Bitcoin tops $122k as 'Crypto Week' kicks off, breakout puts $125k on cards

Bitcoin price today: Bulls continued their reign in the crypto market for yet another day as the flagship cryptocurrency, Bitcoin (BTC), scaled a fresh historic high of $122,540, shattering all previous records as 'Crypto Week' kicks off today.  Market analysts attribute this rally to strong institutional participation, led by inflows into spot Bitcoin ETFs, along with increasing on-chain activity and consistent buying.

 

At last check, Bitcoin was trading around $122,246, higher by 3.78 per cent, with a 24-hour trading volume of a whopping $97.44 billion. Over the past 24 hours, Bitcoin has fluctuated within a range of $117,733.02 to $122,540.92, according to data from CoinMarketCap.

 

The flagship cryptocurrency’s market cap has soared to $2.43 trillion, cementing its position as the largest cryptocurrency by market capitalisation and making it the fifth-largest asset globally—surpassing giants like Amazon, Silver, and Alphabet (Google). 

What is Crypto Week?

The ongoing week is being marked as Crypto Week in the US, as lawmakers are set to deliberate on several key regulatory bills related to cryptocurrencies. Major legislation under review includes the Clarity for Payment Stablecoins Act, the GENIUS Act, and the Anti-CBDC Surveillance Act — all currently progressing through the House Rules Committee. These bills, according to CoinSwitch Markets Desk, aim to define regulatory responsibilities, authorise the issuance of stablecoins, and block the creation of a US central bank digital currency, which, they believe, could significantly boost institutional participation.

Bitcoin eyes $125,000

Bitcoin’s breakout above $120,000, Ryan Lee, chief analyst at Bitget Research, said, marks a pivotal shift, fuelled by pro-crypto sentiment from the US President Donald Trump’s campaign, strong ETF inflows, and increasing corporate treasury allocations. "These drivers signal a sustained bullish trend heading into Q3 2025, with BTC projected to average around $125,000," said Lee. For Bitcoin, Lee expects a trading range of $105,000 to $150,000, with key levels at $108,500 support and $130,000 resistance serving as critical markers for momentum confirmation.

 

Pankaj Balani, CEO & Co-Founder, Delta Exchange, on the other hand, believes that the surge in Bitcoin's price has been driven by robust institutional participation, led by inflows into spot Bitcoin ETFs, along with increasing on-chain activity and consistent buying by long-term investors. July alone has seen more than a 13 per cent price increase, setting up Bitcoin for its third consecutive monthly gain.

 

"The breakout above the $119,500–$120,000 range, supported by rising volume, reflects continued buying interest. A sustained move above $122,000 could open the path toward $124,000–$125,000," said Balani.

 

That said, the crypto fear and greed index currently stands at 70. This, Shivam Thakral, CEO of BuyUcoin, indicates the market is overheated and due for a correction. However, the net inflow into crypto funds on July 11 (latest recorded data) stood at a staggering $1.23 billion, out of which Bitcoin ETFs contributed nearly $1.03 billion. "This massive inflow of institutional money, coupled with euphoria around the US ‘Crypto Week’, which kicks off today, is driving the current rally," said Thakral. 

Elsewhere, Metaplanet has purchased another 797 BTC worth approximately $95 million, bringing its total holdings to 16,532 BTC. According to reports from Blockware, more than 36 public companies have added Bitcoin to their balance sheets over the past six months. Following the latest rally, Michael Saylor’s MicroStrategy now holds $30 billion in unrealised profit on its Bitcoin investment, according to the CoinDCX Research Team.

 

Furthermore, with total crypto market capitalisation approaching $3.78 trillion, Ethereum has also joined the rally, climbing to a five-month high of $3,057. Elsewhere in the market, Stellar (XLM) surged 14 per cent mid-week before cooling off following a major protocol upgrade, while Cosmos (ATOM) and NEAR Protocol (NEAR) both posted notable breakouts backed by strong trading volumes.