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Bitcoin (BTC) jumped beyond $122,000 on Monday, nearing 1% of its peak of $123,218. The surge has been driven by substantial inflows into spot Bitcoin ETFs, renewed institutional accumulation, and a favorable pro-crypto stance from the White House.
During the past three trading days, U.S. spot Bitcoin ETFs attracted $773 million in net inflows, as per Farside Investors. BlackRock’s IBIT fund now possesses $80 billion in BTC, approaching the $94 billion held by the largest gold ETF.
On the corporate side, Michael Saylor’s MicroStrategy indicated ongoing Bitcoin acquisitions, enhancing its already vast $76.8 billion treasury. Henrik Andersson, CIO at Apollo Crypto, characterized the move above $122K as “simply a matter of time” following a month-long stabilization between $115K and $120K.
Trump’s Pro-Crypto Policies Spark Wave of Bitcoin Enthusiasm
A pivotal factor has been President Donald Trump’s recent executive directive permitting 401(k) retirement plans to invest in cryptocurrencies. This regulation may open up $9 trillion in retirement capital to Bitcoin, potentially fostering substantial long-term demand.
Technical indicators remain optimistic. The daily RSI stands at 67.7, indicating robust momentum without entering the overbought zone, while the MACD has exhibited a bullish crossover.
Analysts anticipate that a decisive break above $123K might trigger algorithmic buying and retail FOMO, propelling BTC toward the $126K–$129K bracket.
BTC's price trends upward on the daily chart. Source: BTCUSD on Tradingview
Wider Crypto Market Reaches $4.14 Trillion
Bitcoin’s rally has contributed to elevating the overall cryptocurrency market capitalization to a record high of $4.14 trillion. Ethereum (ETH) also soared, surpassing $4,300 for the first time since 2021, bolstered by $4 billion in institutional inflows and the introduction of ETH-focused ETFs.
Despite the bullish momentum, market sentiment remains cautious. The Crypto Fear & Greed Index is at 70/100, indicating excitement yet steering clear of extreme exuberance. Google search interest for Bitcoin has also increased slightly, hinting at potential for additional retail involvement.
With robust institutional inflows, growing corporate engagement, and clearer regulations, analysts assert Bitcoin is uniquely positioned for another upward movement. A clear breakthrough above $123K could pave the way to $130K in the near future, and potentially $150K by year-end if macroeconomic contexts remain favorable.
Cover image from ChatGPT, chart from Tradingview
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