Bitcoin News Today: Bitcoin Surges Past $121000 With 3.99% 24-Hour Gains

Bitcoin surged past $121,000 on August 10–11, marking a key milestone in its recent upward trajectory. According to HTX market data, the cryptocurrency reached $121,000, with a 24-hour gain of 3.9% [1]. OKX data reported a similar price of $121,076.40 per Bitcoin, reflecting a daily increase of 1.93% [2]. Binance also noted Bitcoin hitting 121,249.992188 USDT, with a 3.99% increase in the last 24 hours [3]. These figures highlight the growing buying pressure and renewed investor confidence in the asset class.

The breakout above $121,000 is considered a psychological and technical level, and analysts suggest that clearing this threshold may encourage further accumulation from both retail and institutional investors. The recent price action indicates that Bitcoin has been consolidating for several weeks before staging a sharp recovery. While no specific analyst forecasts were mentioned in the sources, the price levels observed imply increasing momentum and potential for further upward movement.

However, the broader crypto market has shown mixed performance. Over the past 24 hours, the total liquidation amount on derivatives platforms reached $343 million, signaling heightened volatility and increased leverage activity [2]. Other digital assets exhibited divergent trends, with ZRO rising 21.09% and ILV declining 3.06% in the same period [2]. This divergence underscores the uneven nature of crypto market movements even in the face of Bitcoin’s strong performance.

Bitcoin’s rise coincides with broader developments in the crypto ecosystem. For instance, Ethereum has seen heightened expectations of reaching $4,000 by late August, driven by inflows into Ethereum ETFs [2]. Nonetheless, Bitcoin’s strong performance has drawn renewed focus to the leading cryptocurrency.

Looking ahead, a successful consolidation above $121,000 could set the stage for further gains, potentially challenging the next psychological level of $125,000. Market participants remain cautious, however, given the persistent volatility and the presence of leveraged positions across exchanges. Strategic risk management continues to be a priority as Bitcoin tests new highs.

Source:

[1] Bitcoin Surpasses $121,000 https://www.moomoo.com/hans/news/flash/20875073/bitcoin-surpasses-121000

[2] BTC breaks through $121000, up 1.93% on the day https://www.panewslab.com/en/articles/1zmad6z8

[3] Bitcoin(BTC) Surpasses 121000 USDT with a 3.99% ... https://www.binance.com/en/square/post/28153****28970