Metaplanet, a Japanese real estate and hotel development company listed on the Tokyo Stock Exchange, has significantly increased its Bitcoin holdings. The company announced on Sunday that it purchased an additional 42.47 Bitcoin, valued at approximately 400 million Japanese Yen (around $2.3 million).
Metaplanet Adds to BTC Bag
This purchase follows a ¥200 million Bitcoin acquisition last week, marking Metaplanet’s fifth Bitcoin purchase in the past four months. These acquisitions bring the company’s total Bitcoin holdings to over 203 BTC, worth about 2 billion Yen (over $11 million).
Metaplanet says the average purchase price per Bitcoin is around $58,500. Metaplanet’s increased investment in Bitcoin aligns with its strategy to utilize cryptocurrency as a reserve asset to mitigate economic challenges in Japan. This strategy mirrors the global trend of companies like MicroStrategy, which have adopted Bitcoin as a hedge against economic uncertainty.
According to BitcoinTreasuries.net, as of July 7, global public companies collectively held 324,295 BTC, with MicroStrategy leading the pack with 226,331 BTC, representing over half of its market cap.
Bitcoin Closes at $56,500, Avoiding Further Downtrend
Bitcoin is experiencing its deepest retracement of the cycle, nearing a 26% pullback within 46 days. Trader Rekt Capital, in a recent video , highlighted the volatility in the $58,000 price area, which could act as a baseline for a potential upward movement in BTC.
However, critical signs on the weekly timeframe need observation. Rekt Capital noted the accumulation ranges formed in this cycle, each briefly experiencing a support break as traders sought liquidity.
Importantly, each weekly candle closed within the range. A failure to do so could result in previous support transforming into resistance. A crucial two-week race will determine whether BTC can break through the $60,600 resistance and sustain above it.
On a daily basis, Bitcoin is approaching lower regions below its usual clusters. Rekt Capital emphasizes the need for BTC to confidently reclaim the $56,500 region to drive further price development within the $57,000 to $65,000 price range.
If Bitcoin meets all these requirements, it could lead to a new price range between $65,000 and $73,000. This pattern resembles the previous halving events, where there was a period of consolidation followed by a sharp upward movement.
