Bitcoin News Today: Bitcoin Surges to $124,000 All-Time High Amid Strong Institutional Interest

Bitcoin surged past $124,000 earlier this week, reaching a new all-time high amid growing institutional and retail interest in the cryptocurrency market [1]. This marked a significant milestone for the digital asset, which had previously hit a record of $123,000 in the prior month. The price action was supported by a steady upward trend over several weeks, with increased leverage in Bitcoin futures markets identified as a potential driver of the rally [1]. According to TradingView, Bitcoin’s price currently hovers around $123,591, reflecting a 7% rise in the past seven days [1].

The rally has elevated Bitcoin’s market capitalization above that of major global corporations, including Alphabet and Amazon, restoring its position as the fifth-largest asset by market cap, as reported by CompaniesMarketCap [1]. The surge coincided with expectations of a potential 50-basis-point interest rate cut by the U.S. Federal Reserve, driven by weaker-than-expected job growth and inflation figures near forecasts. U.S. Treasury Secretary Scott Bessent has also called for a more aggressive rate cut [1].

Ethereum (ETH) is not far behind, showing strong momentum as it nears its own all-time high. On August 12, ETH climbed to $4,429, marking a 21% gain over the past week [5]. This performance outpaced Bitcoin’s more modest gains and brought Ethereum within 3% of its 2021 high. Analysts attributed the rise in ETH to broader market sentiment and continued optimism around network upgrades and adoption [5].

The Bitcoin rally has also been supported by increased trading volume and a stronger institutional presence in the market. Over the past few weeks, Bitcoin’s price climbed from $112,000 to above $117,000, reinforcing expectations that the cryptocurrency could enter a new phase of growth [6]. However, some analysts caution that Bitcoin must hold above key support levels to sustain the upward trend. For instance, Rekt Capital, a well-known crypto analyst, stated that BTC must maintain a crucial level to aim for a $160,000 target [3].

Despite the positive momentum, traders remain cautious. Bitcoin has faced repeated tests at its previous highs, and a sharp rejection could trigger a pullback. On August 13, Bitcoin was seen eyeing the $135,000 and $118,000 levels, suggesting that bulls remain optimistic but vigilant [4]. The broader crypto market appears to be entering a phase of consolidation and breakout, with Ethereum playing a crucial role in the narrative alongside Bitcoin.

Speculation is mounting regarding the next potential milestones for the market. While some traders look toward the $135,000 level for Bitcoin, others believe the $160,000 target could be a realistic goal if the market continues to build momentum [3]. Investors are closely monitoring developments in both the Bitcoin and Ethereum ecosystems for further signals of strength or weakness.

Source:

[1] Mitrade, https://www.mitrade.com/insights/news/live-news/article-3-1037764-20250814

[3] Mitrade, https://www.mitrade.com/insights/news/live-news/article-3-1036204-20250813

[4] Crypto, https://cryptoadventure.com/bitcoin-traders-eye-135k-ether-4-8k-in-crosshairs-as-cpi-data-looms/

[5] CryptoDnes.bg, https://cryptodnes.bg/en/tag/bitcoin/

[6] CryptoDnes.bg, https://cryptodnes.bg/en/news/pressrelease/