Bitcoin is on Slow Pace to Reach $150,000 Momentum

Bitcoin surged toward fresh all-time highs as U.S. financial markets kicked off trading on December 16. The cryptocurrency saw a significant jump, gaining nearly $2,000 in just one hour, according to Cointelegraph Markets Pro and TradingView data.

MicroStrategy Boosts Bitcoin Confidence

Unlike recent sluggish weekly starts, this spike was fueled by news that MicroStrategy, the business intelligence firm, added another $1.5 billion worth of Bitcoin to its portfolio. This latest purchase brought their total holdings to 439,000 BTC, valued at around $46.38 billion.

Analysts at QCP Capital noted that MicroStrategy’s recent inclusion in the Nasdaq 100 index could pave the way for further Bitcoin investments. 

In a Telegram update, they explained that this listing might attract passive funds into MicroStrategy shares, indirectly allowing the company to raise more capital to purchase additional Bitcoin.

Read more: Promising 8 Airdrops to Watch on December 2024

Short-Term Price Movements and Momentum

Bitcoin’s volatility remained high after achieving its strongest weekly close on record. Popular trader Skew observed strong spot buying activity near $98,000, suggesting continued demand as Bitcoin hovers close to record levels. 

Skew also identified key resistance areas between $108,000 and $111,000, which could become short-term price targets.

“Spot demand begins at $98K but will likely rise as market momentum strengthens,” Skew explained on X (formerly Twitter). He further highlighted that $600 million in short positions were liquidated when Bitcoin surpassed $104,000. To sustain upward movement, he emphasized the importance of continued spot buying above this level.

Meanwhile, analytics account Bitcoindata21 pointed to Kraken’s whale activity, suggesting Bitcoin’s price could face slowing momentum near $150,000. Whale sell orders in this range could mirror earlier price resistance seen earlier this year, limiting rapid appreciation.

Bitcoin Dominates as Altcoins Lag

While Bitcoin led the cryptocurrency market with significant daily gains, large-cap altcoins struggled. Trader Roman predicted that liquidity may soon shift toward altcoins once Bitcoin hits key milestones, such as $120,000 to $130,000.

At the time of writing, Bitcoin clearly outperformed other major cryptocurrencies by market cap, signaling strong investor confidence. 

While altcoins showed slight declines in U.S. dollar terms, Bitcoin’s rally remained the highlight of the day.