Bitcoin News Today: Bitcoin Hovers Near $114K as $218M Satsuma Raise and Technical Levels Hint at $123K Breakout

Bitcoin is currently trading just above $114,000, consolidating near key support levels including the 50-day simple moving average (SMA) at $112,860 and a long-term ascending trendline from April [1]. This confluence zone has historically served as a bullish continuation signal, suggesting the potential for a breakout toward $123,200 or higher [1]. The relative strength index (RSI) is approaching the 50 level, indicating a shift in momentum that could propel BTC toward $131,337 and $138,680 if the ascending triangle pattern is confirmed [1]. A breakdown below $111,995, however, could trigger a pullback to $105,225 or $99,500 [1].

This technical backdrop is being reinforced by growing institutional demand. London-based Satsuma Technology recently completed a $217.6 million convertible credit note, fully subscribed in Bitcoin and backed by Pantera Capital, Kraken, and UK asset managers overseeing over £300 billion [1]. This marks the first such offering in the UK and outperformed its target by 63% [1]. Despite a 14% drop in Satsuma’s stock, CEO Henry Elder confirmed the funds will support the firm’s Bitcoin-native treasury strategy and integration with decentralized AI infrastructure via Bittensor [1].

The raise aligns with broader macro trends, including $7.8 billion in crypto asset acquisitions reported last week, with $2.7 billion allocated to Bitcoin alone [1]. Satsuma currently holds 1,126 BTC at an average price of $115,149, nearly break-even in a volatile market [1].

On the institutional front, the Michigan State Retirement System has tripled its exposure to Bitcoin ETFs by purchasing 200,000 shares of the ARK 21Shares BTC ETF, now valued at $11.4 million [1]. This move follows a week of over $1.4 billion in U.S. ETF outflows, underscoring long-term conviction in Bitcoin’s Sharpe ratio for pension strategies [1]. Meanwhile, Japan’s SBI Holdings is seeking approval for the country’s first Bitcoin-XRP ETF, which could unlock institutional access in one of the most regulated crypto markets [1].

Analysts suggest that if Bitcoin holds above $115,000 and confirms a breakout from its current ascending triangle, the next resistance at $123,200 could be challenged [1]. A successful move could lead to further gains toward $131K or $138K in the short term, setting the stage for a potential Q4 rally toward $250K or beyond [1].

Source: [1] Bitcoin Price Prediction: $218M Satsuma Raise and SMA Retest Hint at $123K Breakout https://cryptonews.com/news/bitcoin-price-prediction-218m-satsuma-raise-and-sma-retest-hint-at-123k-breakout/