Bitcoin price hits fresh high at $107,500 as miner holdings and demand grow
Bitcoin hits all-time high at $107,500, institutional players drive bullish momentum
Bitcoin shows no signs of slowing down, as it reached a fresh all-time high at $107,500 on December 16, surpassing last week’s record of $103,700.
As momentum builds, institutional players and Bitcoin miners, such as Riot Platforms and MicroStrategy, continue to accumulate significant holdings, supporting the bullish outlook.
BTC price dynamics (July 2020-December 2024). Source: TradingView
The latest rally saw Bitcoin push above the critical $100,000 threshold, a level that now holds as psychological support. Notably, the 4-hour chart shows Bitcoin’s 100 EMA nearing the $100,000 mark, reinforcing the significance of this level in the near term. With the Relative Strength Index (RSI) moving back into overbought territory, a level last seen in November.
Riot and MicroStrategy drive bullish momentum
The ongoing bullish trend coincides with aggressive accumulation strategies by major firms. Riot Platforms recently acquired 667 BTC worth $69 million at an average price of $101,135 per Bitcoin, bringing its total holdings to 17,429 BTC. Riot’s move aligns with MicroStrategy’s well-established Bitcoin acquisition strategy, spearheaded by Chairman Michael Saylor. The latter announced the purchase of 15,350 BTC for $1.5 billion, averaging $100,386 per Bitcoin. MicroStrategy now holds an impressive $27.1 billion in Bitcoin, with its stock price soaring nearly 500% year-to-date.
Riot’s approach has proven profitable, as its stock price surged 8% following the acquisition news. The company reported a 36.7% Bitcoin yield for Q4 and a year-to-date yield of 37.2%, showcasing the effectiveness of its combined mining operations and strategic acquisitions. Competitor Marathon Digital (MARA) also added 11,774 BTC last week for $1.1 billion, emphasizing the growing competition among miners to increase reserves.
While Bitcoin sees the $110,000 level, $103,700 now is immediate support. With strong institutional demand and rising miner holdings, Bitcoin’s bullish momentum appears well-supported, though overbought indicators suggest caution for short-term traders.
Bitcoin surged to a record high of $106,000, breaking its previous all-time high of $103,700.Market optimism surrounding pro-crypto policies drove Bitcoin to a 10% year-to-date gain.
