Bitcoin’s price has surged past $122,000 in the early hours of Monday and is now consolidating around $121,000. It is up 2.6% in the past 24 hours, bringing it close to its $123,000 all-time high (ATH).
The move was fueled by continued corporate demand for Bitcoin treasuries, with CoinGecko data showing publicly-traded companies hold nearly $113 billion worth of $BTC, or 4.68% of its total supply.
From a short-term perspective, traders are closely monitoring this weekend’s CME gap, as well as upcoming inflation figures, with these two factors likely contributing to when the ATH breakout occurs.
As Bitcoin interest reaches new heights, a Bitcoin layer 2 blockchain called Bitcoin Hyper is gaining attention in the market. The project is in a presale, where it has already raised an impressive $8.3 million.
US Gold Tariffs Increase Corporate Bitcoin Adoption
Currently trading at $121,000, Bitcoin’s recent surge was driven by strong demand from publicly traded companies. CoinGecko tracks 74 companies that now hold a combined total of 931,325 bitcoins, with a current market value of $112,956,149,667.
“Bitcoin’s climb toward record highs is supported by steady institutional inflows into corporate treasuries, US spot ETFs, and a shift in sentiment following new US tariffs on imported gold bars,” said Rachael Lucas, a crypto analyst at BTC Markets, according to a Bloomberg report.
She added, “With gold facing supply bottlenecks and policy risk, Bitcoin’s role as a borderless, tariff-free store of value is gaining popularity among investors.”
Meanwhile, Strategy CEO Michael Saylor hinted on X that the firm plans to increase its Bitcoin holdings, now valued at $76.8 billion. He wrote, “If you don’t stop buying Bitcoin, you won’t stop making money.”
Bitcoin’s move past $122,000 broke a key liquidation level and wiped out $107 million in shorts over the past 24 hours, according to Coinglass data. In comparison, only $9 million of longs were liquidated, reflecting that bulls have been in control of the market.
Trader Warns of CME Gap at $117K
CoinMarketCap’s Crypto Fear and Greed Index has risen by 3 points in the past 24 hours, from 59 to 62, crossing into the “Greed” zone. From a sentiment perspective, this indicates the market is not overly overheated at the moment.
However, trader Michael van de Poppe warns of a possible retracement to $119,000, pointing out that the recent surge occurred over the weekend, thereby creating a CME gap.
“Bitcoin looks great, almost reaching a new all-time high. However, it’s a weekend move,” he wrote on X, adding, “I would expect some tests at lower levels before the trend continues.”
Coin Bureau co-founder Nic Puckrin underlined that the CME gap could pull the Bitcoin price to $117,000, and says, “ideally we will fill this soon.”
Bitcoin usually revisits CME gaps (the price difference between Friday’s CME futures close and Sunday’s open) before resuming its trend, signalling that a small pullback is likely before Bitcoin breaks out into price discovery.
In addition to the CME gap, traders are watching for Thursday’s CPI and PPI inflation figures to finalize their bets on next month’s interest rate cuts. This could cause some mid-week volatility and help fill the CME gap.
With corporate buying pushing Bitcoin to new heights, and some people beginning to view it as a legitimate alternative to gold, the asset’s long-term outlook has never been stronger.
But from a short-term, intra-day perspective, traders should expect some volatility as bulls and bears fight to close the CME gap and take control ahead of Thursday’s inflation data.
This situation could offer a lucrative multi-day window for investors to load up before the next rally. However, many traders are now looking beyond Bitcoin to maximize gains. Bitcoin Hyper is gaining popularity as a promising alternative, offering scalability and Solana execution on the Bitcoin Ledger.
Top Analyst Backs Bitcoin Hyper to 100X as Presale Crosses $8M
Bitcoin Hyper is building a Bitcoin layer 2 blockchain that utilizes ZK-rollups and Solana Virtual Machine (SVM) tooling. This is the first time these two technologies have been combined into a Bitcoin scaling solution, and it is expected to enhance speed, security, and potentially even onboard millions of new users to Bitcoin.
The SVM is known for its market-leading scalability and smooth user experience, which Bitcoin Hyper aims to leverage while reporting transactions back to Bitcoin for finality. This creates a unique setup of blistering speeds and Bitcoin-level security.
Additionally, using SVM enables Bitcoin Hyper to build interoperability with Solana, meaning that Solana developers can quickly port their apps and tokens onto the network.
Imagine Solana’s top DeFi projects, AI tools, and meme coin applications all integrating with Bitcoin’s security and $2 trillion liquidity – that’s Bitcoin Hyper’s vision.
The project has generated significant excitement during its presale, having raised $8.3 million so far with average daily inflows of around $300,000, a remarkable feat for an early-stage initiative.
It is also gaining attention from prominent analysts, with the Cryptonews YouTube channel tipping 100x gains.
With expert backing, a use case connecting two of the hottest blockchains, and strong presale momentum, Bitcoin Hyper is emerging as one of the most promising new cryptos on the market.
So following Bitcoin’s CME retest and subsequent breakout into price discovery, there’s a real chance that $HYPER could become one of the top-performing altcoins.
This article is not intended as financial advice. Educational purposes only.
