Bitcoin surges past $121,000 for first time

July 14, 2025 (MLN): Bitcoin breached $121,000 for the first time, with investor optimism increasing almost daily after the cryptocurrency emerged from a narrow trading range that had left skeptics questioning whether it could regain the record-breaking momentum seen earlier in the year.

“This shift signals a maturing perspective on Bitcoin not merely as a speculative asset, but as a macro hedge and a structurally scarce store of value,” said George Mandres, senior trader at XBTO Trading LLC.

“A surge in risk-on sentiment across equities, coupled with significant institutional inflows into spot Bitcoin and Ethereum ETFs, has fueled this steady ascent notably absent the sharp volatility of previous bull runs.”

The crypto market bellwether rose as much as 1.9% to $121,344 and is now up about 30% since December. Bitcoin more than doubled last year, as Bloomberg reported.

The renewed momentum has also spilled over into smaller tokens: second-ranked Ether rose 1.5%, while XRP and Solana both increased around 2.7% as of noon Monday in Singapore.

“Bitcoin has cleared $120,000, but the real test is $125,000,” said Rachael Lucas, a crypto analyst at BTC Markets.

While short-term profit-taking can be expected, “the uptrend has fuel,” driven by strong demand from exchange-traded funds, she added.

“Support at $112,000 means any dip looks like a buying opportunity, not a reversal.”

Fueling the latest rally was the liquidation of bearish crypto bets late last week.

Traders who shorted Bitcoin bore the brunt of the rapid surge, with over $1 billion in positions wiped out, according to data from Coinglass.

The token also rose on anticipation surrounding what a Congressional committee has dubbed “Crypto Week,” during which lawmakers in the U.S. Congress are expected to debate and possibly vote on key cryptocurrency legislation.

Still, not all analysts are convinced that the rally will sustain.

“In my view, this isn’t a macro-driven rally but rather an isolated event,” said Nicolai Sondergaard, a research analyst at Nansen.

“That said, recent U.S. policy developments such as fiscal expansion and expectations of further monetary easing have created a backdrop that is undeniably favorable for Bitcoin.”

Copyright Mettis Link News