news.bitcoin.com
$BTC broke through the $97,500 barrier earlier today amid sustained interest from institutional investors such as Strategy and Metaplanet, despite lower trading volume.
Institutional Interest Remains High as Bitcoin Climbs to $97.5K
Bitcoin ($BTC) continues its cautious upward climb, reaching $97,414.42 at the time of reporting. This marks a 1.17% increase over the past 24 hours and a 1.45% gain over the past week. The cryptocurrency has traded within a 24-hour range of $95,412.89 to $97,552.58, reflecting moderate bullish momentum despite broader market stagnation.
Trading Volume Drops, But Futures Activity Climbs
While $BTC’s price saw a steady rise, its 24-hour trading volume fell 28.25% to $27.26 billion. This decline suggests reduced market participation or a temporary pause in trading activity. However, despite lower volume, bitcoin’s total market capitalization edged up 1.22% to $1.93 trillion, reinforcing its stability amid market uncertainty.
Bitcoin Dominance Bumps Up
Meanwhile, $BTC dominance ticked up slightly by 0.15% to 61.17%, according to Trading View, suggesting that investors remain more confident in bitcoin than alternative cryptocurrencies.
Futures Open Interest Jumps, Liquidations Favor Shorts
One notable shift in market behavior comes from the futures market. Bitcoin futures open interest saw a significant 2.84% increase over the past 24 hours, rising to $63.53 billion, according to Coinglass. This suggests that traders are placing more leveraged bets on $BTC’s next move, potentially in anticipation of a breakout beyond the $97,500 level.
Liquidation data shows a total of $22.24 million wiped out in the past 24 hours. Notably, short liquidations accounted for $14.94 million, while long liquidations came in at just $7.30 million. This imbalance indicates that bearish traders were caught off guard by $BTC’s latest price appreciation.
Institutional Buying Supports $BTC’s Climb
Institutional activity has played a key role in bitcoin’s recent price movement. Japanese hotel developer-turned-bitcoin treasury firm Metaplanet announced the acquisition of 68.59 $BTC yesterday for approximately $6.6 million, at an average price of $96,335 per bitcoin. This purchase brings Metaplanet’s total $BTC holdings to 2,100 $BTC, acquired for approximately $170 million at an average price of about $80,905 per bitcoin, according to the firm.
Additionally, Michael Saylor’s Strategy announced a proposed $2 billion private offering of convertible senior notes yesterday, with proceeds earmarked for further bitcoin acquisitions. Strategy remains the world’s largest corporate holder of $BTC, and its continued investment signals long-term confidence in bitcoin’s potential.
Market Momentum Stalls Despite $BTC Strength
According to data from Glassnode, while bitcoin has touched $97,500 today, overall crypto market momentum has slowed. Since February, $BTC has declined by 5.9%, while ether (ETH) and solana (SOL) have suffered deeper corrections of 16.9% and 33.1%, respectively. The sharpest decline has been in the memecoin sector, which peaked at 90.2% in late 2024 but has since dropped by 37.4%.
Bitcoin Market Outlook
Despite the broader market slowdown, bitcoin continues to display relative resilience, buoyed by institutional support and increased futures market activity. However, for $BTC to break out decisively, it will need to surpass the $97,500 resistance level convincingly. On the downside, support remains at $95,000, which could provide a crucial floor if the price retraces.