Bitcoin (BTC) has kicked off the new weekly session on a positive note, rising by approximately 3% to reach over $63,260. This surge is largely driven by Metaplanet, a Tokyo-listed investment firm, acquiring 117.7 BTC, valued at approximately $7.19 million, to safeguard against Japan's escalating debt woes and yen volatility. Additionally, the anticipation that long-term holders will increasingly dominate Bitcoin's supply in the upcoming months has further boosted investor confidence.

Metaplanet's move is similar to that of MicroStrategy in the United States, adopting Bitcoin as a strategic reserve asset. This decision is a direct response to sustained economic pressures in Japan, including high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen.

Furthermore, Boston hedge fund Bracebridge Capital has revealed decent exposure to the recently launched spot Bitcoin exchange-traded funds (ETFs) in the United States, owning $262 million worth of Ark 21Shares Bitcoin ETF (ARKB), $81 million worth of BlackRock's iShares Bitcoin Trust (IBIT), and $20 million worth of Grayscale Bitcoin Trust (GBTC) shares. This exposure hints at increasing confidence in BTC's viability and longevity as an investment asset.

Bitcoin's price rally today is part of a rebound trend that has witnessed a 12% growth since the beginning of May. Interestingly, this bounce aligns with an increase in the 30-day average supply held by Bitcoin's long-term holders, a cohort that represents entities holding BTC for more than 155 days. As of May 13, these entities collectively hold over 13.992 million BTC, an increase from 13.982 million BTC, which was the lowest supply held since January 2023.

From a technical perspective, Bitcoin's rise today is part of a rebound that started after testing a support confluence comprising a short-term ascending trendline and a horizontal level at around $60,000. The bounce is part of a consolidation trend occurring inside what appears to be a falling wedge pattern, characterized by two converging descending trendlines meeting at an apex, which, in this case, is around $54,000. Falling wedges are bullish reversal patterns that culminate when the price breaks above the upper trendline, potentially leading to a price increase equivalent to the maximum distance between the upper and lower trendlines at the widest point of the wedge.

Overall, Bitcoin's price surge today is driven by a combination of fundamental and technical factors, including Metaplanet's entry into the cryptocurrency sector, growing BTC supply among long-term holders, and a technical rebound within a falling wedge pattern.