Bitcoin News

US Debt Fuels A “Crisis Mode” Bitcoin Price Surge To $123,000

US Debt Fuels A "Crisis Mode" Bitcoin Price Surge To $123,000

Bitcoin (BTC) makes history as the third week of July begins above $120,000 per coin.

  • BTC price strength shows no signs of reversing as $123,000 appears for the first time after the weekly close.

  • July gains remain standard in percentage terms despite the giant US dollar figures.

  • US CPI week dawns with a cloud hanging over the fate of Fed Chair Jerome Powell.

  • US deficit woes are driving Bitcoin relentlessly higher, analysis says, and the whole situation is anything but “normal.”

  • Bitcoin dominance is showing weakness and altcoins are more than happy to pick up the slack.

Bitcoin traders eye next BTC price top levels

Celebrations are everywhere this week as BTC/USD passes $120,000 for the first time in a giant surge higher.

All-time highs now sit at $122,600, with the weekly candle locking in $10,000 of upside, data from Cointelegraph Markets Pro and TradingView confirms.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

After two months of consolidation, price discovery came thick and fast, but commentators are already wondering how much fuel is left in Bitcoin’s tank.

“It’s taken 44 months for this massive Cup & Handle pattern to develop on the $BTC chart, and price is now just 2% away from the target I identified in May 2024 when the cup first formed,” Keith Alan, co-founder of trading resource Material Indicators, wrote in a post on X.

Alan acknowledged that “a lot has changed” since then, and Bitcoin is in a completely different place as a macro asset.

“Hence, I believe price will go higher before we reach the cycle top,” he added.

BTC/USD 1-week chart. Source: Keith Alan/X

Among traders, upside targets likewise appear limited, with popular pundit BitQuant sticking to a $145,000 goal.

“$BTC is going to hit $135,000 in Q3,” fellow trader Cas Abbe said.

“A strong weekly close above $107.7K was needed and it happened last week. After that, $BTC pumped $10,000 in just a week and still showing no signs of exhaustion. I think a rally to $120K, followed by some consolidation and then a pump to $135,000 is highly likely.”

BTC/USDT 1-week chart. Source: Cas Abbe/X

A July like any other?

While impressive in US dollar terms, percentage gains for BTC/USD add some much-needed context to the rally.

Bitcoin was up by just under 14% in July, making its performance fairly typical.

Click Here to Read the Full Original Article at Cointelegraph.com News…