📈BTC extends upside above $107K as Microstratergy and Riot expand Bitcoin holdings.📉
🚀Bitcoin price today: $107,300🚀
Bitcoin price trades above $107,300 on Tuesday after reaching a new high of $107,793 the previous day.
The recent rally in Bitcoin is supported by corporates like Microstragertgy and Riot platforms, which added more BTC to their holdings.
The technical outlook suggests a rally continuation, projecting a target of $119,500.
Bitcoin (BTC) price trades in green, trading above $107,000 on Tuesday after reaching a record level of $107,793 the previous day. The recent rally in BTC is supported by corporations like MicroStragerty and Riot Platforms, which added more BTC to their holdings. The technical outlook remains bullish, supporting the ongoing rally, and projects a target of $119,500.
🚀Bitcoin’s rise, supported by the corporations’ demand🚀
Bitcoin price reached a new all-time high (ATH) of $107,793 at the start of this week. This rise could be seen as the result of corporations' rising demand for Bitcoin.
On Monday, Michael Salyor’s MicroStrategy (MSTR) announced that the company had purchased an additional 15,350 BTC for around $1.5 billion at an average price of $100,386 per BTC. MSTR currently holds 439,000 BTC, acquired for $27.1 billion at an average price of $61,725 per Bitcoin. This activity sparked discussion in the crypto community about Bitcoin, which led to a new all-time high of $107,793 that day.
During the same period, Riot Platforms also announced that it had added 667 BTC at an average price of $101,135 per BTC. Currently, Riot holds 17,429 BTC, valued at $1.8 billion.
Apart from corporate demand, institutional inflows are also supporting Bitcoin’s rise. According to Coinglass, Bitcoin Spot Exchange Traded Funds (ETF) data recorded an inflow of $637.5 million on Monday, continuing its positive flows streak since November 27.
