Bitcoin (BTC) is once again at a pivotal juncture, trading narrowly between 775,000 and 782,000 CNY (approximately $107,000–108,000 USD), with market participants on edge as it approaches the critical resistance level of 792,000 CNY ($109,300). This long-standing technical barrier has held firm since March, and a decisive breakout could open the door to new all-time highs—while failure might trigger a deeper consolidation phase. The outcome of this high-stakes battle will likely shape the trajectory of the broader crypto market in the coming weeks.
Corporate Bitcoin Accumulation Reaches New Heights
In a bold move signaling growing institutional confidence, Tokyo-listed Metaplanet Inc. announced on June 26 its acquisition of 1,234 BTC for 19.27 billion JPY (~$124 million), averaging around $101,000 per coin. This strategic purchase increases the company’s total Bitcoin holdings to 12,345 BTC—valued at roughly 9.64 billion CNY—surpassing Tesla’s 11,509 BTC and making Metaplanet the largest publicly traded Asian firm holding Bitcoin, ranking seventh globally.
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This isn't a one-off investment but part of an aggressive long-term vision: Metaplanet aims to hold 210,000 BTC by the end of 2027—equivalent to 1% of Bitcoin’s total supply. To fund this ambition, the company has pioneered the “2.1 Billion Plan,” a unique financing model combining zero-interest bonds with warrant-linked equity instruments. So far, this mechanism has raised over 35 billion JPY (~$225 million), funneling proceeds directly into Bitcoin purchases. According to internal metrics, their "BTC yield" stands at an impressive 112.2%, driven by appreciation and strategic capital recycling.
Such aggressive accumulation underscores a growing trend among forward-thinking corporations viewing Bitcoin not just as a speculative asset but as a long-term treasury reserve.
U.S. Government Moves Toward Strategic Bitcoin Reserve
On the geopolitical front, momentum is building for a U.S. national Bitcoin strategy. Patrick Witt, a senior White House official overseeing the Pentagon’s Office of Strategic Capital (OSC), confirmed that planning for a Strategic Bitcoin Reserve (SBR) is underway. An interagency report outlining implementation steps is expected to be delivered to the President by early July.
Witt articulated a three-pronged strategic rationale for federal BTC adoption:
- As an engine for economic growth through innovation and job creation in blockchain infrastructure.
- As a tool to shape the future of global monetary systems, ensuring U.S. leadership in digital finance.
- As a geopolitical lever to reinforce dollar dominance by integrating sound digital assets into national reserves.
Moreover, the OSC has signaled potential investments in energy and computing infrastructure tied to Bitcoin mining, offering direct financing solutions to miners—what Witt called “first means of support.” This marks a significant shift from regulatory skepticism to active engagement with the crypto ecosystem.
Despite recent challenges—including miner revenues dropping to $34 million daily (the lowest since April 20), reflecting increased competition and network difficulty—on-chain data reveals extraordinary holder resilience.
Miner Behavior Signals Long-Term Confidence
According to blockchain analytics, miner selling pressure has dramatically decreased. Daily outflows of BTC to exchanges have plummeted from 23,000 coins in February to just 4,000 on June 26—a clear sign of “diamond-handed” behavior. Notably, early adopter miners from the “Satoshi era” sold only 150 BTC in all of 2025, preserving their original stacks.
Wallets holding between 100 and 1,000 BTC—often associated with mid-sized mining operations—have collectively increased their balances to 65,000 BTC, the highest level since November 2024. These holders currently enjoy a net unrealized profit (NUPL) of 48%, suggesting strong financial health and reduced incentive to sell.
This accumulation pattern mirrors conditions seen before previous bull run breakouts, reinforcing the idea that foundational support remains intact even amid price stagnation.
Technical Outlook: Seven Weeks of Consolidation Test Market Patience
Bitcoin has now consolidated within a tight range of 725,000–798,000 CNY ($100K–$110K) for seven consecutive weeks. During this period, derivatives markets have undergone significant deleveraging. A recent price swing triggered $28.6 million in long liquidations and $25.2 million in short squeezes, causing open interest (OI) to drop by 7%. Coupled with flat funding rates and narrow basis spreads, this reflects trader caution ahead of the key resistance zone.
However, technical indicators suggest underlying strength:
- The 50-day moving average (~688,000 CNY) and 100-day MA (~641,000 CNY) act as dynamic support.
- The 200-day MA (~525,000 CNY) continues to anchor the broader uptrend.
- A high-volume breakout above 792,000 CNY could ignite short-covering rallies and attract algorithmic momentum buyers.
Conversely, repeated failures at this level highlight persistent overhead supply. Without a surge in buying volume or on-chain activity, the risk of another rejection remains elevated.
Chain Analysis: Signs of Accumulation Before Breakout?
Long-term holders (LTHs) have been steadily accumulating near the $100,000 mark (725,000 CNY), a behavior pattern reminiscent of pre-breakout phases in 2021 and 2017. Axel Adler, a prominent chain analyst, notes that while current accumulation is underway, it may require another 4 to 8 weeks to fully mature before a sustainable move upward gains traction.
A confirmed breakout above 792,000 CNY could target 1.16 million CNY (~$160,000) as a conservative next milestone—representing uncharted territory for BTC valuation.
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Global Momentum Builds: India Joins the Reserve Conversation
The idea of national Bitcoin reserves is gaining international traction. On June 26, Pradeep Bhandari, a senior leader of India’s ruling BJP party, publicly urged the Reserve Bank of India to explore adding Bitcoin to national foreign exchange reserves. He proposed starting with a small-scale pilot program, drawing inspiration from Bhutan’s hydropower-driven mining initiatives.
Bhandari emphasized that embracing digital assets could enhance India’s economic resilience and technological sovereignty. He also called for accelerated development of a comprehensive crypto regulatory framework to foster innovation while managing risks.
While still preliminary, such statements reflect shifting attitudes among global policymakers—from skepticism to strategic consideration.
Additionally, Dogecoin (DOGE) has shown signs of renewed strength, with trader “Trader Tardigrade” identifying a hidden bullish divergence and confirming that its long-term ascending trendline from September 2023 remains intact. A successful retest and bounce could boost overall market sentiment.
Frequently Asked Questions (FAQ)
Q: Why is the 792,000 CNY level so important for Bitcoin?
A: This price point has acted as strong resistance since March 2025. Multiple failed attempts to break above it have created psychological and technical barriers. A confirmed close above this level with strong volume would likely trigger follow-through buying and short-covering.
Q: Is Metaplanet’s Bitcoin buying sustainable?
A: Yes—their “2.1 Billion Plan” uses structured financial instruments (zero-interest bonds + warrants) to raise capital without diluting equity or increasing debt costs. As long as Bitcoin appreciates or stabilizes above their cost basis (~$101K), the model remains economically viable.
Q: What does a U.S. Strategic Bitcoin Reserve mean for investors?
A: It signals institutional validation and potential direct government participation in BTC markets. Even symbolic purchases could boost confidence and attract pension funds, endowments, and other conservative investors.
Q: Are miners really holding despite lower revenues?
A: Data confirms it. Miner outflows to exchanges have dropped sharply, and mid-sized mining wallets are accumulating—not selling—despite reduced income. This suggests strong conviction in future price appreciation.
Q: How reliable are long-term holder accumulation patterns?
A: Historically very reliable. LTH accumulation near key support zones often precedes major rallies. Current behavior mirrors pre-breakout phases in prior cycles.
Q: What happens if Bitcoin fails to break 792,000 CNY again?
A: A rejection could lead to a pullback toward the dense cost-support zone between 674,000–725,000 CNY ($93K–$100K). However, given strong miner and institutional holding patterns, any dip may be seen as a buying opportunity.
With corporate treasuries loading up, governments exploring strategic reserves, and miners holding firm despite headwinds, Bitcoin stands at a crossroads defined more by structural strength than short-term volatility.
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The next move—up or sideways—will depend on whether demand surges decisively above resistance. For now, global capital watches closely as the battle for 790,000 CNY unfolds.