Bitcoin (BTC) fell below $109,000 over the past 24 hours as selling pressure and negative sentiment around the asset intensified. The selloff has accelerated due to growing macroeconomic challenges, prompting retail and institutional investors to reduce risk. The flagship cryptocurrency is down almost 2% over the past 24 hours, trading around $108,480. Covanco Inc. Wants To Join The Growing List Of Bitcoin Treasury Companies Covanco Inc., a Tokyo-listed nail salon operator, has outlined ambitions of becoming one of the world’s largest corporate holders of Bitcoin (BTC) . The company joins a growing list of corporate entities keen to reinvent themselves as treasury vehicles. The company unveiled an ambitious plan to raise ¥434 billion to fund the purchase of 21,000 BTC . As of August 25, Covanco has raised only 2% of its target and holds 365 BTC . The company plans to follow the business model popularized by Michael Saylor’s Strategy, as it attempts to generate retail and institutional interest, lift its share price, and convert it into capital to fund future purchases. Motokiyo Azuma, a director at Convano, stated, “We will enhance corporate value with the new plan, which will increase our stock price 10 times. We started to think about Bitcoin because of the persistent yen depreciation and geopolitical risks. Bitcoin is a long-term store of value.” Bitcoin (BTC) Could Drop To $100,000 This Year Polymarket has assigned a 61% probability that Bitcoin will drop below the crucial $100,000 level before 2026. Prediction markets indicate declining confidence in BTC and its ability to stay above $100,000. Betting odds rose 72% from Monday, when the flagship cryptocurrency plunged below $110,000. BTC has not traded below $100,000 since June. Presto Research analyst Min Jung stated, “Large sell-offs by whales and long-term holders have been met with sufficient buy-side demand. Corporate treasuries and institutional allocators continue to absorb supply.” However, aggressive selling by Bitcoin whales, who have been rotating capital into Ethereum, could test key support levels. It remains to be seen if new entrants can absorb growing selling pressure. A Bitcoin whale recently swapped over 22,000 BTC for ETH, creating substantial downward pressure on the asset’s price. Bitcoin (BTC) Price Analysis Bitcoin (BTC) fell short of the $113,000 mark yet again as market sentiment turned bearish. The flagship cryptocurrency reached an intraday high of $113,480 on Thursday. However, it lost momentum after reaching this level and plunged nearly 4% on Friday, dropping to $108,378. The current session sees the price marginally up, trading around $108,577. The decline has pushed BTC to its lowest levels in 50 days, catching traders off guard and triggering nearly $140 million in liquidations of leveraged bullish positions. Investors and analysts are debating whether Bitcoin’s latest downturn reflects broader market concerns or is limited to the asset due to capital rotation into ETH. However, investors remain cautious after the US reported a 22% increase in the trade deficit for July. US imports crossed exports by over $103 billion, significantly higher than previous estimates. Additional market concerns have emerged from China after the country’s five largest banks reported record-low margins. Chinese retail banks disposed of over $5 billion in bad debt during the first quarter, an eightfold increase from a day earlier. Meanwhile, BTC has struggled since Friday’s (August 22) rally, when it surged nearly 4% to cross $116,000 and settle at $116,908 following Jerome Powell’s speech. Price action flipped to bearish over the weekend as BTC fell 1.30% on Saturday. It fell to a low of $110,635 on Sunday as selling pressure intensified. However, it rebounded to reclaim $113,000 and settle at $113,478, ultimately dropping 1.65%. Sellers retained control on Monday as the price fell almost 3% and settled at $110,127. Source: TradingView Despite the overwhelming selling pressure, BTC recovered on Tuesday, rising 1.51% to cross $111,000 and settle at $111,788. The price was back in the red on Wednesday, dropping 0.48% to $111,253. It rebounded on Thursday, rising 1.19% to cross $112,000 and settle at $112,574. Bearish sentiment returned on Friday as BTC fell 3.73%, dropping to a low of $107,469 before settling at $108,378. The current session sees BTC marginally up, trading around $108,600 after recovering from a low of $107,369. 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.
