Bitcoin officially broke through the $123,000 mark, rising over 3% in the past 24 hours to reach around $123,500, according to CoinMarketCap data.
This surge concludes a multi-day uptrend fueled by strong institutional buying, robust inflows into spot Bitcoin ETFs, and continued bullish momentum in technical indicators.
Institutional Appetite & ETF Flow Power the Rally
Yesterday’s trading volume surged by 39.3% to over $63 billion, signaling renewed market activity. Overall market capitalization reached approximately $2.43 trillion. Analysts attribute this surge to corporate treasuries, which have reportedly purchased over $500 million in BTC in recent days.
U.S. spot Bitcoin ETFs continue to attract significant funds, reinforcing institutional trust. The rally saw BTC ascend from around $117,900 on July 14 to over $123,500 in under 24 hours.
Overbought Signals, But Momentum Persists
Technical indicators now highlight overbought conditions: BTC trades significantly above its 7-day moving average, and the Relative Strength Index (RSI) shows overbought levels (~75). While some traders expect a short-term consolidation, momentum remains positive—especially if ETF inflows maintain their pace.
Milestone Market Cap & Macro Support
Bitcoin’s market cap now rivals that of Amazon, at $2.43 trillion versus Amazon’s $2.39 trillion. The record high comes amid a flurry of U.S. legislative activity during “crypto week,” which has heightened optimism about clarifying crypto regulations.
Spot ETF inflows have topped **$1 billion daily**, boosting total assets under management to over $150 billion—approximately 6% of Bitcoin’s market cap.
Outlook: Rally on, But Watch for Technical Resistance
Analysts now view $125,000–$128,000 as the next target, though short-term must-watch resistance lies between $122,600–$122,800. However, technical overbought signals suggest possible consolidation-level resistance unless institutional pressure continues.
Conclusion
Bitcoin’s break past $123K confirms the rising influence of institutional investors viewing the asset as a long-term reserve. With policy developments in Washington adding momentum, BTC appears on track for further gains, though technical signals advise caution in the short term.
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