imminent.
BTC dominance slightly decreased to 63.56% compared to 64.01% the previous day, but remains close to its highest levels for 2025, indicating continued preference for Bitcoin over other currencies.
Trading volume confirmation: trading volume increased by 22.67% over 24 hours to reach $44.1 billion, supporting price momentum.
Summary
The accumulation of Bitcoin gains is driven by intense institutional accumulation, positive technical patterns, and a greater willingness to take macroeconomic risks. Although technical indicators suggest upside potential, it is important to monitor the resistance level at $113,000 to confirm the bullish pattern. Could the increasing competition between traditional ETF funds and those linked to political policies be the next driver of Bitcoin growth?