On Monday morning, Bitcoin exchanged beyond 122,000 and reached an almost maximum of 123,218 in July.
The rally started when the cryptocurrency rose to 120,080 on Sunday night, and it increased by approximately 3 percent in early Monday sessions.
Technical Indicators Support Bullish Outlook
Market statistics indicate that the upward trend is maintained. The RSI 5 daily suggests a level of 65 that is far above the 50 mark, indicating neutrality. The Moving Average Convergence Divergence chart confirmed a bullish crossover on Monday. Experts are optimistic that these circumstances are likely to send the price of Bitcoin to new heights. They caution, though, that a lack of momentum may prompt prices to be tested at levels at this level at $116,000, a significant daily support level.
Policy Changes and ETF Inflows Drive Demand
Policy developments and institutional investment flows have contributed to the increased demand for Bitcoin. President Donald Trump signed an executive order instructing the Labor Department to be ready to permit the conduct of retirement accounts, such as 401(k), to start containing cryptocurrencies and other alternative assets. This has the potential to expose Bitcoin to millions of retirement accounts, creating a massive demand potential for long-term purchases.
Spot bitcoin exchange-traded funds recorded a net inflow of $253 million last week, as a net inflow continues even though the product has been consolidating over the past few days. Ethereum, in turn, was of genuine interest as spot ETFs received $461 million on average. Ethereum hit its highest price since December of 2021 and surpassed the inflow of Bitcoin ETFs with strong institutional involvement.
Global Markets Watch: Inflation and Trade Developments
Futures on the US stock markets advanced a bit on Sunday night, with Dow Jones Industrial Average futures advancing 56 points and S&P 500 and Nasdaq 100 futures rising 0.1%. The Nasdaq Composite ended its previous week at a fresh high, and the S&P 500 at a new record, except that it was shy of its all-time high. Market strategists are anticipating a phase of consolidation, and the focus is now on inflation figures. The producer price index will be published on Thursday, and the consumer price index improved on Tuesday. The two reports will have an impact on the expectations of the Federal Reserve’s following meeting policy later in September, as well as on its Jackson Hole symposium this month.
In Europe, futures were pointing to a good open across major indexes with markets riding on the heels of futures trading in Asia staying quiet, with investors looking forward to getting pinged on the tariff truce agreed to between the US and China that is set to lapse on August 12. Emerging-market assets grew stronger with the help of a weak US dollar. Indonesian rupiah topped the Asian currencies, and Romanian leu and Czech koruna moved higher in Europe. On the calendar, traders watch Fed policy hints, trade talks, and geopolitical discussions as signals on where to go in the markets.
The post Bitcoin Surges Past $122,000 as Rally Nears Record High first appeared on Coinfea.
