Bitcoin (BTC) surged to a new all-time high of $124,400 early on Thursday, spurring strong institutional demand, bullish technology and favorable US policy changes. The move has brought the overall crypto market capitalization to a record $4.18 trillion.
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The rally followed a decisive breakout that surpassed major technology levels, with a seven-day SMA of $118,892 and a 200-day EMA of $101,566.
The MACD histogram has spread to the most bullish reading since July 2025, but the RSI14 at 68.5 suggests there is still space before you hit the conditions of overbuying. Fibonacci’s predictions show that BTC’s next major resistance is approaching $126,870.
However, after temporarily exceeding $1,24,000, Bitcoin was raised to around $121,800, urging traders to ask if this was simply consolidated before the next surge.
Institutional demand and momentum in policy support
The accumulation of companies and institutions remains a major factor. SpaceX continues to own over $1 billion in 8,285 BTC, while Thumzup Media recently announced its $50 million Cryptocurrency Department. These moves reflect Metaplanet’s purchase of 2,205 BTC earlier this week.
It also plays out political tailwinds. US President Donald Trump’s administration has signed a law that rolls back bank restrictions for crypto companies and opens retirement accounts for digital asset investments.
The genius law introducing the country’s first federal stubblecoin framework has further increased market confidence.
ETF influx is registered in the US Bitcoin ETF It attracts over $1 billion net weekly inflows. Currently, the total ETF holdings reach $154 billion, indicating deep institutional benefits.
BTC's price records some losses after a major spike on the daily chart. Source: BTCUSD on Tradingview
Bitcoin (BTC) critic $150K if momentum is held
Despite a prominent July sale by its largest long-term holder since 2021, market analysts see pullback as a healthy pause. Vikram SubburajThe CEO of Giottus Crypto Platform sees $120,000 as a new “sturdy floor” and a breakout point that could pave the way for $150,000.
“With strong macro tails, robust ETF demand and increased corporate adoption, all DIPs could be seen as a purchase opportunity rather than a reversal signal,” said Himanshu Maradiya, chairman of CIFDAQ.
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If bullish emotions persist, Bitcoin can quickly challenge higher psychological levels, and this latest pullback reduces warning signs and makes a pit stop before lifting the next leg.
CHATGPT cover image, BTCUSD chart in TradingView
