Bitcoin Surges to $123,000 Record, Outpacing Gold Amid Institutional Demand and Technical Breakout
Bitcoin extended its relentless rally to reach record highs above $123,000 after breaking out of a broadening wedge pattern. The decisive breakout invalidated a potential dip to $92,000 and triggered over $45 billion in potential short liquidations. Year-to-date gains of 29% outpace gold’s 27%, with the BTC/gold ratio hitting a 23-week high.
Institutional demand remains robust, with more than $2 billion in net inflows into spot Bitcoin ETFs last week. On-chain data from Glassnode shows daily dollar-denominated highs and peak gold ratios since February. Technical indicators stay bullish: Bitcoin trades within an ascending parallel channel on the hourly chart, with resistance at the channel midpoint and targets between $125,000 and $140,000. Macro tailwinds from the US debt ceiling deal and expected M2 money supply expansion add to the positive outlook. Traders await US CPI data for volatility and watch liquidity clusters around $123,000–$125,000 for potential pullbacks before the next upward leg.
Bullish
The combined news of a decisive technical breakout, strong institutional ETF inflows, and favorable macro tailwinds supports a bullish outlook for Bitcoin. In the short term, traders may see volatility around liquidity clusters near $123,000–$125,000 before continuation of the uptrend. Longer term, sustained ETF demand, positive on-chain signals, and expanding money supply could drive Bitcoin toward higher targets between $130,000 and $170,000. Historical patterns show that such breakouts coupled with institutional participation often lead to accelerated price discovery cycles.