Bitcoin (BTC) Trades Up 1.27% to $99,021 After Reaching Intraday Highs of $99,888

At the time of writing, Bitcoin is trading up 1.27% in the last 24 hours to $99,021 after reaching intraday highs of $99,888, just shy of the $100,000 mark.

At the time of writing, Bitcoin is trading up 1.27% in the last 24 hours to $99,021 after reaching intraday highs of $99,888, just shy of the $100,000 mark.

Bitcoin began to rise from lows of $91,887 on Dec. 31 and has continued into the new year; Bitcoin has marked six straight days of gains since this date and would mark its seventh, assuming today closes in green.

Bitcoin touched record highs of $108,268 on Dec. 17, 2024. However, the rally faded shortly thereafter, likely due to year-end profit-taking and hawkish Fed rate predictions.

As Bitcoin makes another push beyond $100,000, expectations are rising in the cryptocurrency market.

What's happening?

MicroStrategy (NASDAQ:MSTR) could announce a fresh Bitcoin purchase today, Monday, according to a teaser tweet from cofounder Michael Saylor. Since late 2024, Saylor has tweeted a chart of the SaylorTracker about a day before disclosing new purchases, causing BTC prices to rise in anticipation but then fall when official announcements are made.

Also on the macroeconomic agenda, investors will be watching closely as Federal Reserve officials meet again in January to make monetary policy decisions. The CME FedWatch Tool reports that traders on the Fed funds futures market predict a pause in rates at the next meeting.

In December, the Federal Reserve dropped interest rates by a quarter percentage point but stated that there would be fewer rate cuts in 2025.