Bitcoin News Today: Bitcoin hits $120,297 record high as bull market fuels altcoin rally

Bitcoin has achieved a historic milestone, closing at an all-time high of $120,297 on July 23, 2025, marking its highest daily close in the cryptocurrency’s 15-year history. This record follows the asset’s previous monthly high set on June 30, 2025, demonstrating sustained upward momentum despite an unconventional bull market trajectory. The surge comes as analysts highlight growing optimism for further price breakthroughs in the coming weeks and months.

The recent rally builds on Bitcoin’s performance in 2025, which saw prolonged consolidation after a sharp correction in early 2025. While the broader cryptocurrency market experienced stagnation during the first half of the year, Bitcoin’s resurgence has sparked renewed activity in altcoins. Ethereum (ETH) has approached its previous peak, while other major tokens such as BNB, XRP, and Solana (SOL) have begun setting new highs. Analysts attribute this trend to a shifting market dynamic, with Bitcoin’s dominance declining as altcoin buyers regain confidence.

Technical analysis from market observers underscores the potential for continued gains. A widely shared chart comparing the 2025 bull cycle to the 2015–2017 cycle suggests a similar structural pattern, with a “cycle top phase” (Phase 4) now underway. This phase is characterized by accelerated price movements in both Bitcoin and altcoins, as speculative demand and institutional interest converge. One analyst noted that the market’s current trajectory aligns with historical patterns, indicating a high probability of further record-breaking activity.

Bitcoin’s recent performance also reflects the broader maturation of the cryptocurrency market. The asset’s ability to surpass previous milestones without the traditional tailwinds of a post-halving event—Bitcoin’s last halving occurred in 2024—suggests evolving investor behavior. Retail and institutional buyers appear increasingly focused on Bitcoin’s store-of-value properties, mirroring trends seen in traditional asset classes. Meanwhile, the altcoin sector is showing signs of a long-anticipated “altseason,” with Ethereum leading the charge toward retesting its 2021 highs.

Market participants remain cautiously optimistic, though they acknowledge the challenges of maintaining momentum in a highly volatile environment. The decline in Bitcoin’s dominance, currently at a multi-year low, signals a redistribution of capital toward alternative cryptocurrencies. This shift could amplify price volatility across the market but also provides opportunities for diversified investors. As the bull cycle enters its final phase, the focus is likely to shift from individual assets to systemic adoption and regulatory developments that could further accelerate growth.

With Bitcoin’s record close and the broader market’s upward trajectory, the stage is set for a transformative period in cryptocurrency. Analysts and traders are closely monitoring key technical indicators and macroeconomic signals to gauge the duration and depth of the current rally. For now, the market’s collective sentiment remains firmly bullish, driven by historical parallels, improving fundamentals, and an expanding ecosystem of use cases.