QCP posted on its official channel that Bitcoin broke through $106,500 in early Asian trading hours. The rise was driven by the liquidation of about $151 million in short positions in the past 12 hours, and the market squeezed shorts during a weekend of low liquidity and slack sentiment (Deribit's funding rate turned negative at one point), accelerating the rise in Bitcoin prices.
During this period, the Bitcoin/Gold ratio hit a record high, further strengthening Bitcoin's position as "digital gold" and consolidating its role as a preferred value store tool over traditional gold.
MicroStrategy's inclusion in the Nasdaq 100 Index also added momentum to market sentiment. Michael Saylor hinted that the company plans to continue buying Bitcoin even if the spot price exceeds $100,000. This inclusion may trigger passive funds to flow into MicroStrategy's shares, indirectly making it easier for the company to raise funds to buy Bitcoin.
This week's central bank meetings seem to be just background noise for the crypto market, and Bitcoin is still completely driven by market sentiment. Although the probability is extremely low, if the Fed and Powell take an extremely dovish stance, it could still provide further impetus for Bitcoin to rise.
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