MicroStrategy Continues Bitcoin Acquisition Streak

Bitcoin (BTCUSD) price breached the 100K mark once again on January 5, 2025, following a strong bullish recovery from the 91K support.

After surging to a new all-time high above $100,000 earlier in the day, Bitcoin faced a steep bearish correction. However, the cryptocurrency found support around 91K, triggering a bullish reversal.

Interestingly, Bitcoin's return to 100K seems to be primarily driven by spot demand rather than leverage, as open interest and funding rates showed limited changes.

The H1 chart reveals an uptrend, with the price bouncing multiple times at the trend line, continuing its bullish path. The price broke above the 100K level, making a bullish breakout on the intraday charts. This could be significant as it's the first time the cryptocurrency has surged back towards 100K after the holiday period.