Bitcoin News Today: Bitcoin Surpasses $120K as Crypto Market Hits $4.16 Trillion Cap

Cryptocurrency prices surged on Monday, with Bitcoin (BTC) breaking above $120,000 for the first time, fueling a broader rally that pushed the total market capitalization past $4.16 trillion [1]. The move brought renewed optimism to the sector, as Ethereum (ETH) traded near its all-time high, rising nearly 10% in the past week and 0.03% in the past 24 hours [2]. Bitcoin’s 3% weekly gain reinforced a growing sense of bullish momentum, with the leading asset now trading at $120,203 [1].

Among altcoins, Solana (SOL) outperformed most major assets, rising 15% to $200 and gaining 28% from its monthly low [1]. On the technical front, SOL was trading above the $200 level, forming a rising wedge pattern on the daily chart. If the price breaks above $213, it could confirm a breakout and set a potential target of $252 [1]. However, a failure to maintain that level could lead to a pullback toward $175 [1]. A golden cross, where the 50-day moving average crossed above the 200-day line, added to the bullish sentiment [1].

In contrast, Story Protocol’s IP token fell 17% from its weekly high of $6.95, underperforming the broader market [1]. The token had been in a rising channel since early July but recently broke below the channel’s lower trendline, signaling a potential bearish reversal. The Supertrend indicator turned green, reinforcing the sell signal, while the RSI indicated easing selling pressure, though not enough to suggest strong bullish momentum [1]. If the downtrend continues, IP could fall toward $4.10, with further support near $2.40 [1]. A rebound to $6.30 by session close could invalidate the bearish setup and signal a return to the previous uptrend [1].

The rally was supported by macroeconomic and regulatory optimism, including rising odds of a Federal Reserve rate cut. The U.S. non-farm payrolls report showed weak hiring data, and July CPI data revealed headline inflation at 2.7% and core inflation at 3.1%, both below expectations [1]. Polymarket data indicated a 94% probability of a rate cut this year, while CME Fed futures showed odds above 87% [1].

Additionally, the U.S. decision to delay new tariffs on China by 90 days eased trade tensions and bolstered risk-on sentiment across global markets [1]. The move contributed to a broader market upswing and reinforced the bull case for cryptocurrencies.

Bitcoin remains the dominant force in the market, with its price and volume movements often setting the tone for the entire sector. Ethereum’s performance mirrored that of Bitcoin, with both assets nearing record highs and gaining traction among institutional investors [1]. However, the sharp decline in IP highlighted the uneven distribution of gains and the inherent volatility of the crypto market [1].

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Source:

[1] https://crypto.news/crypto-prices-today-bitcoin-price-at-120k-ip-down-17-sol-jumps/

[2] https://cryptoadventure.com/ether-volatility-spikes-on-rally-as-bitcoin-edges-back-toward-record-highs/

[3] https://cryptoadventure.com/ethereum-eth-price-prediction-can-bulls-push-past-5000-on-the-back-of-massive-etf-inflows/