Cointime

Cointime

Download App
iOS & Android

Why is Bitcoin price up today?

Cointime Official

From cointelegraph by Yashu Gola

Bitcoin’sBTC$101,608price has jumped 2.65% in the last 24 hours to reach around $102,645 on Dec. 14. One of the factors for the gain is MicroStrategy’s inclusion into the Nasdaq 100 Index, an index of 100 top non-financial companies on the Nasdaq.

BTC/USD daily price chart. Source: TradingView

Moreover, the positive inflow streak across most US-based spot Bitcoin exchange-traded funds (ETF) continues alongside technical factors that are also boosting BTC’s price today.

Bitcoin becomes passive Wall Street asset thanks to MicroStrategy

Bitcoin’s gains followed Nasdaq Global Indexes’ decision to add MicroStrategy to their Nasdaq 100 Index.

The move follows MicroStrategy’s boom in 2024, with its share value soaring 500% year-to-date, driven by its founder Michael Saylor’s unconventional approach and outspoken advocacy for Bitcoin.

Enterprise analytics software firm MicroStrategy has gained prominence and increased its valuation since it began accumulating Bitcoin in 2020. As of December 2024, it had more than $40 billion worth of the apex cryptocurrency.

  MSTR performance against Nasdaq 100 and other top indexes and stocks. Source: MSTR-Tracker.com

Notably, at the time of the first Bitcoin acquisition, MicroStrategy’s market cap was $1.31 billion, a figure that has since increased to nearly $100 billion in December. This growth placed it ahead of about half the Nasdaq 100’s members, as shown in the chart above, which meets a key requirement for inclusion.

Theoretically, a bullish Nasdaq 100 index could now have a similar upside impact on Bitcoin, according to market analyst Alex Krüger.

“MicroStrategy included in the Nasdaq. So people have to buy MSTR because its in the index which means Saylor can sell more shares and converts to buy more bitcoin which pushes bitcoin up and then MSTR goes up which means you have to buy more shares to match the index, rinse and repeat,” he explains, adding:

“Bitcoin to infinity.”

Record Bitcoin ETF flows drive BTC prices higher

BTC’s gains today follow about two weeks of continuous inflows into US-based spot Bitcoin ETFs.

Between Nov. 27 and Dec. 13, the cumulative flow into these funds jumped from $30.43 billion to a record high of $35.60 billion, according to data tracked by Farside Investors.

Spot Bitcoin ETF cumulative flows. Source: Farside Investors

Between Dec. 2 and Dec. 8, MicroStrategy acquired 21,550 BTC at an average price of $98,783 per Bitcoin. Similarly, on Dec. 10, Bitcoin miner MARA Holdings disclosed purchasing 11,744 BTC. These significant acquisitions reflect growing institutional interest in Bitcoin as a strategic asset.

Adding to the bullish sentiment, investors are closely monitoring a proposal by Senator Cynthia Lummis to establish a US strategic Bitcoin reserve, targeting the accumulation of up to 1 million BTC over time. States like Texas are also exploring similar initiatives.

Meanwhile, a Texas lawmaker recently introduced legislation to hold Bitcoin as a reserve asset for at least five years, emphasizing that “no taxpayer funds would be spent on buying Bitcoin.”

These developments highlight a growing trend of Bitcoin adoption at both institutional and governmental levels, further driving market optimism.

Bitcoin may slip below $100,000 again

Bitcoin’s price rise today is also part of a consolidation trend occurring inside its prevailing rising wedge pattern.

A rising wedge forms when the price trades higher inside a range defined by two ascending, converging trendlines. It resolves when the price breaks below the lower trendline and falls by as much as the wedge’s maximum height.

BTC/USD daily price chart. Source: TradingView

As of Dec. 14, BTC’s price was testing the wedge’s upper trendline at around $101,900 as resistance, eyeing a pullback toward the lower trendline at around $97,500. This level aligns with the 20-day exponential moving average (20-day EMA; the purple wave).

The wedge’s downside target for December appears to be closer to BTC’s 50-day EMA (the red wave) at around $89,500.

Related: Bitcoin could hit $160K in 2025, fueled by improving macro conditions

Conversely, a decisive break above the wedge’s upper trendline will likely invalidate the bearish reversal outlook. Such a scenario would mirror Bitcoin’s behavior during the rising wedge pattern observed between August and November.

Comments

All Comments

Recommended for you

  • Amazon Shares Surge 15.2%, Biggest Gain Since 2012

    On July 31, Amazon shares surged 15.2% to $271.255 per share, marking their biggest gain since 2012, with a total market value of $2.92 trillion.

  • US Treasury Secretary Bessent Vows to Track Down Iranian Assets Globally for Terror Victims

    US Treasury Secretary Bessent said the US will actively track down Iranian assets worldwide to ensure compensation funds for victims of Iran-backed terrorist activities. Bessent stated that the US government's military and economic blockade measures against the Iranian regime will continue and will not be relaxed. (Jinshi)

  • Apple Plunges Nearly 10%, Q4 Revenue Guidance Misses Expectations

    On July 31, Apple (AAPL.US) plunged nearly 10% to $300.33, marking its biggest drop since April 2025. In terms of fundamentals, Apple's third-fiscal-quarter revenue rose approximately 16% year-over-year to $109.42 billion, slightly above analyst expectations. Among the details, product revenue came in at $78.68 billion, beating the expected $77.25 billion. However, services revenue—a key driver of its valuation re-rating in recent years—totaled $30.74 billion, missing the consensus estimate of $31.36 billion. Additionally, Greater China revenue reached $18.82 billion, with year-over-year growth slowing to 22%, also below analysts' forecast of $19.58 billion. During the earnings call, Apple guided fourth-fiscal-quarter revenue growth in the range of 9% to 11%, overall below the 12.1% analysts had expected. CFO Parekh noted that component supply constraints would impact iPhone, Mac, and iPad businesses in the fourth fiscal quarter, with currency fluctuations also constraining growth.

  • Three Fed Officials Back Rate Hike, Hawkish Pressure Builds

    On July 31, three Federal Reserve policymakers said that dissenting votes in favor of a rate hike this week stemmed from stubborn inflationary pressures, highlighting rising internal pressure on Fed Chair Warsh to act. In statements released Friday morning, Hammack and Kashkari said they worry that although the current round of price increases may stem from short-term factors such as President Trump's tariff policies and the Iran war, the inflation situation already warrants Fed action. Logan also joined in, saying that even if inflation cools, if the Fed does not raise rates, inflation is unlikely to fully fall back to the Fed's 2% target; without any policy constraints, inflation could continue to run above target until an unexpected shock occurs. Kashkari said that if inflation remains persistently stubborn, he might support a series of rate hikes, not just a single increase, to prevent inflation from becoming further entrenched. He said: "A series of small policy adjustments may be preferable to waiting for developments to unfold and ultimately having to take more forceful action." Hammack said that if the Fed does not tighten policy, price increases could continue to accelerate. She said: "Inflation has been stubbornly above 2% for more than five years, and I have no confidence that it will return to our target on its own." (Jin Shi)

  • US 10-Year Treasury Yield Rises to 4.7388%, Highest Since January 2025

    On July 31, the US 10-year Treasury yield rose to 4.7388%, the highest level since January 2025.

  • Spot Gold Intraday Decline Widens to 2%, at $4,021.08 per Ounce

    On July 31, spot gold's intraday decline widened to 2%, reported at $4,021.08 per ounce.

  • BTC Falls Below $63,000

    Market数据显示，BTC has fallen below $63,000, currently reported at $62,985.99, with a 24-hour decline of 2.99%. Market volatility is significant, please exercise risk control.

  • Fed's Logan: Leaning Toward 25 Basis Point Rate Hike

    On July 31, Federal Reserve Governor Logan said she leans toward a 25 basis point rate hike, believing inflation has not yet entered a sustainable path back to the Fed's 2% target. Logan stated that taking moderate action now would reduce the risk of needing more aggressive tightening in the future, while emphasizing that the Fed cannot rely on unexpected shocks to achieve its inflation target.

  • Fed's Logan: Taking Modest Actions Now Reduces Likelihood of Needing Stronger Action Later

    On July 31, Dallas Fed President Lorie Logan said that taking modest actions in the near term would reduce the likelihood of needing to take stronger action in the future.

  • Philadelphia Semiconductor Index Erases 5% Gain, Turns Lower

    On July 31, U.S. chip and semiconductor stocks rapidly weakened, with the Philadelphia Semiconductor Index wiping out a 5% gain and turning lower. Micron Technology, which had risen 6%, is now down 4.2%. SanDisk, which had gained nearly 10%, is now down over 6%. SK Hynix and Seagate Technology, which had risen over 8%, are now down 2%. TSMC, which had gained 4%, is now down nearly 1%.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company