BTC targets $117k as bullish sentiment grows

Key takeaways

• BTC is approaching the $113k mark again as the bullish momentum grows.
• Surpassing the $113k resistance level could see BTC surge towards the $117k mark in the near term.

Corporate entities continue to buy more Bitcoins

The cryptocurrency market is having a positive start to the week, with most coins and tokens currently in the green. Bitcoin, the leading cryptocurrency by market cap, overcame the $107k low last week and is now trading close to the $113k mark.

BTC is up by 1.55% in the last 24 hours and is now trading at $112,900. The rally could see BTC surpass the $113k resistance level in the near term and rally higher over the next few hours. 

The positive performance also comes as corporate entities continue to increase their exposure to Bitcoin. Michael Saylor’s Strategy announced on Monday that it acquired 1,955 BTC for $217.4 million at $111,196 per bitcoin and has achieved a BTC Yield of 25.8% YTD 2025. As of 9/7/2025, Strategy holds 638,460 $BTC acquired for $47.17 billion at $73,880 per bitcoin.

Strategy has acquired 1,955 BTC for ~$217.4 million at ~$111,196 per bitcoin and has achieved BTC Yield of 25.8% YTD 2025. As of 9/7/2025, we hodl 638,460 $BTC acquired for ~$47.17 billion at ~$73,880 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/QNIuAWRwEW

— Michael Saylor (@saylor) September 8, 2025

Japanese-based Metaplanet also added 136 Bitcoin to its reserves, increasing its total holdings to 20,136 BTC, valued at over $2.2 billion at current prices. According to the company, it purchased 136 bitcoins for 16.55 million Japanese yen ($111,830) per coin. Metaplanet is moving towards its target of hitting 30,000 Bitcoins before the end of the year. 

BTC eyes $117k as bullish momentum grows

The BTC/USD 4-hour chart remains bearish despite Bitcoin’s recent positive run. The sentiment is, however, shifting bullish as buyers begin to dominate the market. The RSI of 63 shows that buyers are in control, and BTC could soon enter the overbought region. 

The MACD lines are also within the positive territory, indicating a bullish bias. If the rally continues, BTC could break above the $113,541 resistance over the next few hours and target the $117k high. An extended bullish run would see BTC rally towards the $120k FVG.

However, the market could encounter a correction following the recent rally. If that happens, BTC could retest the $111k low over the next few hours.