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Following the same well-trodden path, Bitcoin and Ethereum have returned to growth after a fairly long pause and a period of low volatility observed over the past weekend. Since no one seems willing to sell, there will inevitably be buyers looking to acquire Bitcoin below $100,000 from the lower border of the sideways channel. Trading within this range appears to be the most viable scenario at the moment, as there are no strong catalysts for a sharp and rapid market surge.
Meanwhile, a new bill has been introduced in Florida, which, if passed, would allow the state to invest up to 10% of its public funds in Bitcoin and other cryptocurrencies.
Supporters of the bill argue that diversifying the state's investment portfolio with cryptocurrencies could yield significant long-term profits. The growing institutional adoption of crypto signals its maturity and potential for further expansion. Florida should position itself as a leader in innovation and technology adoption, with crypto investments being a crucial step in that direction. However, critics raise concerns about the high volatility of cryptocurrencies and the associated risks for public funds.
Over 80 publicly traded companies now hold Bitcoin on their balance sheets. In total, they control 622,700 BTC, accounting for 2.96% of the total supply. Demand for BTC from large corporations has surged significantly since the start of the year. Since 2024, major corporations have nearly tripled their Bitcoin purchases compared to 2023. However, the pace of accumulation is not uniform.
Some companies, like MicroStrategy, aggressively increase their holdings, treating Bitcoin as a long-term hedge against inflation. Others remain cautious, assessing risks and potential benefits before diving into crypto investments.
MicroStrategy has added 7,633 BTC to its reserves at an average purchase price of $97,255 per coin. The company now holds a staggering 478,740 BTC, acquired for $30.4 billion at an average cost of $65,033 per BTC. This move reinforces MicroStrategy's aggressive Bitcoin accumulation strategy.
The company continues to view BTC as its primary reserve asset. Large-scale purchases push prices higher, creating additional bullish momentum. However, the company remains highly exposed to Bitcoin's volatility. If BTC experiences a sharp decline, MicroStrategy could face heavy losses.
Bitcoin technical outlook
Buyers are targeting the $99,000 level, which would open the path to $101,200 and $100,200. The ultimate target remains $102,600, a breakout above which would confirm a return to a mid-term bullish trend.
In case of a BTC decline, support is expected at $97,400. A drop below this level could quickly drive Bitcoin down to $95,900, with the next key support at $94,300. The deepest support zone is seen at $92,700.
Ethereum technical outlook
A solid hold above $2,733 would open the way to $2,803 and then to $2,878. The final bullish target is set at $2,910, a breakout above which would signal a mid-term uptrend continuation.
If Ethereum enters a correction, buyers are expected around $2,665. A drop below this area could push ETH down to $2,599. The deepest support zone remains $2,532.
Bottom line Bitcoin and Ethereum have regained momentum, with institutional interest and public company accumulation providing strong support. However, the market remains in a sideways range, and a clear breakout is needed to confirm a sustainable trend.
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