Bitcoin: New Record At $120,000 And It's Not Over Yet!

Just yesterday, we rubbed our eyes seeing Bitcoin climb towards $119,000. One more day, one more peak. Today, the queen of cryptos crossed a historic milestone: $120,000. Not a stroke of luck, but a momentum built step by step, flow after flow. And behind this round number, a dynamic full of meaning, between greedy institutions, robust technical signals, and unexpected political excitement.

From $112,000 to the thrill of $120,000: the dream turned graphic

The surpassing of $112,000 by bitcoin was a dream, but no. It progressed little by little. Just yesterday it was at $119,000, and now… the mythical threshold of $120,000 has fallen. All on Coinbase in the middle of the night, at 02:47 UTC, propelling the market into a new phase of euphoria.

BlackRock, via its IBIT ETF, is the loudest engine behind this. With more than 700,000 BTC in its portfolio – about 83 billion dollars, it now surpasses MicroStrategy. A tidal wave of inflows that has redefined the balance of power.

And yet, the market does not seem euphoric. The long-term on-chain NUPL indicator remains below its critical threshold. It stands at 0.69, far from the 0.75 that usually herald an imminent bubble.

Regulation itself seems to be playing along. Debates in Congress are less tense, presidential candidates are getting involved. Donald Trump, self-proclaimed “crypto president,” is riding this wave:

Bitcoin will be part of our national future. I want America to lead this revolution.

The message is clear: bitcoin is no longer marginal; it becomes a campaign issue.

A bitcoin on institutional steroids: the big players’ game begins

The explosion towards $120,000 is not just speculative frenzy. It tells the story of a silent rise in power, orchestrated by the big names in finance. Spot ETFs like BlackRock’s IBIT or Fidelity’s FBTC are pumping billions, week after week. More than 250,000 BTC have been accumulated recently, according to Glassnode.

Meanwhile, the market remains calm. No panic selling, but a form of strategic calm. The NUPL, still in the neutral zone, suggests intact bullish potential.

On X, analyst Niels summarizes: “If bitcoin breaks the $120,000 resistance, the way to $135,000 to $140,000 will open.“

Some numbers: what the market tells us

• $120,637: peak reached on Coinbase, July 14 at 00:12;
• $121,038: BTC price at the time of writing;
• +29%: bitcoin’s performance since January 2025;
• 700,000 BTC: amount held by BlackRock’s IBIT ETF;
• $3.78T: total crypto market capitalization;
• 3 consecutive record days before reaching $120k.

And tomorrow? Technical projections dare to put the figure at $134,500. But no one really knows how far the beast will go. For now, Bitcoin is the star of a film it is still writing.

But caution. The CEO of Xapo Bank warns: Bitcoin could be chained to a deceptive four-year cycle. According to him, the market is caught in a loop of euphoria and correction too predictable, often misinterpreted. This pattern, if repeated, could trap those who confuse repetition with certainty. Bitcoin’s history is also about the traps it sets for its own faithful.