Bitcoin Pulls Back to $121,800 After Record High: | Crypto News
Bitcoin (BTC) surged to a new all-time high of $124,400 on early Thursday, fueled by strong institutional demand, bullish technicals, and favorable U.S. coverage shifts. The transfer pushed the general crypto market cap to a file $4.18 trillion.
The rally adopted a decisive breakout above key technical ranges, including the 7-day SMA at $118,892 and the 200-day EMA at $101,566.
The MACD histogram widened to its most bullish studying since July 2025, while the RSI14 at 68.5 suggests there’s still room before hitting overbought circumstances. Fibonacci projections now place BTC’s next major resistance close to $126,870.
However, after briefly surpassing $124K, Bitcoin retraced to around $121,800, prompting merchants to ask whether or not this is solely consolidation before the next surge.
Institutional Demand and Policy Support Driving Momentum
Corporate and institutional accumulation stays a major driver. SpaceX continues to maintain 8,285 BTC value over $1 billion, while Thumzup Media just lately announced a $50 million crypto treasury. These strikes mirror Metaplanet’s buy of 2,205 BTC earlier this week.
Political tailwinds are also in play. U.S. President Donald Trump’s administration has rolled back banking restrictions on crypto companies and signed laws opening retirement accounts to digital asset investments.
The GENIUS Act, introducing the nation’s first federal stablecoin framework, has additional boosted market confidence.
ETF inflows have accelerated, with U.S.-listed Bitcoin ETFs pulling in over $1 billion in web weekly inflows. Total ETF holdings now stand at $154 billion, signaling deep institutional curiosity.
Bitcoin (BTC) Pundits Eye $150K If Momentum Holds
Despite a notable July sell-off by long-term holders, the biggest since 2021, market analysts see the pullback as a healthy pause. Vikram Subburaj, CEO of Giottus Crypto Platform, views $120K as a new “sturdy floor” and $126K as the breakout level that might open the trail toward $150,000.
“With strong macro tailwinds, robust ETF demand, and rising corporate adoption, every dip may be viewed as a buying opportunity rather than a reversal signal,” famous Himanshu Maradiya, Chairman of CIFDAQ.
If bullish sentiment persists, Bitcoin might soon problem increased psychological ranges, making this latest pullback less a warning signal and more a pit stop before the next leg up.
Cover image from ChatGPT, BTCUSD chart from Tradingview
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