Bitcoin News Today: Bitcoin Surpasses $120K Resistance with Record $120,297 Close, Institutional Buying Drives Momentum

Bitcoin reached a historic milestone on July 23, 2025, closing at $120,297—the highest daily settlement price since the digital asset’s inception. This achievement has intensified speculation about the cryptocurrency’s long-term trajectory, with market participants noting sustained buying pressure and a shift in sentiment from cautious optimism to outright bullishness. The close surpassed previous psychological barriers and marked a turning point in Bitcoin’s 2025 cycle, reinforcing its position as the dominant digital asset.

Technical analysts highlight that a strong daily close, particularly one that maintains elevated levels through the session, signals conviction among institutional and retail investors. The $120,000 threshold had long been viewed as a critical resistance level, and Bitcoin’s ability to finish above it suggests a structural shift in market dynamics. On-chain metrics, including a decline in exchange reserves and increased accumulation by long-term holders, further underscore growing confidence in the asset’s utility as a store of value.

Market observers are now tracking potential next steps for Bitcoin, with some analysts forecasting a push toward the $130,000–$140,000 range in the coming weeks. This projection is supported by recent inflows into exchange-based spot trading and rising open interest, which exceeded $45 billion during the rally. The Realized Cap Change metric, a measure of accumulation, also surged to 5.8% from 4.5% over the week, indicating active buying at higher price tiers.

However, the path to sustained gains remains contingent on overcoming short-term volatility and macroeconomic uncertainties. Profit-taking activity spiked following a temporary pullback to $115,000, reflecting a tug-of-war between retail sellers and institutional buyers. While the market reclaimed its all-time high zone, analysts caution that regulatory developments and broader economic data could influence Bitcoin’s near-term trajectory. Maintaining momentum above $120,000 will depend on continued capital inflows and the absence of disruptive macroeconomic headwinds.

The rally also coincided with broader trends in the cryptocurrency ecosystem, including growing institutional adoption and a search for inflation-resistant assets. ETF inflows and increasing participation from traditional financial players have added liquidity to the market, further supporting Bitcoin’s technical strength. Nevertheless, the asset’s performance remains intertwined with global economic conditions, and any divergence in risk appetite could trigger renewed consolidation.

As the market digests these developments, attention will remain fixed on Bitcoin’s ability to sustain its elevated position. A sustained close above $120,000 could validate the ongoing bull cycle, while a retreat to key support levels would test the resilience of current demand. For now, the record close has positioned Bitcoin as a barometer for both crypto-specific momentum and broader macroeconomic sentiment, with investors closely monitoring on-chain indicators for further clues.