Bitcoin News Today: Bitcoin Surges Past $122,000 Amid Bullish ETF and Treasury Buying Rally

Bitcoin’s price has surged past $122,000, marking a key rally as the market approaches what analysts suggest may be the top of the current bull cycle [1]. The recent price movement aligns with historical patterns seen in previous bull runs, raising speculation that the cryptocurrency is entering a final phase before a potential peak [1]. Market analyst Benjamin Cowen has highlighted a recurring historical pattern post-halving, suggesting that the current upward move could be one of the last before a top forms in Q4 2025 [1].

The recent surge was triggered by strong buying pressure, particularly from spot Bitcoin ETFs and institutional treasuries, which continue to accumulate BTC at a significant pace [1]. According to data from Sentora, the amount of Bitcoin held by treasuries has increased from 1.2 million BTC in 2024 to over 1.86 million BTC as of August 2025, reinforcing the bullish narrative [1]. Analyst Ali Martinez predicted a next target of $133,000 if bulls manage to keep the price above $112,000, as per the MVRV Pricing Bands [1].

On August 11, Bitcoin experienced a sharp 3% rally within hours, reclaiming the $122,000 level, which was seen as a psychological barrier. This move followed a key options expiry and was supported by a favorable technical chart pattern. In that same hour, nearly $60 million in short positions were liquidated, with $220 million in short liquidations recorded in the last 24 hours, according to Coinglass data [1]. Over 105,000 traders were affected in that period, with the largest liquidation occurring on OKX, where $9.14 million was swapped from BTC to USDT [1].

Retail and institutional traders alike appear to be positioning for further gains, with Bitcoin trading at around $121,272 as of Monday morning—up 2.6% in the past 24 hours [7]. The crypto market fear and greed index also rebounded to 70, indicating a shift towards greed and optimism. The trading volume has increased by more than 28% in the last 24 hours, suggesting a significant rise in trader activity [1].

On the technical front, a bullish bull flag pattern is forming on the 3-hour chart, with a price target above $135,000. Derivatives traders are also showing confidence, with Bitcoin futures open interest jumping over 6% in the last 24 hours [1]. The CME and Binance exchanges saw increases of 3% and 10%, respectively, in BTC futures open interest [1].

Political developments, including Donald Trump’s executive order to allow crypto investments in 401(k) retirement plans, have added to the bullish sentiment [1]. Meanwhile, the crypto market cap has exceeded $4 trillion, with Ethereum rising nearly 20% to $4,257, reinforcing the strength of the current cycle [3].

Analysts have pointed to a combination of technical and fundamental factors supporting the bullish momentum. On the technical side, Bitcoin’s ability to break above the $120,000 threshold after finding support there demonstrates resilience [5]. However, some traders are already speculating on whether the price will consolidate or face a pullback before the next leg of the rally [6].

Despite the optimism, it is important to distinguish between price forecasts and actual market behavior. While analysts suggest the potential for a long-term breakout, these projections remain speculative and should not be taken as confirmed outcomes [6]. Investors are advised to remain cautious and monitor key price levels for further directional clues [6].

Source: [1] Bitcoin Price Making Final Rally Ahead of Bull Market Top, Analyst Says (https://coinmarketcap.com/community/articles/6899db2d727de70d11bece39/)

[2] The Coin Republic (https://www.thecoinrepublic.com/2025/08/11/bitcoin-price-making-final-rally-ahead-of-bull-market-top-analyst-says/)

[3] Economic Times (https://m.economictimes.com/crypto-news-today-live-11-aug-2025/liveblog/123223005.cms)

[4] FXStreet (https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-forecast-btc-closes-in-all-time-highs-wiping-out-vast-majority-of-short-positions-202508111045)

[5] Cointelegraph (https://cointelegraph.com/news/btc-to-fill-117k-cme-gap-5-things-bitcoin-this-week)

[6] CoinGape (https://coingape.com/markets/analyst-predicts-bitcoin-price-surge-historical-bullish-signal-returns-btc-hit-all-time-high/)

[7] Stocktwits (https://stocktwits.com/news-articles/markets/cryptocurrency/bmnr-soars-on-ethereum-s-4-year-high-as-bitcoin-price-approaches-record/chruvMARdIY)