Bitcoin kicked off the week with a sudden 3.58% rise, reaching $106,533. This movement is tied to various factors, including MicroStrategy's involvement and potential changes in US policy under Donald Trump.
MicroStrategy's Impact on Bitcoin Market
Led by Michael Saylor, MicroStrategy has joined the Nasdaq 100 index. This could increase demand for MicroStrategy's shares, potentially boosting Bitcoin purchases, as MicroStrategy currently holds 423,650 BTC worth $44.58 billion.
Trump's Plans for Cryptocurrencies
Donald Trump may take office again in January, and rumors of a potential strategic Bitcoin reserve spark interest in the community. This could significantly boost the entire ecosystem if realized.
Technical Analysis of Bitcoin Market
Bitcoin hit a new all-time high, staying above $100,000. The RSI is currently at 77, indicating an overbought condition. Analysts predict $110,000 around Christmas and potentially $120,000 by the end of 2024.
With factors such as MicroStrategy's activity and Trump's potential plans, Bitcoin's future looks optimistic. However, the upcoming Federal Open Market Committee meeting might present challenges.
