🐮 Really impressive

The price of Bitcoin has first broken through $120,000, setting a new historical high!

On July 14, 2025, the price of Bitcoin first crossed the $120,000 mark, creating a historical new high. As of approximately 11:35 AM Beijing time on July 14, Bitcoin surged over $1,000 in just ten minutes, strongly overcoming the $120,000 threshold, and the upward trend continued, with the latest trading around $122,323.18 during the Asian session, up about 3.72% for the day. Subsequently, Bitcoin continued to rise, breaking through $123,000 during the session.

Reasons for the rise

"Cryptocurrency Week" promotion: The U.S. Congress will welcome "Cryptocurrency Week" from July 14 to 18, planning to review three key pieces of cryptocurrency legislation, including the CLARITY Act, the Anti-Central Bank Digital Currency Regulatory National Act, and the GENIUS Act. This has boosted investor confidence in the prospects of cryptocurrencies.

Short positions liquidation: Cryptocurrency short positions were liquidated last weekend. According to data from Coinglass, traders who shorted Bitcoin suffered heavy losses, with over $1 billion in positions being liquidated, which propelled the latest surge in Bitcoin.

Strong institutional demand: Institutional investors continue to buy Bitcoin, and ETF funds are also flowing in. Last week, investors injected over $2.7 billion into U.S. Bitcoin exchange-traded funds (ETFs), marking the fifth-largest weekly net inflow since their launch in January 2024. These ETFs currently manage assets totaling approximately $151 billion.

Shift in market perception: The market's view of Bitcoin is maturing, no longer seeing it merely as a speculative asset, but as a macro hedge tool and a structurally scarce store of value. This shift in perception has attracted more investors, enhancing market stability and buying power.

Market overview

• Bitcoin price: $122,092.81, 24-hour increase +2.86%

• Market capitalization surpassed $2.42 trillion, trading volume reached $11.02 billion

• Created historical new high of $123,091, entering the "six-figure era"

Driving factors

• Institutional capital: BlackRock ETF manages $88 billion, Japan's Metaplanet holds 16,352 BTC

• Macroeconomic environment: Global liquidity increased by $5 trillion, central bank interest rate cut cycle begins

• Technical breakthrough: Broke through the key resistance level of $120,000, RSI shows overbought but momentum continues