Key points:
Bitcoin’s rejection at $107,000 shows sellers are active at higher levels, but the recovery from the intraday low shows solid buying.
Strategy and Metaplanet continue to accumulate Bitcoin, adding steady buy-side pressure to BTC price.
Select altcoins have pulled back, but they have not yet turned negative.
Bitcoin’s (BTC) attempt to challenge the all-time high faced a strong rejection near $107,100 on May 19, signaling that the bears are unlikely to give up without a fight. However, the long tail on the candlestick shows solid buying at lower levels.
The short-term uncertainty has not deterred the long-term buyers from accumulating more Bitcoin. Strategy, formerly MicroStrategy, announced the purchase of 7,390 Bitcoin for an average price of about $103,500, taking its total holding to 576,230 Bitcoin.
Similarly, Japanese investment firm Metaplanet said on May 19 that it acquired 1,004 Bitcoin, boosting its total to 7,800 Bitcoin.
Crypto