Bitcoin Rises Above $86,000 Why Is BTC Up Today?

The price of Bitcoin continues to rise today, reaching a new all-time high above $86,000. The most recent surge appears to be driven by the announcement of MicroStrategy’s latest BTC purchase amid overall positive market sentiment.

Bitcoin price rises above $86,000

BTC is up today, posting gains of over 6.8% in the last 24 hours and is closing at 30% for the week.

At the time of writing, it is trading above $86,000, showing a new ATH at $86,626.

Source: TradingView

This has also caused considerable turbulence in the derivatives market, where almost $700 million in leveraged positions were wiped out.

Interestingly, despite BTC breaking, most of the liquidations are coming from long traders.

Source: CoinGlass

This incredibly explains the dangers of trading with high leverage. Even during bull markets like the current one, excessively high leverage can lead to quick liquidations due to enormous price volatility.

Why is BTC price going up today?

Perhaps the most obvious reason for the broader crypto rally is the election of Donald Trump as the 47th President of the United States. He has made a number of very important promises during his campaign and now it is his responsibility to deliver on them.

However, the most specific reason for Bitcoin’s rally in the last 48 hours is probably the fact that MicroStrategy bought another $2 billion in BTC.

That’s right, the company bought 27,200 BTC at an average price of $74,463. Interestingly, the company has already raised more than $300 million with its latest investment alone.

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