Bitcoin hits new record high with surge to $107k

Bitcoin broke a new all-time record high of over $107,000.

After reclaiming the psychological $100,000 level, Bitcoin (BTC) strengthened further, reaching $107,172 on US-based crypto exchange Coinbase. The flagship digital asset rose to this new ATH as the world’s largest institutional BTC holder purchased another asset worth $1.5 billion.

Bitcoin rose above $104 on December 5, 2024.

However, it fell to lows of $97,044 on profit taking and struggled for bullish momentum over the next nine days. On December 15, 2024, bulls pushed the price above its previous high as the market reacted to positive comments from US president-elect Donald Trump.

BTC’s rise above $107,000 occurred when MicroStrategy purchased 15,350 BTC, bringing its total holdings to 439,000. As the BTC price rose to the new ATH, shares of MicroStrategy also rose, starting with a 6.5% gain in pre-market trading.

Bitcoin’s rally, which analysts predicted could extend further, also marked another important turning point.

Experienced trader Peter Brandt highlighted in a post on X that the Bitcoin-gold ratio has reached a new 39 ATH. At this level, it takes 39 ounces of gold to purchase one BTC. Brandt suggested that the next resistance could be 89, which indicates that Bitcoin continues to strengthen against the precious metal. At the time of this writing, gold was trading at $2,670.3 per ounce.

Elsewhere, spot Bitcoin exchange-traded funds witnessed net inflows for five consecutive days.

The market recorded a total inflow of $2.17 billion between December 9 and 13. With the crypto-friendly Trump administration poised to take over the US, catalysts such as spot ETFs and increased regulatory clarity are fueling the uptrend, leaving the next target for BTC at $110,000.