The price of Bitcoin shot above $122,000 on Monday, building on momentum from a bullish executive order in Washington and three straight days of spot Bitcoin exchange-traded fund inflows to close out last week.
Henrik Andersson, chief investment officer of Apollo Crypto, said the move was overdue following a month of consolidation.
“In our view it was just a matter of time before it would break up. In this time we have seen positive ETF flows, more treasury companies buying Bitcoin and a number of positive developments coming out of the White House.”
Bitcoin (BTC) soared over 3.3% to $122,150 in the early hours of Monday morning, moving it within striking distance of its $123,000 all-time high, TradingView data showed.
“Bitcoin has been stuck in a low-volatility band between $115,000 and $120,000 despite all the good news,” Andersson told Cointelegraph.
While no clear catalyst appears to be behind Bitcoin’s sudden two-hour climb, US President Donald Trump’s executive order to allow cryptocurrency in 401(k) retirement plans was seen as a boost for the industry.
The order is significant as it may open another $9 trillion of funds to flow into Bitcoin and the broader crypto industry.
There’s also more Bitcoin buying on the horizon. Michael Saylor on Sunday hinted on X that Strategy will add more Bitcoin to its $76.8 billion stash, stating: “If you don’t stop buying Bitcoin, you won’t stop making Money.”
Bitcoin ETF issuers also scooped up a combined $773 million worth of Bitcoin to close out the last three trading days last week, Farside Investors data shows.
Bitcoin market sentiment not overcooked
Despite the rally, the Crypto Fear & Greed Index score is still in the “Greed” zone at 70 out of 100, indicating that social market sentiment isn’t too overheated, for now.
While Bitcoin was still trading below $120,000 when the score updated on Monday, it only marked a one-point increase from Sunday.
Related: Michael Saylor is not sweating the rise of Ethereum treasury companies
Meanwhile, Google search interest for Bitcoin has only risen modestly in the last week, scoring 48 out of 100 relative to the highest point over the last 12 months. That point occurred during Nov. 10-16, a week after Trump won the US election.
BTC, ETH, push crypto market to new highs
Bitcoin’s rise above $122,000 also helped it make up for lost distance on Ether (ETH) of late, which has increased 1.8% over the last 24 hours compared to BTC’s 3.3%.
ETH has risen nearly threefold from $1,435 on April 9 to $4,315 at the time of writing, TradingView data showed.
BTC and ETH’s price rallies also pushed the total crypto market cap to $4.14 trillion on Monday, setting a new all-time high, CoinGecko data showed.
Magazine: US risks being ‘front run’ on Bitcoin reserve by other nations: Samson Mow
