Bitcoin has surged above $122K as investors await critical US legislative votes during Crypto Week 2025.
Open interest for BTC has reached a record $85 billion, indicating heightened market activity ahead of regulation decisions.
Resistance at $124K remains a short-term hurdle before the $136K price target becomes a realistic possibility.
Bitcoin reached $122,357 on July 14, posting a 3.9% gain in 24 hours. Over the past seven days, it has gained more than 12%. The price continues to climb as Crypto Week 2025 begins. This event, running from July 14 to July 18, has captured traders' interest as lawmakers prepare to vote on major crypto regulation bills.
One of the most closely watched developments is the anticipated vote on the Clarity Act. This legislation aims to define the regulatory boundaries between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). If passed, it could introduce long-awaited clarity to digital asset oversight. The expected impact on the crypto sector has already influenced market positioning.
Open Interest Hits New Record Amid Increased Trading Activity
Data from Coinglass shows Bitcoin open interest has surged to a historic high of $85 billion. This sharp increase suggests many traders are entering new positions in anticipation of significant market movements. The rise in open interest aligns with the growing attention on legislative developments, as investors prepare for potential volatility.
Technical indicators show that Bitcoin is approaching a major resistance level at $124,000. If the asset breaks above this threshold, it could pave the way toward a new all-time high. The next key target lies at $136,000, which corresponds with the 123.6% Fibonacci extension level. This would mark a strong continuation of the current bullish trend.
RSI Remains Bullish Despite Overbought Territory
The Relative Strength Index (RSI) currently stands at 71, suggesting the asset is nearing overbought conditions. However, historical data indicates that Bitcoin can continue to rise until the RSI crosses 80. Buyer momentum remains strong, supported by macroeconomic factors and upcoming inflation data releases.
This week’s release of the Consumer Price Index (CPI) and Producer Price Index (PPI) data may also influence Bitcoin’s path. Investors are watching closely for signs that the Federal Reserve could lower interest rates, which would add further fuel to BTC's upward trajectory.
The post Bitcoin Nears $124K Resistance as Crypto Week 2025 Fuels Market Surge appears on Coin Futura. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
