Originally published on: December 16, 2024
Bitcoin made headlines once again as it surged past $104,020, targeting fresh all-time highs with a nearly $2,000 spike in just one hour. This bullish movement coincided with the opening of the traditional finance trading week in the United States on December 16th.
The surge in Bitcoin’s price came after MicroStrategy, a business intelligence firm, announced another significant purchase of Bitcoin worth $1.5 billion, increasing their total holding to 439,000 BTC ($46.38 billion). This news was met with positive market reactions, with analysts suggesting that MicroStrategy’s recent inclusion in the Nasdaq 100 index could pave the way for future BTC capital raises.
Analysts also noted the strong demand from spot buyers at current levels, just shy of all-time highs. Short-term price focus is now shifting to the $108,000-$111,000 range, with potential opportunities for further gains.
Looking ahead, traders are keeping an eye on the $150,000 level on the Kraken exchange as a possible longer-term consolidation range. Once Bitcoin hits its round-number target, altcoins could see sustained growth, providing investors with additional opportunities in the crypto market.
While Bitcoin led the top 10 cryptocurrencies by market cap in terms of daily gains, Ethereum (ETH) also saw a 1.2% increase to around $3,950. As the market continues to evolve, investors should conduct their own research and due diligence before making any investment decisions.
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