Bitcoin Continues Bull Run as Price Eyes ‘Round Number’ After Surpassing $106K
Bitcoin markets continue their push toward new price discoveries, diverging sharply from altcoins as BTC leads the charge.
Record Highs in Sight
Bitcoin (BTC) tickers down to $107,316 and targeted fresh all-time highs on Dec. 16, as Wall Street opened the U.S. trading week with a strong bullish move.
Data from Cointelegraph Markets Pro and TradingView showed BTC gaining nearly $2,000 within a single hourly candle, reflecting positive sentiment. This upward momentum followed news of MicroStrategy‘s latest BTC acquisition, where the business intelligence giant added $1.5 billion worth of Bitcoin to its treasury, increasing its holdings to 439,000 BTC (valued at $46.38 billion).
Trading firm QCP Capital suggested MicroStrategy’s recent inclusion in the Nasdaq 100 index could open pathways for future BTC capital raises. “This inclusion may trigger passive fund inflows into MicroStrategy shares, enabling easier Bitcoin acquisitions,” QCP noted on Telegram.
BTC Buyers Lead the Charge
Short-term price action saw continued volatility. Popular trader Skew highlighted strong spot demand around $98K, with liquidity likely to move higher in response to market momentum. Skew also noted significant ask liquidity forming between $108,000 and $111,000, potentially setting BTC’s next short-term price target.
“$600M+ in short positions closed out with price above $104K,” Skew observed, emphasizing the importance of spot buying and momentum to maintain current price levels.
On the long-term horizon, Kraken whale activity offered clues regarding potential consolidation levels. Analytics account Bitcoindata21 suggested a slow-down zone around $150,000, where significant sell orders could temper Bitcoin’s upward pace.
Altcoins Linger Behind BTC Gains
While Bitcoin surged ahead, altcoins struggled to keep up. Leading trader Roman predicted that BTC’s rally to $120K–130K could mark a liquidity shift into altcoins, mirroring 2020’s trend when BTC surpassed $40K and ignited an altcoin season.
“Once BTC breaks 120K/130K, we’ll likely see liquidity rotate to altcoins,” Roman stated.
At the time of writing, Bitcoin led gains among the top 10 cryptocurrencies by market cap. Ethereum (ETH) remained an exception, rising 1.2% to hover around $3,950, while most large-cap altcoins saw minor losses.
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