Bitcoin has reached a historic milestone, climbing past $104,000, driven by multiple factors. Fed Chair Jerome Powell compared Bitcoin to gold, lending it legitimacy as a speculative asset. This comparison drew parallels with gold, hence attracting attention from traditional financial sectors.
Russian President Vladimir Putin also indicated an openness toward Bitcoin, contributing to its positive momentum. This comes amid speculations about a global 'Bitcoin Space Race', highlighted by President-elect Trump's proposal for a Strategic Bitcoin Reserve.
Institutional interest surged, with spot markets showing robust activity and open interest in Bitcoin futures rising. Market participants like MARA Holdings potentially accumulated Bitcoin, while retail traders remained cautiously optimistic.
Despite retail skepticism, the prevailing sentiment among institutional players remains bullish. Factors such as the breach of the 'Great Sell Wall' at $100,000 underscore a strong demand, possibly leading to further price elevation. The current momentum resembles past trends where markets often defy crowd expectations.
