Bitcoin (BTC) surged to a brand new all-time excessive of $124,400 on early Thursday, fueled by robust institutional demand, bullish technicals, and favorable U.S. coverage shifts. The transfer pushed the general crypto market cap to a report $4.18 trillion.
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The rally adopted a decisive breakout above key technical ranges, together with the 7-day SMA at $118,892 and the 200-day EMA at $101,566.
The MACD histogram widened to its most bullish studying since July 2025, whereas the RSI14 at 68.5 suggests there’s nonetheless room earlier than hitting overbought circumstances. Fibonacci projections now place BTC’s subsequent main resistance close to $126,870.
Nonetheless, after briefly surpassing $124K, Bitcoin retraced to round $121,800, prompting merchants to ask whether or not that is merely consolidation earlier than the subsequent surge.
Institutional Demand and Coverage Help Driving Momentum
Company and institutional accumulation stays a significant driver. SpaceX continues to carry 8,285 BTC price over $1 billion, whereas Thumzup Media lately introduced a $50 million crypto treasury. These strikes mirror Metaplanet’s buy of two,205 BTC earlier this week.
Political tailwinds are additionally in play. U.S. President Donald Trump’s administration has rolled again banking restrictions on crypto corporations and signed laws opening retirement accounts to digital asset investments.
The GENIUS Act, introducing the nation’s first federal stablecoin framework, has additional boosted market confidence.
ETF inflows have accelerated, with U.S.-listed Bitcoin ETFs pulling in over $1 billion in internet weekly inflows. Whole ETF holdings now stand at $154 billion, signaling deep institutional curiosity.
BTC's value information some losses after a significant spike on the every day chart. Supply: BTCUSD on Tradingview
Bitcoin (BTC) Pundits Eye $150K If Momentum Holds
Regardless of a notable July sell-off by long-term holders, the most important since 2021, market analysts see the pullback as a wholesome pause. Vikram Subburaj, CEO of Giottus Crypto Platform, views $120K as a brand new “sturdy ground” and $126K because the breakout level that might open the trail towards $150,000.
“With robust macro tailwinds, strong ETF demand, and rising company adoption, each dip could also be seen as a shopping for alternative relatively than a reversal sign,” famous Himanshu Maradiya, Chairman of CIFDAQ.
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If bullish sentiment persists, Bitcoin might quickly problem greater psychological ranges, making this newest pullback much less a warning signal and extra a pit cease earlier than the subsequent leg up.
Cowl picture from ChatGPT, BTCUSD chart from Tradingview