Bitcoin’s Critical Juncture: Will $104,300 Support Spark the Next Rally?
Bitcoin’s recent pullback from its all-time high near $111,900 has left traders pondering the sustainability of the bull market. As the cryptocurrency tests crucial support at $104,300—the lower boundary of a longstanding bullish channel—technical indicators hint at a potential rebound. This level, aligned with the 200-day moving average, could serve as a launchpad for Bitcoin’s next upward surge. With the current price at $104,321.01 USDT, the market watches closely to see if this key support will hold and propel BTC toward new highs.
Bitcoin’s Bull Run Hangs in the Balance as Key Support Levels Tested
Bitcoin’s recent retreat from its all-time high NEAR $111,900 has traders questioning whether the bull market remains intact. The cryptocurrency now hovers above critical support at $104,300—the lower boundary of a months-long bullish channel that has defined its upward trajectory.
Technical indicators suggest this zone, coinciding with the 200-day moving average, could serve as a springboard for the next leg up toward $116,000. Institutional investors closely monitor this dynamic support level, which has historically marked macro trend reversals.
The market structure remains bullish since the $74,000 base, with higher highs and higher lows intact. A decisive break above descending trendline resistance WOULD confirm continuation, while failure to hold $104,300 risks deeper correction.
MicroStrategy (Now Strategy) Expands Bitcoin Holdings to $60B with Latest Purchase
Michael Saylor’s Strategy has fortified its position as the world’s largest corporate Bitcoin holder, adding 705 BTC for $75 million between May 26 and June 1. The purchase brings its total holdings to 580,955 BTC—worth over $60 billion at current prices—representing nearly 3% of Bitcoin’s total supply.
The latest acquisition, funded through $74 million in preferred stock sales, marks Strategy’s smallest buy since March. Saylor’s firm continues to demonstrate unwavering conviction, maintaining an average purchase price of $70,023 per bitcoin despite market fluctuations. The company’s year-to-date yield stands at 16.9% through 2025.
Elon Musk’s XChat Launch Sparks Debate Over ’Bitcoin-Style’ Encryption Claims
Elon Musk unveiled XChat, a new encrypted messaging feature for X (formerly Twitter), touting ’Bitcoin-style’ encryption built on Rust. The announcement immediately drew skepticism from Bitcoin experts, who questioned the technical accuracy of Musk’s claims.
Bitcoin Core developer Luke Dashjr and JAN3 CEO Samson Mow were among those pointing out that Bitcoin doesn’t use encryption for transactions - it relies on elliptic curve cryptography and SHA-256 hashing for signatures. All Bitcoin transactions are publicly visible on the blockchain, contrary to the implied privacy of ’encryption’.
The controversy highlights the growing intersection of social media and cryptocurrency technologies, as major platforms increasingly incorporate blockchain-related features. Musk’s involvement continues to drive both innovation and debate in the space.
$5.23 Billion Inflows Boost Bitcoin Spot ETFs in May
Bitcoin exchange-traded funds (ETFs) saw a dramatic resurgence in May, attracting $5.23 billion in net inflows—a 76% increase from April’s $2.97 billion. This marks the largest monthly inflow since January, underscoring renewed institutional and retail interest as Bitcoin surged to an all-time high of $111,968.
The rally reflects growing acceptance of ETFs as a gateway to crypto exposure, particularly among traditional investors wary of unregulated exchanges. Regulatory oversight and accessibility have made these instruments a preferred choice, injecting stability into a historically volatile market.
Analysts attribute the momentum to Bitcoin’s price performance and broader adoption within finance circles. Institutional participation is now seen as a key driver of both confidence and reduced volatility, potentially paving the way for sustained capital inflows.
Meta Shareholders Overwhelmingly Reject Bitcoin Treasury Proposal
Meta’s shareholders have delivered a near-unanimous rejection of a proposal to integrate Bitcoin into the company’s treasury reserves. The motion, championed by investor Ethan Peck, was defeated by 99.92% of voting shares—a decision effectively controlled by Mark Zuckerberg’s 61% voting stake. This outcome underscores Meta’s conservative approach to cryptocurrency adoption, despite broader corporate interest in digital assets as alternative treasury holdings.
The tech giant’s resistance to Bitcoin contrasts with its simultaneous experimentation with stablecoins for creator payments. This selective engagement reveals a calculated, compartmentalized strategy toward blockchain technology—one that embraces certain applications while rejecting more volatile crypto assets. The decision comes as other companies like GameStop and MicroStrategy actively accumulate Bitcoin on their balance sheets.
Market observers note the irony in Meta’s position: a company building metaverse infrastructure refuses exposure to the cryptocurrency most institutional investors consider digital gold. The rejection highlights centralized governance challenges in Web2 giants, where single decision-makers can override emerging financial trends regardless of macroeconomic arguments about inflation hedging or yield alternatives.
MicroStrategy Bolsters Bitcoin Holdings with $75M Purchase Amid Stock Dip
MicroStrategy has added 705 Bitcoin to its treasury at a cost of $75.1 million, bringing its total holdings to 580,955 BTC valued at approximately $60 billion. The acquisition, executed between May 26 and June 1, was funded through proceeds from convertible notes and equity sales.
Despite the bullish Bitcoin accumulation, MicroStrategy’s stock (MSTR) declined 0.63% to $366.74 in premarket trading, pressured by broader market concerns over tariffs. The cryptocurrency market showed muted reaction, with Bitcoin gaining just 0.30% following the purchase announcement.
Chairman Michael Saylor revealed the company has achieved a 16.9% Bitcoin yield year-to-date in 2025. This marks MicroStrategy’s second major Bitcoin purchase in recent weeks, following a $427 million acquisition of 4,020 BTC last week at an average price of $106,237 per coin.
