Bitcoin (BTC/USD) is trading around $102,000, down 2.45% in the past 24 hours, after one of the first corporate treasuries to adopt BTC, Sequans Communications S.A. (NYSE: SQNS), sold 970 BTC to pay down half of its outstanding debt.
The move, part of a balance sheet restructuring, has left traders questioning whether the bull market’s momentum is losing steam.
Sequans Sells 970 BTC, Halves Debt Load
Sequans, a France-based IoT semiconductor company and early BTC adopter, said it redeemed 50% of its $189 million convertible debt, reducing leverage to $94.5 million. The sale brought its Bitcoin holdings down to 2,264 BTC from 3,234 BTC, worth roughly $240 million at current prices.
The firm’s debt-to-NAV ratio dropped from 55% to 39%, giving it more flexibility to optimize its treasury strategy.
Despite the sale, CEO Georges Karam reaffirmed Sequans’ long-term commitment to Bitcoin, calling the move “a tactical decision to strengthen financial foundations.” The company plans to expand its ADS buyback program, potentially boosting its Bitcoin-per-share metrics.
BTC Technical Picture: $100K Support in Focus
Bitcoin price prediction remains bearish as BTC’s latest drop extends a sharp 8% correction from $111,000, carving a descending wedge on the 4-hour chart, a structure that often precedes bullish reversals. The chart shows fading bearish momentum, with each selloff producing higher lows inside converging trendlines.
Momentum indicators also show mixed signals. The RSI at 31 flirts with oversold territory, while a subtle bullish divergence hints that accumulation may be underway. Meanwhile, the 50-EMA ($103,500) and 200-EMA ($105,200) cap the upside.
If BTC reclaims $103,600, a short-term rebound could target $106,300, then $111,200, aligning with prior resistance zones. A failure to hold $100,400, however, could invite a deeper correction toward $97,600–$95,000, near September’s price base.
What Comes Next for BTC?
Traders remain divided on whether Sequans’ sale signals broader institutional caution or a temporary adjustment. From a technical standpoint, Bitcoin’s wedge formation suggests the market may be nearing a local bottom.
A confirmed breakout above $103,600 could open a recovery path toward $115,000 and potentially $120,000, assuming volume supports the move.
For now, short-term sentiment remains fragile, but long-term conviction in Bitcoin’s role as a reserve asset appears intact, particularly as corporate treasuries like Sequans refine their balance sheet strategies ahead of the next market cycle.
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