BTC Surges Past $107K as Microstratergy, Riot Increase Holdings
Bitcoin is trading above $107,300 on Tuesday after hitting $107,793 the day before.
Corporations such as Microstrategy and Riot platforms, which bought more Bitcoin, encourage the increase.
Technical indicators suggest a rise to $119,500.
Bitcoin (BTC) traded above $107,000 on Tuesday after hitting a record high of $107,793 the previous day. Microstragerty and Riot, which bought more BTC, are driving BTC’s rise. Bullish technical indicators support the rally and target $119,500.
Bitcoin’s rise, driven by corporate demand
Earlier this week, Bitcoin hit an all-time high of $107,793. This surge could be due to demand for Bitcoin from businesses.
Michael Salyor’s MicroStrategy (MSTR) revealed on Monday that it had purchased 15,350 BTC for $1.5 billion at $100,386 each. MSTR owns 439,000 BTC, purchased for $27.1 billion at $61,725 each. Bitcoin hit an all-time high of $107,793 that day amid the crypto community’s debate.
Riot Platforms has declared 667 BTC additions at $101,135 each. Riot has 17,429 BTC worth $1.8 billion.
In addition to corporate demand, institutional inflows are helping Bitcoin surge. Bitcoin Spot Exchange Traded Funds (ETF) data showed an inflow of $637.5 million on Monday, maintaining its high from Nov. 27.
In an exclusive interview with FXStreet, Trade Nation’s head of brokerage solutions Anthony Rousseau said, “Bitcoin is entering an escape velocity phase” due to rising corporate and institutional demand.
A real-time supply shock occurs when Bitcoin's fixed supply meets rising demand, driving up prices, Rousseau said.
"Many holders remain reluctant to sell at current levels, suggesting further upside potential towards the end of the year," Rousseau added.
Bitcoin hit $107,793 on Monday after rising more than 3% in the previous week. It traded above $107,300 on Tuesday
If BTC continues to rise, it could reach $119,510, its new ATH. From the low of $66,835 on November 4th to the high of $104,088 on December 5th, this level represents 141.4% Fibonacci Extension.#TopCoinsSeptember #TopCoinsSeptember2024 #BinanceSquareFamily $ETH