Why did the price of Bitcoin rise today?
Bitcoin (BTC) price is on the verge of breaking above $100,000 for the first time after gaining 2.08% in the last 24 hours since December 11th. Since breaching the six-figure milestone last month, Bitcoin has only closed six daily candles above $100,000.
Bitcoin 1-Day Chart. Source: Cointelegraph/TradingView
Microstrategy, to expand Metaplanet BTC stash
The rise in Bitcoin price follows MicroStrategy and Metaplanet's decision to raise capital and add more BTC to their current holdings in 2025.
MicroStrategy announced that the company is preparing to raise up to $2 billion in a public underwriting offering of perpetual preferred stock. The purpose of the offering remains to strengthen the company's balance sheet and add more bitcoins to its current holdings.
The company added that the current decision extends the 21/21 plan, to collect $ 21 billion in equity and fixed income instruments over the next three years.
Something is not quite right. pic.twitter.com/vRTAH2xTCX
— Michael Saylor⚡️ (@saylor) January 5, 2025
Moreover, Michael Saylor, founder of MicroStrategy, released a chart from SaylorTrack.com, hinting at another buy.
Similarly, Simon Gerovitch, the CEO of Metalplanet, took to X on January 5 and plans to increase the Japanese investment company's BTC to 10,000, which is a five-fold increase on the current stock of 1,762 BTC. Metaplanet has actively stockpiled Bitcoin in 2024, with the firm's most recent purchase of 619.7 BTC on December 23rd.
Related: Metaplanet Eyes To Grow Bitcoin Holdings To 10K BTC By 2025
Interestingly, Metaplanet's stock price has increased from $350 to $3,575, or around 1000%, since it began buying bitcoin on April 23, 2024.
Bitcoin ETFs witness $908M in revenue.
Another positive booster for the BTC price is the Bitcoin ETF after it posted its highest gain in six weeks. On January 3, US spot Bitcoin exchange-traded funds received $908 million after massive outflows.
Bitcoin ETF flows chart. Source: farside.co.uk
Fidelity Wise Origin Bitcoin Fund (FBCC) led the flood with $357 million, while BlackRock's EiShare Bitcoin Trust (IBIT) recorded $253 million.
Breaking $100,000 is key for BTC price.
From a technical perspective, $100,000 remains a key psychological resistance for Bitcoin, having been tested four times since December 19 without a confirmed breakout above the level.
Bitcoin 4-hour chart. Source: Cointelegraph/TradingView
However, a cup-and-handle pattern is currently visible on the four-hour chart, which could see Bitcoin break above $100,000 in the next few days.
Based on this pattern, a daily close above $100,000 could trigger a price volatility of 7.50%, placing Bitcoin's immediate target at $106,450. Meanwhile, the Relative Strength Index (RSI) is consolidating above 50, suggesting that BTC price has room to run before entering “overbought” territory.
Related: Bitcoin price move above $100K could push SOL, SUI, ICP and ENA higher.
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.
