Bitcoin Price Drops to $62,500 Amid Selling Pressure—Japan’s Metaplanet Makes Bold $6.7M Move

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Bitcoin price is experiencing downward pressure, trading near $62,500 following a failed attempt to break above $63,200. The recent pullback has raised concerns among investors as Bitcoin struggles to maintain its bullish momentum.

Market participants are now closely watching key support levels, particularly around $62,200, to gauge the potential for further declines.

Meanwhile, institutional interest remains robust, with Japan’s Metaplanet increasing its Bitcoin holdings and the National Bank of Bahrain launching a Bitcoin investment fund.

Japan’s Metaplanet, often referred to as the “MicroStrategy of Japan,” has acquired an additional 108.786 Bitcoin, valued at approximately $6.7 million. This brings the company’s total Bitcoin holdings to $40.6 million.

CEO Simon Gerovich reiterated that the move is part of Metaplanet’s long-term strategy, predicting that global institutions will eventually incorporate Bitcoin into their balance sheets.

*Metaplanet purchases additional 108.78 $BTC* pic.twitter.com/Pz2AHupm1T

Following this latest acquisition, Metaplanet’s share price jumped over 10%, reflecting positive investor sentiment.

The company is also partnering with SBI VC Trade, a subsidiary of the SBI Group, to expand Bitcoin trading and custody services in Japan.