Bitcoin Attempts $105K Break as Tether-backed Firm Twenty One Capital Buys 4,812 BTC

Tether-backed Bitcoin BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B investment firm Twenty One Capital has recently purchased 4,812 BTC worth around $458.7 million. The acquisition is conducted as part of a private investment in public equity (PIPE) deal related to the firm’s ongoing SPAC merger with Cantor Equity Partners.

As per the US Securities and Exchange Commission (SEC) filing dated May 13, Twenty One Capital’s total Bitcoin holdings have now grown to 36,312 BTC. However, 31,500 BTC from this total is held in custody by Cantor Equity Partners on behalf of the company.

The timing of this major institutional Bitcoin purchase is particularly notable as Bitcoin continues its strong upward trajectory. The largest cryptocurrency recently touched the $105,000 mark, placing itself within striking distance of its previous peak of $109,114.

The broader market environment is also turning favorable as recent CPI data showed lower-than-expected inflation figures. On-chain metrics reveal that retail investors, who are often quick to react to market changes, are returning.

Interestingly, retail purchases (defined as transactions under $10,000) increased by 3.4% from April 28 to May 13. According to a CryptoQuant analyst, this uptick in retail activity could soon result in broader, sustained growth across various bullish metrics.

Bitcoin (BTC) Price Outlook

Earlier on May 14, Bitcoin tested the $105,000 resistance but is now trading slightly lower at around $104,000, still up by 7.5% over the last 24 hours. The buying pressure is being supported by both institutional demand and resurging retail interest.

On the daily BTC price chart, the RSI is sitting at 69.42, just below the overbought threshold. This indicates bullish momentum but also warns of a potential minor correction. However, if BTC breaks and holds above $106,500, bullish continuation is likely.

BTC price chart with RSI and Bollinger Bands | Source: TradingView

The Bollinger Bands widening with price candles pushing the upper band—a sign of overbought conditions. If the cryptocurrency tested the mid-band (20-day SMA) near $98,200, traders could see short-term consolidation or a price breakdown to the $89,900 support.

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