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Momentum Fades as Bitcoin Struggles to Break Out
Summary:
A deeper correction would likely require a decisive break below that level, potentially accelerating the bearish move.
CLOSED
109489.4
ENTRY
107500.0
TGT
111000.0
SL
117190.0 +5778.0 +5.19%
15106
Points
Loss
107500.0
TGT
111035.2
CLOSING
109489.4
ENTRY
111000.0
SL
BlackRock’s spot Bitcoin ETF, IBIT, has once again made history by surpassing 700,000 BTC under management—an impressive milestone achieved just 18 months after its launch. According to the fund’s official website, IBIT held 698,919 BTC as of July 3. Following net inflows of approximately 1,510 BTC on July 7, it officially crossed the 700K threshold—right after the U.S. Independence Day holiday—according to data from Coinglass.
Launched in January 2024 after receiving landmark regulatory approval, IBIT has since grown into the world’s largest spot Bitcoin ETF. It is now BlackRock’s third-highest revenue-generating ETF out of the 1,197 funds it manages and is only $9 billion away from becoming the firm’s top performer, as highlighted by Bloomberg ETF analyst Eric Balchunas. The fund had previously earned the distinction of being the fastest-growing ETF globally.
Meanwhile, Japan-based Metaplanet continues to execute its bold Bitcoin treasury strategy. The Tokyo-listed hospitality company, which began accumulating BTC in April 2024, has now amassed 15,555 BTC—making it the fifth-largest corporate holder of Bitcoin globally. CEO Simon Gerovich, in a recent Financial Times interview, stated that Metaplanet is committed to acquiring as much BTC as possible before entering its next phase of growth.
Gerovich described the current moment as a “Bitcoin gold rush” and suggested that the firm could later leverage its BTC holdings as collateral to finance acquisitions of cash-generating businesses. He emphasized the importance of reaching a point of “escape velocity” in Bitcoin accumulation, where competitors would struggle to catch up.
In a similar move, Michael Saylor’s Strategy (formerly MicroStrategy) announced a $4.2 billion offering of Series A perpetual preferred shares (STRD) with a 10% yield. The funds raised will be used to expand their Bitcoin reserves, support operational liquidity, and pay dividends on existing preferred shares such as STRK and STRF. The announcement was made during a presentation led by CEO Phong Lee and Saylor himself.
Technical Analysis
BTC/USD lost upward momentum after approaching the 109,700 resistance area for the second time, failing to post a new higher high. This inability to break through a key resistance level increases the likelihood of a short-term bearish correction.
Should Bitcoin close below the 9-period moving average on the 1-hour chart, the market may begin pulling back toward the next local support at 107,400—a zone that has previously acted as a reliable floor. A deeper correction would likely require a decisive break below that level, potentially accelerating the bearish move.
The RSI is currently hovering near 56, sitting slightly above neutral territory. It has struggled to break above the 63 level, suggesting that bullish momentum may be fading. If the RSI continues to stall while price action remains below 109,700, a pullback could become more probable.
However, a decisive break above 109,700 could open the door for a renewed bullish push toward the recent high of 110,500 set on July 3. Until then, price action appears indecisive, and the burden is on the bulls to reassert control.
Trading Recommendations
Trading direction: Sell
Entry price: 109500
Target price: 107500
Stop loss: 111000
Validity: Jul 18, 2025 15:00:00
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