Bitcoin (BTC) has initiated a dramatic push, shattering the $120,000 resistance level and now trading at $121,854, a substantial gain of +3.55% over the past 24 hours. This sharp move, following a period of consolidation, has ignited bullish sentiment across the market, with analysts pointing to a significant uptick in on-chain activity and whale accumulation as key catalysts. The world's largest cryptocurrency by market cap appears to be firmly in a new price discovery phase, with its all-time high of $122,838 now within striking distance.
The latest leg up began in the early hours of Monday morning, as seen on the 1-day chart , where a steady climb gave way to an explosive rally after midnight. This price action follows weeks of tight trading, during which BTC held its ground above the $117,000 mark, successfully warding off bearish pressure. Data from CoinGecko indicates a robust market with a $2.42 trillion market cap and $45.1 billion in 24-hour volume, signaling strong liquidity and renewed institutional interest. This sustained buying pressure, particularly from large-scale holders, suggests a powerful conviction in Bitcoin's long-term value proposition.
Looking ahead, traders are closely monitoring the $123,000 level, which presents the next psychological and technical hurdle. A decisive breakout above this point could lead to further rapid gains, potentially pushing Bitcoin well into uncharted territory. Meanwhile, the broader macroeconomic backdrop remains a critical factor. Upcoming announcements from the Federal Reserve regarding interest rates and inflation will be watched closely, as any shift in policy could either fuel the rally or introduce renewed volatility. The cryptocurrency market, as ever, remains on high alert, with this latest surge signaling a potential return to the aggressive bull run of earlier this year.
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