Bitcoin price saw a significant increase this week, breaking past the $97,750 resistance level. The rally was fueled by MicroStrategy's continued investment in Bitcoin, adding another $209 million to its holdings.
Bitcoin price has gained 7% in the last three days, briefly breaching the $97,750 resistance on Thursday. Crypto stocks attracted investor interest on Thursday, with Coinbase (COIN) and Microstrategy (MSTR) rising 3%. Bitcoin daily active addresses plunged to a 50-day low of 676,000 wallets on Thursday. Bitcoin price crossed $97,750 on Thursday, rising 7% since MicroStrategy’s latest BTC $200 million purchase on Monday December 29.
On-chain data shows user activity on the Bitcoin network is still trending 30% below last month's peak, signalling potential for more gains ahead. Bitcoin price along other crypto-related assets experienced intense downward volatility in the second half of December 2024. The market shake-up was triggered by the US Federal Reserve's hawkish stance, as the regulator hinted at fewer rate cuts in Q1 2025 during the FOMC meeting on December 17. BTC price rapidly fell 15% in an ensuing two-week-long sell-off, dropping from it's all time high of $108,850 on December 17, to hit the $91,500 mark on Monday. However, Bitcoin price trends flipped positive on Monday after MicroStrategy extended its weekly BTC buying spree with another $209 million purchase. Since the announcement on December 30, BTC price has rebounded 6.8% to reclaim the $97,800 level at the time of publication on Thursday. Despite recent volatility that saw MicroStrategy’s MSTR stock price retrace by more than 30% in the last weeks of December 2024, CEO Michael Saylor doubled down on its company’s audacious target to acquire $42 billion worth of BTC over the next 3 years. This move appears to have triggered positive sentiment among pre-market speculator
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