Bitcoin (BTC) climbed to a fresh peak of $124,400 early on Thursday, driven by robust institutional demand, positive technical indicators, and favorable policy changes in the U.S. This surge propelled the total cryptocurrency market cap to an all-time high of $4.18 trillion.
This upward movement came after a significant breakthrough above crucial technical levels, such as the 7-day SMA at $118,892 and the 200-day EMA at $101,566. The MACD histogram showed its most bullish reading since July 2025, while the RSI14, currently at 68.5, indicates some room for growth before hitting overbought territory. Fibonacci projections now point to BTC’s next major resistance level around $126,870.
However, after briefly exceeding $124,000, Bitcoin retraced to approximately $121,800, leading traders to speculate whether this is mere consolidation before the next upward move.
Factors Driving Bitcoin’s Momentum: Institutional Demand and Policy Changes
The continued accumulation of Bitcoin by corporations and institutions remains a key factor behind the market’s momentum. For instance, SpaceX holds 8,285 BTC valued at over $1 billion, and Thumzup Media recently disclosed a $50 million crypto treasury. These developments echo Metaplanet’s recent purchase of 2,205 BTC.
Moreover, political support is playing a role in Bitcoin’s rise. The Trump administration in the U.S. has eased banking restrictions for crypto firms and enacted legislation allowing digital asset investments in retirement accounts. The introduction of the GENIUS Act, which establishes the first federal stablecoin framework in the country, has further bolstered market confidence.
The inflow of funds into ETFs has accelerated, with U.S.-listed Bitcoin ETFs attracting over $1 billion in net weekly inflows. The total ETF holdings now amount to $154 billion, underscoring strong institutional interest in the cryptocurrency.
Bitcoin (BTC) Analysts Eye $150K Target Amid Positive Momentum
Despite a significant sell-off in July by long-term holders, the largest since 2021, market experts interpret the pullback as a healthy pause. Vikram Subburaj, CEO of Giottus Crypto Platform, sees $120,000 as a new “strong support level” and views $126,000 as the breakout point that could pave the way to $150,000.
<p"Given the favorable macroeconomic conditions, increasing demand for ETFs, and growing corporate adoption, each dip may be seen as a buying opportunity rather than a signal to reverse course," highlighted Himanshu Maradiya, Chairman of CIFDAQ.
If the bullish sentiment persists, Bitcoin is poised to challenge higher psychological levels in the near future, making the recent pullback more of a temporary pause before the next upward move than a cause for concern.
Cover image from ChatGPT, BTCUSD chart from Tradingview
