Bitcoin BTC/USD is trading around the $105,000 mark, sparking a flurry of liquidations and sending traders scrambling for clues on what's next. Bitcoin touched an intraday low of $104,850 before steadying at around $106,000, down almost 2% in the past 24 hours. The price action comes amid a slowdown in Bitcoin ETF flows, in spite of a treasury move by PSG, and Tether's USDT/USD growing BTC reserves.
According to Binance, Bitcoin’s fall under $105,000 prompted more than $99 million in liquidations, marking a major individual loss. James Wynn, a crypto whale, lost 949 BTC. Traders scrambled to close or rebalance holdings, causing futures open interest to decline to $72.8 billion.
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The 50-day moving average remains firmly above the 200-day, with a healthy bullish golden cross formation intact. The 14-day RSI has cooled to 52, which indicates neutral momentum.
According to Bitcoin.com, Paris Saint-Germain has acquired Bitcoin for its treasury holdings. The giant of French football intends to keep BTC, and invest in Bitcoin ventures and startups.
A big European Sports Club to officially add Bitcoin to its accounts is a sign that institutions are beginning to take up digital assets as key assets.
PSG's move echoes trends seen in corporate treasuries like Tesla Inc TSLA and MicroStrategy Inc MSTR, both of which have made high-profile Bitcoin allocations.
Per Binance, Stablecoin giant Tether has additional reserves of 100,000 BTC and 50 tons of gold. On-chain wallets linked to large holders have been steadily accumulating Bitcoin over the past month, adding roughly 70,000 BTC. While regular traders watch the market's daily highs and lows, Tether and others are slowly accumulating digital assets, expecting a higher future price.
Bloomberg reported an 8% dip in daily inflows across major Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust IBIT and Fidelity Wise Origin Bitcoin Fund FBTC. The Nasdaq Composite IXIC fell after hawkish signals from the U.S. Federal Reserve and stubbornly high inflation data.
May's cumulative ETF flows remain robust, with more than $2.1 billion added across top products. Analysts suggest ETF demand will be a key pillar in determining whether Bitcoin's next major move is up or down.
Bitcoin begins the weekend with its $105,000–$102,000 support area under the spotlight. Should the level hold firm, a bounce toward $110,000–$112,000 is in play, fueled by fresh ETF flows and supportive institutional news.
The recent actions are a reminder that Bitcoin is no longer a speculative instrument. It’s becoming correlated with international macro changes, institutional actions, and regulatory updates. Being nimble and observing the major indicators, not the intraday charts, will be essential in the coming weeks.
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