Bitcoin just smashed through $120,000. It hit a new all-time high of $123,091.61 this morning, July 14, 2025. Is this the start of a new era for crypto, or a signal to pump the brakes? Let’s break it down.
A Record-Breaking Surge
The king of crypto is on fire. Bitcoin climbed 12% over the past week, fueled by a massive 151% spike in trading volume—$108.01 billion in just 24 hours.
The daily BTC/USDT chart has been screaming bullish since early June, with higher highs and higher lows. The July 10 candle sealed the deal: a strong bullish close at $118,869.98 with 16.94K BTC in volume. The weekly chart? Even more convincing, breaking March’s previous high with a 7.78% candle and rising volume. No historical resistance stands above $120,000, paving the way for this breakout.
Why Is Bitcoin Skyrocketing?
The fuel behind this rally is institutional money. BlackRock’s IBIT Bitcoin ETF now holds $84 billion in assets under management—reaching that mark in just 200 days. Compare that to gold’s GLD ETF, which took 15 years to hit the same level. This flood of capital is squeezing Bitcoin’s limited supply.
Public companies are joining the party. As of today, 130 listed firms hold $87 billion in Bitcoin—3% of the total circulating supply. MicroStrategy leads with 597,325 BTC, worth $70 billion. MARA Holdings follows with 49,940 BTC as of June’s end.
Macro tailwinds are helping too. Markets are betting on a U.S. Federal Reserve rate cut in September, with a 57.2% chance of a 25-basis-point reduction, per CME Group data. Lower rates make risk assets like Bitcoin more attractive. The July 30 meeting has only a 6.7% chance of a cut, so all eyes are on September.
Washington’s Crypto Push
The U.S. political scene is turning crypto-friendly. This week, dubbed “Crypto Week” by the House of Representatives, will see votes on three key bills:
- CLARITY Act: Splits oversight between the SEC and CFTC, creating a clear legal framework for crypto.
- GENIUS Act: Regulates dollar-backed stablecoins, prioritizing consumer protection.
- Anti-CBDC Surveillance State Act: Blocks the Fed from launching a trackable digital currency.
Backed by Republican leadership, these bills signal a push to keep the U.S. at the forefront of innovation. House Speaker Mike Johnson calls them a step toward global leadership. Even Trump’s proposed tariffs—30% on EU and Mexico, 50% on Brazil—haven’t dented Bitcoin’s momentum.
What Analysts Are Saying
The $120,000 breakout has analysts buzzing. Rachel Lucas of BTC Markets sees $125,000–$128,000 as the next test if momentum holds. Jeff May from BTSE agrees, targeting $125,000 in one to two months. Eugene Cheung of OSL is bolder, projecting $150,000 by year-end.
On the technical side, Michaël van de Poppe expects short-term pullbacks but remains bullish, eyeing $150,000 in Q3. However, pseudonymous trader Capo warns of euphoria-driven reversals, pointing to potential tops forming in traditional markets.
Chart Signals to Watch
The daily chart shows a strong bullish candle today, closing above the prior high with robust volume. Resistance looms between $123,000 and $125,000, with $128,000 as a psychological hurdle. Support sits at $118,000, with the 21-day moving average near $112,000 as a deeper fallback.
The weekly chart is wide open. With no historical resistance, sustained volume could drive Bitcoin toward loftier targets.
What’s Driving the Market This Week?
Key economic data and policy moves will shape Bitcoin’s path. On Tuesday, July 15, the Consumer Price Index (CPI) drops:
- Monthly CPI: Expected at 0.3%.
- Annual CPI: Forecasted at 2.6%.
- Core CPI (excluding food and energy): Projected at 0.3%.
Higher-than-expected inflation could delay Fed rate cuts, pressuring Bitcoin. Lower or on-target numbers would boost bullish sentiment.
Wednesday, July 16, brings a double whammy. The House will hold a hearing on digital asset taxation, which could reshape how crypto profits are reported. The Producer Price Index (PPI), a leading inflation indicator, is also due, with a 0.3% monthly rise expected.
Finally, the Fed’s Beige Book will offer qualitative insights into the U.S. economy, influencing future policy decisions.
The Bottom Line
Bitcoin’s surge past $123,000 is a bold statement. Institutional adoption, favorable macro conditions, and pro-crypto legislation are driving the rally. But with big moves come big risks. Watch the charts, track the data, and stay sharp. This week could set the tone for what’s next.
What’s your take—will Bitcoin keep climbing, or is a correction looming?
