Bitcoin Blasts Past $120K as Crypto Week Kicks Off — What’s Next?

Nearly 20% $BTC rises from June low.

Record #Bitcoin institutional demand.

Crypto Week will clarify laws.

US fiscal and USD debasement concerns intensify.

After breaking over 110k barrier, Bitcoin reached a record high of 123k, up roughly 20% from its June 23rd low. Other gains include ETH +2.5% over $3,000 and XRP +5% at around $300. The crypto market capitalization rose 3.8% to $3.81 trillion in 24 hours. Greed has reached 70 on the Fear and Greed Index.

After Trump's new trade tariff warnings, BTC shrugs off the risk-off sentiment in financial markets. Instead, record institutional demand, increased corporate interest, better regulatory clarity, and US economic crisis fears have pushed Bitcoin skyrocketing and might drive the price higher this quarter.

Friday saw $1.03 billion in net inflows for Bitcoin ETFs, following $1.18 billion on July 10th, the biggest two-day period ever. All Bitcoin ETFs currently have $158 billion in net assets, or 6.43% of Bitcoin's market value. Outstanding growth shows institutional demand as a sign of confidence.

Google Trends, which measures retail activity, reveals Bitcoin is still much below 2020 or November 2024 levels.

Corporations have wanted in on the action. In Q2, $15 billion was invested in Bitcoin treasury businesses, with 145 entities presently doing so.

The better regulatory environment has made Bitcoin appealing in 2025. US Congress prepares for "Crypto Week," when legislators will vote on legislation to declare America the crypto capital. Over the next week, the Republican-controlled House will discuss the Genesis Act, Digital Assets Market Clarity Act, and Anti-CBDC Surveillance State Act.

Bitcoin broke over 110k barrier and reached 123k before easing back. Between the April 7 low and May 22 high, the price is challenging the 61.8% Fibonacci extension at 121k.

With unexplored seas, a close over 121k might go to the 78.6% Fib level at 128k and 135k. The 150k psychological level will dominate after this.

#BTC120kVs125kToday