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Bitcoin (BTC) 
$106,308 set a new record by exceeding $106,000 during the Asian trading session. In the last 12 hours, a total of $151 million in short positions were liquidated, contributing to the upward price movement. The low liquidity over the weekend and negatively trending funding rates on Deribit triggered a bullish breakout in the market, placing short positions under pressure.
BTC to Gold Ratio Hits New High
The BTC to Gold ratio, indicating Bitcoin’s value against the precious metal, reached an all-time high during this movement. This development strengthens Bitcoin’s status as “digital gold,” further solidifying its position as a preferred store of value over traditional gold. According to QCP Capital analysts, this unique increase is a testament to the market’s long-term confidence in Bitcoin.
Moreover, the increasing interest from companies in Bitcoin is contributing to BTC’s market capitalization growth. Particularly, MicroStrategy’s inclusion in the Nasdaq 100 index has created a positive atmosphere in the cryptocurrency market. The company’s founder, Michael Saylor, indicated that they might continue to make new purchases even if Bitcoin’s price exceeds $100,000. This situation is significant as it could increase passive funds’ interest in MicroStrategy shares, facilitating more capital for Bitcoin.
Central Banks’ Agenda Takes a Backseat
On the other hand, QCP Capital analysts do not expect this week’s central bank meetings to significantly impact Bitcoin’s price movements. According to the analysts, the market is currently driven completely by sentiment. However, an unexpectedly accommodating policy from the Federal Reserve and a soft stance from Fed Chair Jerome Powell could further contribute to Bitcoin’s upward movement.
Analysts note that Bitcoin has recently displayed a more independent performance compared to traditional markets. The market is expected to continue moving based solely on supply and demand dynamics in the upcoming weeks. As Bitcoin prepares to enter the new year, it looks poised to push its historical peaks even higher.
