Bitcoin Price Prediction: $218M Satsuma Raise and SMA Retest Hint at $123K Breakout
Main Idea
Bitcoin's price is showing bullish signals with technical support and institutional investments, including a $218M raise by Satsuma Technology, hinting at a potential breakout toward $123K.
Key Points
1. Bitcoin is trading above $114,000, defending its ascending trendline and 50-day SMA, with RSI nearing a bullish crossover.
2. Satsuma Technology raised $217.6M in BTC-denominated funding, backed by major investors like Pantera Capital and Kraken, despite a 14% stock dip attributed to short-term volatility.
3. Institutional interest is growing, with Michigan State Retirement System tripling its Bitcoin ETF exposure and Japan’s SBI Holdings planning a Bitcoin-XRP ETF.
4. Technical analysis suggests a potential breakout above $123K if key supports hold, with possible targets at $131K or $138K in the near term.
5. Bitcoin Hyper ($HYPER), a BTC-native Layer 2 project, has raised over $7.3M in its presale, combining Bitcoin’s security with Solana’s speed.
Description
Bitcoin is trading just above $114,000, defending its ascending trendline and 50-day SMA, a key confluence zone that traders often watch for bullish continuation. This technical retest comes as institutional momentum heats up: Satsuma Technology just raised $218 million in BTC-denominated funding, adding to a broader wave of long-term capital moving into Bitcoin. With higher lows forming since April and major players like pension funds and SBI Holdings expanding crypto exposure, the setup for a ...
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