Bitcoin prices surged to $95,782 on December 2, driven by MicroStrategy’s fresh buying efforts. The business intelligence firm purchased $1.5 billion worth of Bitcoin in the past week, boosting its reserves and sending markets upwards.
Data from Cointelegraph Markets Pro and TradingView show that BTC price gained over $2,000 in two hours. This rapid progress is a departure from traditional market reactions to similar purchases.
MicroStrategy’s CEO Michael Saylor confirmed the spending in a Dec 2 filing with the US Securities and Exchange Commission. CryptoQuant founder Ki Young Ju noted that this move will likely drive prices up, making returns nearly inevitable if Bitcoin breaks $100K.
Trading firm QCP Capital sees Microsoft’s upcoming board meeting on December 10 as a potential catalyst for Bitcoin to reach $100K before year-end. Microsoft’s top shareholders already have exposure to crypto, and a proposal to add Bitcoin to its balance sheet could be bullish for both BTC and other investments.
Meanwhile, the Relative Strength Index (RSI) indicator is showing signs of overbuying but is expected to rebound. Popular trader Roman sees bullish divergences forming, building volatility for higher prices. A break above $100K is imminent according to Roman’s analysis.
Source: https://cointelegraph.com/news/bitcoin-jumps-micro-strategy-buy-100-k-btc-price-in-focus