According to PANews, Singapore-based crypto investment firm QCP Capital observed that Bitcoin (BTC) broke through the $106,500 mark earlier in the Asian trading session, setting another record high. Over the past 12 hours, short liquidations totaling $151 million fueled Bitcoin’s upward momentum, driven by insufficient market liquidity and overconfident weekend traders facing a squeeze.
Bitcoin's all-time high Bitcoin-to-gold ratio during this rally has further solidified its status as "digital gold," cementing its role as a preferred store of value compared to traditional gold.
Additionally, MicroStrategy’s inclusion in the Nasdaq 100 amplified positive sentiment. Michael Saylor, the company’s executive chairman, hinted at plans to continue acquiring Bitcoin even as its price surpasses $100,000. This inclusion could attract passive funds to MicroStrategy shares, indirectly facilitating its Bitcoin purchases.
QCP Capital emphasized that Bitcoin’s recent performance remains driven by market sentiment rather than macroeconomic factors. While the Federal Reserve’s meeting this week appears to be a minor backdrop, a surprisingly dovish stance from the Fed could still provide additional support for Bitcoin’s price trajectory.
