The world’s largest cryptocurrency is now only about 4% away from its July 14, 2025 record of $122,838, as institutional inflows and regulatory tailwinds fuel bullish momentum.

Publicly traded companies now collectively hold 628,791 BTC – valued at over $74 billion – with MicroStrategy alone adding 4,020 BTC worth $427 million last week. U.S. spot Bitcoin ETFs also recorded a staggering $935 million in inflows on August 9, according to CryptoQuant, signaling robust demand from large-scale investors.

This surge comes amid a structural supply squeeze, with just 12% of Bitcoin’s circulating supply actively trading. Long-term holders now control 67% of all coins, significantly reducing market liquidity and amplifying upward price pressure.

Technical Setup Points to $122K Retest

From a technical perspective, Bitcoin is holding firmly above both the 50-day EMA at $115,592 and the critical Fibonacci 50% retracement level of $117,518. The $117.5K–$118.8K range is emerging as a key support zone, while RSI readings near 63 suggest room for further upside. Analysts note that a close above $118.8K could open the door to a rapid retest of the $122.8K all-time high.

Regulatory Winds Turning Favorable

Regulatory momentum is also supporting Bitcoin’s climb. Texas has passed SB 21 to establish a state Bitcoin reserve, echoing El Salvador’s treasury model. Meanwhile, the bipartisan GENIUS Act is advancing in Congress to regulate stablecoins and safeguard self-custody wallets, and the CLARITY Act – pending Senate approval – could officially classify BTC as a commodity, shielding it from SEC oversight.

Adding to the bullish narrative, President Trump has signed a rule allowing 401(k) retirement plans to include crypto investments, potentially unlocking billions in new capital inflows.

All Eyes on SEC Decision

Investors are now watching closely for the August 15 SEC decision on WisdomTree’s spot Bitcoin ETF application. A green light could further accelerate institutional adoption and provide the final push toward a new record high.

If bullish momentum continues and key support levels hold, Bitcoin may not just revisit its July peak – it could set a new milestone before the end of August.

The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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Filed under: Bitcoin - @ August 10, 2025 7:26 am