Bitcoin Blasts Past $120K as Metaplanet Buys 797 More BTC
Bitcoin just crossed the $120,000 milestone, extending its bullish breakout and reinforcing strong institutional demand.
The move coincided with a major announcement from Metaplanet, a Japan-based public company increasingly seen as Asia’s answer to MicroStrategy. On July 14, Metaplanet CEO Simon Gerovich revealed that the company had acquired an additional 797 BTC for approximately $93.6 million at an average price of $117,451.
With this latest purchase, Metaplanet now holds a staggering 16,352 BTC, acquired for about $1.64 billion at an average entry of $100,191 per coin.
Even more striking, the firm disclosed that its Bitcoin yield year-to-date (YTD) for 2025 stands at an eye-popping 435.9%—a figure that shows the explosive upside the asset has delivered for institutional holders this year.
Also read: Is It Too Late to Buy Bitcoin? Here’s Everything You Need to Know
Bitcoin Technicals Confirm the Breakout—but Resistance Looms
Bitcoin’s chart has been pointing toward a breakout for days, and today’s surge above $120K confirms that buyers have taken full control. The 9-day and 20-day exponential moving averages continue to climb in a steep, bullish formation, which typically signals that momentum is not only present—but accelerating.
Daily chart for BTC/USDT (Source: TradingView)
The MACD also remains in strongly positive territory, with its histogram widening in recent sessions—evidence that bullish momentum is expanding.
Similarly, the RSI has reached overbought levels, but instead of warning of an immediate reversal, it currently reflects the strength of the ongoing uptrend. In trending markets, elevated RSI values can persist for extended periods as the Bitcoin price grinds higher.
Order Book Battle: $120K Faces Heavy Resistance
Despite today’s breakout, Bitcoin still faces a critical test: an imposing series of ASK walls just above $120,000. The most notable of these is a 451-unit sell wall—totaling more than $54 million in liquidity—right at the $120K mark. Additional ASK walls just cents below reinforce this zone as a high-friction level that could temporarily cap further gains unless bulls step in with conviction.
Also read: How to Buy Bitcoin on eToro: A Step-by-Step Guide
On the flip side, BID walls below the current Bitcoin price offer short-term support. The strongest is at $119,844 with 12 units, backed by several smaller walls down to $119,721. These zones may help absorb profit-taking and support consolidation if BTC pulls back from this recent surge.
BTCUSDT Order Book Walls
| Type | Price Level | Size (BTC) | Value (USDT) | Estimated Price Impact |
| ASK | 120,000.00000 | 451 | $54,170,244 | +0.13% |
| ASK | 119,999.98000 | 47 | $5,614,552 | +0.13% |
| ASK | 119,999.00000 | 3 | $381,038 | +0.13% |
| BID | 119,844.32000 | 12 | $1,381,986 | 0.00% |
| BID | 119,800.00000 | 3 | $397,367 | -0.04% |
| BID | 119,721.60000 | 3 | $359,439 | -0.10% |
Interpretation:
- The strongest resistance sits right at $120K, with over 500 BTC queued for sale. Clearing this level could signal the start of a new leg higher, albeit with modest immediate gains.
- The support levels are relatively shallow in comparison, suggesting that while bids exist, they may not be sufficient to absorb a high-volume sell-off, especially if momentum falters.
Support Levels to Watch on a Reversal
If the breakout loses steam, structural support can be found at $105,681, $103,985, and $101,508. These levels could serve as rebound zones for dip-buyers in the event of a deeper correction, especially if institutional demand—like Metaplanet’s—remains a persistent force in the market.
Strategic Takeaways for Traders
With Bitcoin breaking a major psychological barrier, the long bias remains dominant. Traders could look to ride the momentum on any clean break and close above the $120K resistance cluster, particularly if volume increases. For those entering now, maintaining tight risk controls is crucial due to the heavy sell pressure immediately above.
Pullbacks into the $117K–$118K zone could offer re-entry opportunities if they coincide with continued support on the order book and EMA alignment. Meanwhile, short-term traders might consider fading any failed breakout at $120K, but only with disciplined stops, as the broader trend is strongly upward.
Disclaimer: The information presented in this article is for informational and educational purposes only. It does not constitute financial advice. Ecoinimist is not responsible for any losses incurred. Readers should exercise caution before acting on this content.
