BTC rises beyond $107K as Microstratergy and Riot increase holdings

Bitcoin trades over $107,300 on Tuesday after hitting $107,793 the day before.

Corporates like Microstragertgy and Riot platforms, who bought more Bitcoin, encourage the surge.

Technical indicators imply a surge to $119,500.

Bitcoin (BTC) traded over $107,000 on Tuesday after touching a record $107,793 the day before. MicroStragerty and Riot Platforms, who bought more BTC, boost the BTC surge. Bullish technical indicators back the climb and aim $119,500.

Bitcoin's ascent, driven by corporate demand
At the start of the week, bitcoin hit $107,793, its ATH. This surge may be due to firms' Bitcoin demand.

Michael Salyor's MicroStrategy (MSTR) revealed on Monday that it has bought 15,350 BTC for $1.5 billion at $100,386 per. MSTR owns 439,000 BTC, bought for $27.1 billion at $61,725 each. Bitcoin reached an all-time high of $107,793 that day due to crypto community debate.


Riot Platforms declared 667 BTC additions at $101,135 each. Riot has 17,429 BTC worth $1.8 billion.


Apart from business demand, institutional inflows are helping Bitcoin soar. Bitcoin Spot Exchange Traded Funds (ETF) data showed a $637.5 million inflow on Monday, maintaining its bullish run from November 27.

In an exclusive interview with FXStreet, Trade Nation Head of Brokerage Solutions Anthony Rousseau said, “Bitcoin is entering a phase of escape velocity” due to increased corporate and institutional demand.

A real-time supply shock occurs when Bitcoin's fixed supply meets rising demand, pushing prices higher, Rousseau stated.

“Many holders remain unwilling to sell at current levels, suggesting further upside potential toward year-end,” Rousseau added.

Bitcoin hit $107,793 on Monday after rising over 3% in the previous week. Trades over $107,300 on Tuesday

If BTC keeps rising, it might touch $119,510, its new ATH. From the November 4 low of $66,835 to the December 5 high of $104,088, this level represents the 141.4% Fibonacci extension.

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