TechFlow reported on December 16 that QCP released its daily market report stating Bitcoin broke above $106,500 during the Asian morning session. Approximately $151 million in short positions were liquidated over the past 12 hours, fueling this upward move. Despite low weekend liquidity and calm market sentiment (with Deribit funding rates briefly turning negative), bulls successfully pushed prices higher.
Notably, the BTC-to-gold ratio hit a record high, further reinforcing Bitcoin's status as "digital gold." Meanwhile, MicroStrategy’s inclusion in the Nasdaq-100 Index, along with CEO Michael Saylor hinting at continued Bitcoin purchases even beyond the $100,000 level, injected fresh momentum into the market. Analysts suggest passive funds may increase exposure to MicroStrategy stock, indirectly facilitating its capital raising for further Bitcoin acquisitions.
This week's Federal Reserve meeting appeared to be mere background noise for the crypto market, as Bitcoin remains primarily driven by market sentiment. Although highly unlikely, an extremely dovish stance from the Fed and Powell could still provide additional upside momentum for Bitcoin.
