Bitcoin Price Analysis: BTC Holds Above $100,000 Despite Market Decline

Bitcoin (BTC) registered a marginal decline over the past 24 hours after failing to cross $105,000 during the week. The flagship cryptocurrency reached an intraday high of $104,435 on Friday but lost momentum and fell to a low of $102,720 before rebounding to its current levels. BTC is trading just 5% lower than its all-time high. However, despite its massive rally, investors and the overall markets remain relatively calm. Panama City Mayor Teases Bitcoin Reserve Panama City Mayor Mayer Mizrachi has dropped hints about a city-level Bitcoin reserve after a meeting with two of El Salvador’s top Bitcoin policy leaders. Mizrachi posted a cryptic message on X after meeting El Salvador-based Bitcoiners Max Keiser and Stacy Herbert, simply stating “ Bitcoin Reserve.” Mizrachi has not shared details about the discussions with Keiser and Herbert. However, the timing of the post is interesting, coming 11 days before the Bitcoin 2025 conference in Las Vegas, where Mizrachi is scheduled to speak. Plans for a potential Bitcoin reserve in Panama City come after a recently approved measure that allows individuals to use crypto for payments, including taxes, fines, and municipal fees. Mizrachi had stated at the time that Bitcoin would be accepted as payment once fiat-to-crypto rails were established. A post from Kerzier suggested the trio spoke about how Panama and El Salvador can leverage renewable energy to bolster Bitcoin mining operations. “Bitcoin is transforming Central America. El Salvador’s geothermal & Panama’s hydroelectric will power the Bitcoin revolution.” Meanwhile, Herbert noted that Panama City will integrate El Salvador’s “What is Money?” financial literacy textbook into its online library system. “Panama City to introduce El Salvador’s “What is Money” financial literacy schoolbooks to their new digital libraries. A regional Central American bitcoin block is emerging!” Chinese Textile Company Addentax Plans Bitcoin Acquisition Addentax, a Chinese textile and apparel company, has announced plans to purchase 8,000 BTC . It also plans to purchase other digital assets, including TRUMP tokens. The acquisitions will be funded by issuing shares of common stock. According to a company statement, Addentax entered discussions with an unnamed entity because their collective holdings indicate a “profound understanding and networks in the crypto world.” The company hopes the move will bring influential crypto holders as shareholders, allow it to build its network, and make crypto a long-term investment asset. Addentax joins a growing list of publicly listed companies that plan to add Bitcoin and other cryptocurrencies into their respective treasuries. Many companies view the strategy as a practical way of dealing with currency depreciation and inflation. Addentax Group CEO Hong Zhida stated that the company hoped to join the likes of Strategy, Metaplanet, and other listed companies that have benefited from crypto investments. “This initiative supports the company’s broader blockchain strategy by facilitating potential acquisitions of digital assets such as Bitcoin and introducing strategic investors with experience in the crypto ecosystem. We believe that certain established digital assets may serve as a stable component of the company’s long-term holdings, given their liquidity and increasing institutional interest over recent years.” Bitcoin (BTC) Price Analysis Bitcoin (BTC) extended its losses as it registered a marginal decline during the ongoing session. The flagship cryptocurrency has struggled to build momentum after facing multiple rejections at the $105,000 level. BTC registered an impressive rally last week that saw it surge past $100,000. However, it lost momentum after hitting a wall of resistance and fell to a low of $100,694 before rebounding. The flagship cryptocurrency has maintained its position above $100,000 despite buyer exhaustion and selling pressure, indicating that overall sentiment around the asset is still bullish. However, some analysts have warned BTC is heading for a double top, with on-chain metrics indicating waning momentum. BTC registered a marginal increase on Monday (May 5) and continued pushing higher on Tuesday, rising over 2% to cross $96,000 and settle at $96,845. Price action remained positive on Wednesday as BTC registered a marginal increase to cross $97,000 and settle at $97,005. Bullish sentiment intensified on Thursday as markets rallied. As a result, BTC soared over 6%, surging past $100,000 and settling at $103,093. BTC lost momentum on Friday, registering a marginal decline. However, it was back in positive territory on Saturday, rising 1.72% to cross $104,000 and settle at $104,617. Despite positive price action on Saturday, the price was back in the red on Sunday, dropping almost 1% to $103,802. Source: TradingView The price encountered volatility on Monday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as BTC registered a drop of 1.04% and settled at $102,728. The price recovered on Tuesday, rising 1.36%, but was back in the red on Wednesday, dropping 0.53% and settling at $103,568. Price action was subdued on Thursday as BTC registered a marginal increase. However, it fell back on Friday, dropping 0.26% to $103,545. The current session sees BTC down nearly 1% as sellers look to drive the price to $100,000. Buyers will look to build momentum and push the price towards $105,000. A bearish MACD indicates sellers have the upper hand. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Bitzo