Bitcoin Continues Upward March
Bitcoin continued its upward march on Monday, climbing 3.57% in the past 24 hours to reach above $122,000. This latest gain aligns with a 6.87% rise over the past week and extends its 30-day performance to +3.52%. The move comes as the total cryptocurrency market cap swelled to $4.06 trillion, up 2.75% on the day.
The price action began with a steady consolidation around $118K before breaking above the psychological $120K threshold. Once that resistance gave way, momentum accelerated, carrying BTC to just below its July all-time high of little above $123,000. Profit-taking trimmed some of the gains, but Bitcoin remains firmly above $122K in early Monday trading.
One of the strongest drivers has been demand from U.S. spot Bitcoin ETFs, which saw $773 million in net inflows over the three days ending August 10, according to Farside Investors. BlackRock’s IBIT accounted for a significant share, now holding $80 billion in BTC – approaching the $94 billion managed by gold’s largest ETF, GLD. On the corporate side, Michael Saylor’s MicroStrategy confirmed it will continue expanding its $76.8 billion Bitcoin treasury, reinforcing its narrative as a long-term reserve asset.
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Technical indicators also support the bullish tone. The MACD histogram has flipped positive, while the RSI sits at 67.76 – bullish without being overextended. The 7-day simple moving average, now at $116,319, offers a strong support base.
Analysts suggest that a decisive close above the $123K peak could unleash algorithmic buying programs and retail FOMO, potentially driving Bitcoin toward Fibonacci extension targets between $126K and $129K in the near term. With ETF inflows still robust and institutional sentiment strong, the market’s eyes remain fixed on whether BTC can break into uncharted territory.
Kosta Gushterov
Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.
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