During Wednesday’s U.S. trading session, the Bitcoin price witnessed a slight downtick of 0.76% to reach the current trading value of $86,600. The selling pressure could be a relief pullback after two weeks of an uptrend, trying to recuperate the bullish momentum. Amid the growing momentum of inspirational BTC adoption, the price action revealed an impending breakout for a +22% rally.
Key Highlights:
- Bitcoin price potential breakout from a falling wedge pattern signals an escape from a 2-month correction.
- A failed breakout from the 20-day Exponential Moving Average could accelerate the market selling pressure for another correction move.
- GameStop announces a $1.3 billion zero-interest note offering to fund Bitcoin acquisition, signaling a treasury shift.
Bitcoin Price Set for Breakout as Institutional Accumulation Grows
Over the last two weeks, the Bitcoin price bounced $76,600 to the current trading price of $86,791, registering a 133.3% surge. Amid this renewed recovery trend, two major corporations have revealed their strategic BTC investments and financial maneuvers involving the leading cryptocurrency.
Gamestop, the American chain of brick-and-mortar video game stores, has announced that it intends to offer $1.3 billion worth of 0.00% Convertible Senior Notes due in 2030. These zero-interest notes will not bear regular interest, signalling and the principal amount of the notes will not.
According to a press release, GameStop expects the net proceeds from the offering to accumulate Bitcoin.
Moreover, French tech powerhouse The Blockchain Group (ALTBG) confirmed its acquisition of 580 BTC for €47.3 million (~€81,550 per BTC), bringing its total BTC holdings to 620 BTC worth €50.5 million.
The purchase was executed via its 100% subsidiary, The Blockchain Group Luxembourg SA, funded through a convertible bond issuance announced earlier this month.
This accumulation could strengthen the bullish market sentiment and signal an increasing institutional adoption.
Bitcoin Price Eyes Major Breakout Amid Wedge Pattern Formation
By the press time, the Bitcoin price traded at $86,709 and holds a market cap of $1.72 Trillion. Despite the intraday pullback, the coin price is 2% short of challenging the key resistance of the falling wedge pattern of the daily time frame chart.
Since January 2025, the coin price has resonated with two downsloping trendlines that offer dynamic resistance and support to market participants. Thus, the potential retest to the overhead trendline stands a key pivot momentum for Bitcoin as previously reversal from this resistance led to a 16%-20% downturn.
If history repeats, the BTC price could face another bearish reversal and plunge below $75,000 support.
Conversely, a potential breakout from the resistance trendline and 20-day EMA slope will strengthen the buyers grip over this asset and drive a renewed recovery for new All-time high.
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