Bitcoin Reaches $124,400 Before Pulling Back to $121,800
Bitcoin (BTC) Reaches New All-Time High
Bitcoin surged to an all-time high of $124,400 due to strong institutional demand and favorable U.S. policies, pushing the total crypto market cap to $4.18 trillion.
- Breakout above key technical levels: 7-day SMA at $118,892 and 200-day EMA at $101,566.
- MACD histogram shows bullish momentum; RSI14 at 68.5 indicates room before overbought conditions.
- Fibonacci projections suggest resistance near $126,870.
- Current price retraced to about $121,800, leading to speculation of consolidation.
Institutional Demand and Policy Support
- SpaceX holds 8,285 BTC valued over $1 billion.
- Thumzup Media announced a $50 million crypto treasury.
- U.S. policy changes include reduced banking restrictions for crypto firms and legislation allowing digital assets in retirement accounts.
- The GENIUS Act introduces a federal stablecoin framework.
- Bitcoin ETFs have seen over $1 billion in net weekly inflows; total holdings reach $154 billion.
Future Price Targets
- Market analysts view July sell-off as a healthy pause.
- $120K is considered a sturdy floor; $126K could lead to a push towards $150,000.
- Strong macro factors and rising corporate adoption support a buying opportunity during dips.