Bitcoin Price Struggles at $108.5k, What’s Next for BTC?

Bitcoin price has dropped amid renewed regulatory concerns surrounding pending U.S. crypto legislation and BTC’s inability to decisively break above technical resistance. Despite bullish MACD signals earlier this week, BTC failed to hold above the critical $108,500 pivot point. 

However, on the brighter side, the institutional sentiment remains strong. Japanese investment giant Metaplanet acquired an additional 2,205 BTC for $239 million yesterday, taking its total holdings to 15,555 BTC. Curious where Bitcoin price is heading in the near future? Then this price analysis is a must-read for you.