- Bitcoin price is set for a momentous week with milestone legislations in the works in the US, and a $120k support underlines bullish hold.
Bitcoin price has hit a new record high price of $123,236 on Monday, not only breaking through the $120k psychological barrier, but also decisively flipped it into a support level. The uptick is driven by “Crypto Week” phenomenon, whereby the US House of Representatives is set to debate two key bills-the GENIUS Act and Clarity Act. In addition, the House will discuss proposals limiting Central Bank Digital Currency (CBDC) surveillance.
President Donald Trump’s second term in office has been a watershed moment for Bitcoin and other cryptocurrencies, and this week could take the momentum into a higher gear. The laws aim to bring clearer regulation, authorise the private issuance of digital US dollar and provide a mechanism for the legal protection of stablecoins.
The ETF market has been on a hot streak, underlining strong institutional inclination towards Bitcoin. The last two trading sessions saw spot Bitcoin ETF net inflows record more than $1 billion- the two highest daily net inflows on record. Bitcoin’s trading volume rose by 154% in the last 24 hour.
Such an uptick in trading volume amid a price rise signals rising investor appetite for the coin, which will likely keep BTC price on the upside. Institutional FOMO has publicly traded corporations, retirement funds and sovereign wealth funds angling to have Bitcoin in their treasuries, and the current sentiment will likely trigger a continuation of that trend.
Bitcoin Price Prediction
Bitcoin price pivots at $120,770 and the momentum calls for an extended upside. The coin will likely meet the first resistance at $122,490. Breaking above that level will signal a stronger momentum that could break above that level and potentially test $123,525.
Alternatively, breaking below $120,770 will signal the onset of downward momentum. In that case, initial support will likely be at $119,470. Breaking below that level will invalidate the upside narrative. Furthermore, an extended control by the sellers could send the action lower and test the second support at $118,180.
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