Bitcoin saw a notable surge at the Dec. 2 Wall Street open, climbing over $2,000 within two hours.
The rally came after MicroStrategy announced it had acquired nearly $1.5 billion worth of Bitcoin, adding to its already substantial holdings.
Data from Cointelegraph Markets Pro and TradingView highlighted the sharp increase in BTC price, a response that deviated from its usual muted reactions to similar news.
MicroStrategy’s filing with the U.S. Securities and Exchange Commission on Dec. 2, later confirmed by CEO Michael Saylor, detailed the week-long acquisition up to Dec. 1.
Ki Young Ju, CEO of CryptoQuant, commented on the scale of MicroStrategy’s investment.
“$MSTR spent $13.5B on 149,900 BTC, with holdings up $21.5B in 30 days,” he noted on X.
“Bitcoin market can’t absorb tens of billions short-term without driving prices up, making returns nearly inevitable. If BTC breaks $100K, the gains could grow even more as it enters price discovery.”
Trading firm QCP Capital also weighed in, mentioning an upcoming vote by Microsoft shareholders on Dec. 10 regarding adding Bitcoin to the tech giant’s balance sheet.
“Could this be the catalyst BTC needs to break 100k before year end?” the firm speculated.
QCP added that major Microsoft shareholders, such as Vanguard, BlackRock, and Fidelity, already have crypto exposure through investments in MicroStrategy, Coinbase, and similar firms.
If the proposal passes, it could further bolster Bitcoin and related investments.
At the time of writing, Bitcoin hovered around $96,000, after briefly testing support below $95,000.
Despite some volatility, sentiment among traders remained bullish, with $100,000 as the primary target.
“Nice corrective upwards consolidation here resetting RSI & other indicators,” trader Roman noted on X.
“We’re also seeing bullish divergences form while building volatility for higher. It’s a matter of time before 100k breaks!”
