Bitcoin Price Eyes ‘Round Number’ As Bulls Run Above $106K
Bitcoin (BTC) targets fresh all-time highs on Wall Street on December 16 as the US TradFi trading week opens with a pop.
BTC/USD 1-Hour Chart. Source: Cointelegraph/TradingView
The price of BTC is looking for a new record
Data from Cointelegraph Markets Pro and TradingView captured BTC price gains of nearly $2,000 per hourly candle.
Contrary to previous weekly open positions, markets were reacting positively to the news that business intelligence firm MicroStrategy had added more BTC to its corporate treasury. The latest purchase is worth $1.5 billion in BTC, taking the firm's holdings to 439,000 BTC ($46.38 billion).
Commenting on the move, trading firm QCP Capital suggested last week that Microstrategy's inclusion in the Nasdaq 100 index could be the basis for future BTC capital increases.
In a post to Telegram channel subscribers, he argued, “This inclusion will allow MicroStrategy's shares to enter, indirectly allowing the company to easily raise funds to acquire bitcoins.”
Microstrategy stock with BTC price (screenshot). Source: MSTR Tracker
Short-term BTC price volatility continues following Bitcoin's weekly close. Analyzing the behavior of the exchange's order book, popular trader Skew notes that spot buyers are still interested at current levels, which are just inches from all-time highs.
“Position demand starts at $98K and lower but is likely to see the bid balance increase with market momentum/strength,” he wrote in one of his recent posts on X.
Skew Ask the money to form between $108,000 and $111,000, which could create a new short-term price focus next.
“$600M + closed in short positions at a value of over $104k,” he added about Binance derivatives.
“To continue from here, it's important to see spot purchases and momentum above $104K.”
BTC/USDT Derivatives for Binance. Source: Skew/X
Highlighting further, popular analyst account Bitcoindata21's long-term consolidation range is starting with whale-eyes signals on Kraken.
The position in question was centered around $150,000.
“Kraken whales are starting to tell us where the price of Bitcoin will drop in the coming months. Some will sell orders above this, which may be similar to what stopped the price from rising earlier this year,” he told X followers earlier in the day.
“When the requests are in the overlapping range, the probability of slowing down increases.”
XBT/USDT futures on Kraken. Source: Bitcoindata21/X
Bitcoin is different from the main altcoins
Next, another trader Roman suggests that once BTC/USD reaches the round number target, altcoins may steal the limelight permanently.
Related: BTC Price ‘Base Case' Now $140K: 5 Things to Know in Bitcoin This Week
“Once $BTC breaks 120/130k we can see liquidity start to turn to $alts,” part of a new X post.
When $BTC broke 40k in 2020, the same logic started.
ETH/BTC 1-week chart. Source: Roman/Ex
Bitcoin, leading the top ten cryptocurrencies in terms of daily profit at the time of writing, is a stark contrast to large-cap altcoins, which saw a slight decline in the US dollar.
Ether (ETH) was the only exception, up 1.2% at around $3,950.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
