Bitcoin News Today: Bitcoin Surges 3.75% Near All-Time High As Halving Impact Gains Momentum

Bitcoin has surged past the $122,000 level, marking a significant milestone as it moves closer to its all-time high of $123,250, set on July 14, 2025 [1]. According to HTX market data, the cryptocurrency recorded a 3.75% gain over the past 24 hours, with current prices standing just 1% below the record level [1]. This rally reflects renewed optimism among traders and investors, with analysts pointing to structural factors that could further propel Bitcoin toward new highs. Cointelegraph noted that, while the exact timing of a potential breakout remains uncertain, the underlying drivers—such as reduced supply from the upcoming halving event—are already having a measurable impact on market sentiment [2].

The broader crypto market has also seen momentum following Bitcoin’s push, with altcoins like Ethereum benefiting from the bullish trend. After Bitcoin broke the $120,000 level, Ethereum experienced a sharp 60% surge in July, breaking through the $4,000 threshold [3]. This cross-asset strength suggests that Bitcoin’s upward movement is not occurring in isolation but is instead part of a broader rally across the digital asset space. However, it is important to note that Ethereum’s rally has occurred independently of Bitcoin’s current price action, indicating that different factors may be influencing different segments of the market.

Despite the strong near-term performance, Bitcoin remains within a familiar range for much of July, with some data suggesting it has not yet broken out of a consolidation phase seen between $112,000 and $117,000 [4]. This highlights the potential for volatility, as traders remain cautious about whether the current rally will translate into a long-term trend or if it will be followed by a pullback. The market is also closely watching the impact of the Bitcoin halving event, which occurs roughly every 210,000 blocks and reduces the rate at which new Bitcoin is created [5]. Analysts have emphasized that such fundamental events are key to understanding Bitcoin’s long-term price trajectory, although they do not guarantee continued upward movement.

The recent price action underscores the growing institutional interest in Bitcoin and the broader crypto market. With Bitcoin now within striking distance of its all-time high, market participants are increasingly focused on whether the next phase of the bull run will see a sustained break above $123,000 or if the market will face renewed resistance. At this juncture, the immediate outlook remains positive, with traders and investors closely monitoring for signs of a breakout. However, as the market approaches these key levels, caution is warranted, and further analysis will be needed to determine whether Bitcoin can maintain its momentum or if it will face a correction in the coming weeks.

Sources:

[1] title1 (https://www.moomoo.com/hans/news/flash/20875180/bitcoin-breaks-122000-only-about-1-away-from-new-all)

[2] title2 (https://www.binance.com/en-NG/square/news/all/)

[3] title3 (https://www.coinlive.com/news/who-is-violently-pulling-up-ethereum)

[4] title4 (https://www.facebook.com/XScomPH/)

[5] title5 (https://www.tradingview.com/ideas/page-7/)