Bitcoin Don Jump Reach $123,000 Record, Pass Gold Amid Institutional Demand and Technical Breakout
Bitcoin don continue e persistent rally to reach record high pass $123,000 after e break out of one broadening wedge pattern. The proper breakout don cancel possible dip go $92,000 and trigger over $45 billion potential short liquidations. Year-to-date gains wey be 29% pass gold wey be 27%, with BTC/gold ratio reach 23 weeks high. Institutional demand still strong, with over $2 billion net inflows enter spot Bitcoin ETFs last week. On-chain data from Glassnode show daily dollar-denominated highs and peak gold ratios since February. Technical indicators still dey bullish: Bitcoin dey trade inside ascending parallel channel on the hourly chart, with resistance for channel midpoint and targets between $125,000 and $140,000. Macro tailwinds from US debt ceiling deal and expected M2 money supply expansion dey add to the positive outlook. Traders dey wait for US CPI data for volatility and dey watch liquidity clusters around $123,000–$125,000 for potential pullbacks before the next upward leg.
Bullish
Di combined news wey talk say dem get strong technical breakout, correct institutional ETF inflows, plus fine fine macro tailwinds all dey support better chance for Bitcoin. For short term, traders fit see gbege around liquidity clusters near $123,000–$125,000 before e continue the uptrend. For longer term, steady ETF demand, positive on-chain signals, plus money wey dey expand fit push Bitcoin go up targets wey dey between $130,000 and $170,000. Historical pattern talk say these kind breakouts plus institutional participation dey usually lead to quick price discovery cycles.