Bitcoin has surged beyond $122,200, drawing even closer to its July record of $123,200.
Key Takeaways
- Bitcoin is currently priced at around $121,211, holding firm near the $121-122K range after the recent rallies.
- Real-time technicals show strong bullish momentum: RSI in daily chart elevated (~65), MACD clocks a bullish crossover.
- Robust spot ETF inflows, approximately $253 million last week, as well as growing accessibility through proposed 401(k) crypto allocations serve as the market drivers.
This Monday morning, Bitcoin is on a bullish tear after finding support at around $120,000 on Sunday night. Following that, it made a huge jump with a 3% intraday gain through Sunday and is now cleared its way close to its former ATH (all-time high) of approximately $123,200, which was first breached on the 14th day of July, according to TradingView. As of writing (11:00 AM UTC), BTC is trading at $121,211, gaining 2.7% from its value over the past 24 hours while ranging $117,983 to $122,227 intraday, according to CoinGecko’s latest statistics of the token.
Technical Indicators Signal Strong Bullish Bias
Bitcoin’s real-time technicals as of now heavily in favor of the OG token’s bullish momentum, with its Relative Strength Index (RSI) remains elevated, recording around 66.8 which is significantly above the neutral 50 threshold. Meanwhile, the MACD indicator has triggered a bullish crossover, which is also reinforcing upward momentum as indicated in TradingView’s latest technical data analysis of the token.
According to Investing.com’s Bitcoin real-time technical analysis, most moving averages across various timeframes signal “Buy” or “Strong Buy,” indicating a market firmly in bullish territory and suggesting further upward movement.
Institutional Inflows Fuel the Rally
Bitcoin’s recent significant rally was believed to be driven by a notable institutional accumulation. Spot Bitcoin ETFs attracted an estimated $253 million in net inflows over the past week, signaling that large-scale investors continue to view BTC as a compelling asset. The trend aligns with growing demand for crypto exposure among pension funds and asset managers.
Policy Development Open New Avenues for Crypto Investment
Market’s bullish sentiment is not just influenced by technicals, but also regulatory shifts that fuel investment appetite. A recent executive order from U.S. President Donald Trump aims to enable 401(k) retirement plans to hold cryptocurrencies alongside other alternative assets like private equity. Analysts believe this could unlock a significant new channel of capital inflow into the crypto market over time.
What the Experts are Saying
Market analysts remain optimistic, with several predicting Bitcoin could challenge and potentially surpass its $123,200 record assuming the upward momentum persists. However, they caution that failure to maintain this pace could result to a short-term pullback toward approximately $116,000. For now, traders and investors are observing and looking forward for significant catalysts for the market sentiment, whether a continued rally or a pullback. One of the main factors that is being observed are the ETF inflows and macroeconomic headlines that may trigger and secure a sustained breakout.
Summary
Bitcoin has surged past $122K, approaching its prior record of $123,200. Bullish technical indicators, strong ETF inflows, and supportive policy developments are driving sentiment, with analysts watching closely for a breakout or pullback.
