Bitcoin Blasts Past $121,000 [Live blog schema]

Bitcoin has officially broken through the $121,000 level, rising 2.84% in the past 24 hours to hit $121,400, according to CoinMarketCap data.

The move caps off a multi-day uptrend fueled by rising institutional demand, strong ETF inflows, and continued bullish momentum in technical indicators.

Institutional appetite and ETF flow drive upside

Over the past day, Bitcoin’s trading volume spiked 39.34% to over $63 billion, signaling renewed market activity. The total market capitalization has reached $2.41 trillion. Analysts attribute the surge to a wave of corporate buying, with treasury firms reportedly snapping up over half a billion dollars worth of BTC in recent days.

Meanwhile, U.S.-listed spot Bitcoin ETFs continue to attract inflows, cementing institutional confidence. This institutional presence has helped Bitcoin rally from a base near $117,900 early on July 14 to over $121,200 in less than 24 hours.

Overbought signals emerge, but momentum holds

While short-term momentum remains firmly bullish, technical indicators are beginning to flash overbought warnings. Bitcoin now trades well above its 7-day moving average, and several traders expect a brief consolidation phase unless ETF demand continues at the current pace.

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Altcoin catch-up next?

The recent 33% monthly increase in the Altcoin Season Index suggests that altcoins may soon start outperforming if Bitcoin stabilizes above $120,000. Historically, major Bitcoin breakouts are often followed by capital rotation into top altcoins like Ethereum, Solana, and XRP.

As the macro backdrop improves with clearer regulatory signals in the U.S. and Asia, traders are watching whether this rally can broaden beyond Bitcoin—or if the king coin will continue to dominate market flows for the rest of July.

Deyan Angelov

Active crypto trader who also follows news related to stocks, the S&P 500, and gold. Deyan enjoys staying physically active, trains regularly, and practices calisthenics. He also likes reading sci-fi books when he has the time.