Bitcoin(BTC) hits new record high with surge to $107k

Bitcoin has broken yet another record, rising to a new high above $107,000. After regaining the psychological $100,000 barrier, Bitcoin btc1.86% Bitcoin rose further, reaching a high of $107,172 on the US-based cryptocurrency market Coinbase. The flagship digital currency reached a new all-time high when the world’s largest corporate BTC holder purchased another $1.5 billion worth of it.

Bitcoin surpassed $104 on December 5, 2024. However, profit-taking caused it to fall to a low of $97,044, from which it battled to recover over the next nine days. On December 15, 2024, bulls boosted the price over its previous high in response to optimistic statements from US President-elect Donald Trump.

BTC’s rise to surpass $107k occurred after MicroStrategy purchased 15,350 BTC, bringing its total holdings to 439,000. As the price of Bitcoin reached a new all-time high, MicroStrategy’s shares soared, beginning with a 6.5% increase in pre-market trading.

Bitcoin’s ascent, which analysts think will continue, marked yet another key milestone. In a post on X, veteran trader Peter Brandt noted the Bitcoin-to-gold ratio, which has reached a fresh high of 39. At this price, 39 ounces of gold are required to purchase one Bitcoin. Brandt stated that the next resistance level might be at 89, indicating that Bitcoin will continue to climb against the precious metal. Gold was priced at $2,670.3 per ounce at the time of writing.

Meanwhile, spot Bitcoin exchange-traded funds have had net inflows for the past five days. From December 9 to 13, the market saw total inflows of $2.17 billion. With a crypto-friendly Trump administration poised to enter office in the United States, factors such as spot ETFs and more regulatory clarity are fuelling bullish sentiment, with BTC’s next goal being $110,000.

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