Bitcoin News Today: Bitcoin Surges 3% to New All-Time High of $123,218

Bitcoin's price has recently shown considerable volatility, reaching a new all-time high of $123,218 before falling back below $120,000. This surge was driven by several factors, including increased spot ETF flows, heightened network activity, and substantial profits for long-term holders. These elements collectively suggested that higher price targets were on the horizon.

The market's gamma profile indicates potential price consolidation between $120,000 and $130,000. This range is influenced by market maker strategies and bullish technical indicators, which have been supporting the cryptocurrency's upward trajectory. Despite the recent pullback, the long-term uptrend for Bitcoin remains robust, with analysts predicting further gains as the market continues to test critical resistance levels.

Bitcoin's rally to new record highs above $123,000 on Monday underscored a strong bullish sentiment, with the next key level at $125,000 in sight. The cryptocurrency's price action has been marked by rapid gains and sharp retracements, reflecting the market's dynamic nature and the influence of various factors, including institutional investment and regulatory developments.

The recent price movements highlight the ongoing battle between bulls and bears, with the former eyeing $120,000 as a critical resistance level. The market's ability to sustain gains above this threshold will be crucial in determining the direction of Bitcoin's price in the near term. As the cryptocurrency continues to test new highs, investors and traders will be closely monitoring its performance and the broader market conditions that could impact its trajectory.