Bitcoin’s Six-Figure Rally: What’s Next After Breaking $106,000?
Explore how Bitcoin’s new all-time high above $106,000 solidifies its position in six-figure territory and what it needs to maintain the momentum.
Today’s headlines:
Bitcoin sets a new all-time high above $106,000
MicroStrategy joins Nasdaq-100
Microsoft shareholders reject Bitcoin investment
Trump reaffirms he expects to create a strategic Bitcoin reserve
Early Bitcoin investor sentenced to prison for tax evasion
What Google’s quantum computing leap means for Bitcoin’s security
$BTC has convincingly broken through its $100,000 resistance level, rallying to above $106,000 after we temporarily dipped to close to $94,000 last week, providing over +13% weekly low-to-high returns. This new all-time high once again results in Bitcoin having 100% profitable days for every buyer and holder throughout history.
Figure 1: Bitcoin rallied to above $106,000 and is once again at 100% profitable days.
Bitcoin now needs to ensure our prior resistance is converted into support to keep the price in six-figure and price discovery territory. $BTC has continued to set higher highs and higher lows in this uptrend which does provide confidence that investor demand is still far outpacing available supply from those locking in profits.
Figure 2: Bitcoin needs to now flip the former $100,000 resistance into support.
The Big Story
MicroStrategy Joins Nasdaq-100 Index
MicroStrategy ($MSTR), a software company turned Bitcoin powerhouse, has achieved a significant milestone by securing a spot in the Nasdaq-100 Index. As of December 23, MicroStrategy will stand alongside tech giants like Apple, Microsoft, and Tesla.
Figure 3: MicroStrategy have accumulated over 423,000 BTC, and counting.
Under the leadership of Michael Saylor, a long-time Bitcoin advocate, the company began its Bitcoin journey in 2020. Today, MicroStrategy holds over 423,000 bitcoin, over 2% of the circulating supply, valued at over $44 billion.
Figure 4: MSTR Bitcoin purchases over the years from saylortracker.
Being part of the Nasdaq-100 brings significant advantages. Large investment inflows are expected from Exchange Traded Funds (ETFs) that track the index. For example, the Invesco QQQ Trust, managing $325 billion in assets, must now include MicroStrategy in its portfolio.
Key Chart
BTC vs DXY
Throughout the history of Bitcoin, we’ve seen an inverse correlation between the $BTC price and US Dollar Strength (DXY). As the relative value of USD has increased, we’ve seen Bitcoin struggle to rally substantially higher and often experience price declines.
During all of Q4 so far, we’ve seen DXY move significantly higher, and Bitcoin has rallied to new all-time highs. This has outlined the demand for $BTC even in less than favorable macroeconomic conditions for more volatile assets and leaves us wondering how high pthe rice could go when we see a USD strength begin declining once again.
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