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#BTC Back To $120k# Bitcoin continued its upward movement on Monday, increasing by 3.57% in the last 24 hours and reaching over $122,000.
The latest increase coincides with a rise of 6.87% over the past week and boosts its 30-day yield to +3.52%. The movement comes against the backdrop of a rise in the total market capitalization of cryptocurrencies to $4.06 trillion, which is up 2.75% for the day.
The price action began with a stable consolidation around $118,000 before breaking the psychological barrier of $120,000. Once this resistance level was surpassed, the momentum accelerated, pushing BTC just below the July historical peak of just over $123,000. Profit-taking reduced some of the gains, but Bitcoin remains steadily above $122,000 in early trading on Monday.
One of the strongest engines is the demand from American spot BTC ETFs, which recorded a net inflow of $773 million for the three days leading up to August 10, according to Farside Investors. BlackRock's IBIT holds a significant share, already owning $80 billion worth of BTC — approaching $94 billion managed by the largest gold ETF, GLD. On the corporate side, Michael Saylor's MicroStrategy confirmed that it will continue to expand its Bitcoin reserve worth $76.8 billion, solidifying its image as a long-term reserve asset.
The technical indicators also support the bullish tone. The MACD histogram has moved into positive territory, while the RSI is at 67.76 — bullish, without being overly stretched. The 7-day simple moving average, which is $116,319, provides strong support.
Analysts suggest that a decisive close above the $123,000 peak could trigger algorithmic buying programs and FOMO among retail investors, potentially pushing Bitcoin towards Fibonacci targets between $126,000 and $129,000 in the short term. With sustained inflows into ETFs and strong institutional optimism, the market remains focused on whether BTC can enter uncharted territory. #Gate.io#