crypto.news
Bitcoin has smashed past another record level with a surge to a new all-time above $107,000.
After reclaiming the psychological $100,000 level, Bitcoin (BTC) strengthened further, reaching highs of $107,172 on U.S.-based crypto exchange Coinbase. The flagship digital asset rose to this new ATH as the world’s largest corporate holder of BTC purchased another $1.5 billion worth of the asset.
Bitcoin broke to above $104 on December 5, 2024.
However, profit-taking saw it dip to lows of $97,044, where it struggled for upward momentum over the next nine days. On December 15, 2024, bulls pushed the price above its previous high as the market reacted to positive comments from U.S. president-elect Donald Trump.
BTC’s spike to above $107k happened as MicroStrategy acquired 15,350 BTC to bring its total holdings to 439,000. As BTC price jumped to its new ATH, the shares of MicroStrategy also rose – beginning with a 6.5% uptick in pre-market trading.
Bitcoin’s rally, which analysts predict could extend further, also marked another significant milestone.
In a post on X, veteran trader Peter Brandt highlighted the Bitcoin-to-gold ratio reaching a new ATH of 39. At this level, it takes 39 ounces of gold to buy one BTC. Brandt suggested the next resistance could be at 89, indicating continued strengthening of Bitcoin against the precious metal. Gold traded at $2,670.3 per ounce at the time of writing.
Elsewhere, spot Bitcoin exchange-traded funds have witnessed net inflow for five consecutive days.
The market recorded total inflows of $2.17 billion between December 9 and 13. With a crypto-friendly Trump administration set to take over in the U.S., catalysts such as spot ETFs and increased regulatory clarity are driving bullish sentiment, with the next target for BTC at $110,000.