$BTC

The price of Bitcoin (BTC/USD) has reached a new all-time high, surpassing $118,000 on Friday, continuing an exceptional week for the cryptocurrency. Bitcoin was trading at $118,111, up by 6.3% over the past 24 hours, after peaking at $118,740 earlier in the session.

This bullish rise is supported by expectations of a Federal Reserve interest rate cut in September, inflows into spot cryptocurrency exchange-traded funds, as well as a more favorable regulatory environment.

According to Dillen Wu, a strategist at Pepperstone, it's only a matter of time before Bitcoin surpasses the $120,000 level, especially in the period leading up to Congress's review of various legislative proposals regarding digital assets.