#BTC Hits New High# Bitcoin officially surpassed the level of $122,000, having increased by more than 3% in the last 24 hours, reaching $122,300, according to data from CoinMarketCap.

This movement ends the multi-day upward trend, fueled by increasing institutional demand, strong inflows into ETFs, and the continuing upward momentum of technical indicators.
Institutional appetite and ETF flows are driving the rise
Over the past day, the trading volume of Bitcoin surged by 39.34% to over $63 billion, signaling renewed market activity. The total market capitalization reached $2.43 trillion. Analysts attribute the surge to a wave of corporate purchases, as reports indicate that reserves have bought BTC worth over half a billion dollars in recent days.
Meanwhile, the registered spot Bitcoin ETFs in the US continue to attract inflows, solidifying institutional confidence. This institutional presence helped BTC rise from a base near $117,900 at the beginning of July 14 to over $122,200 in less than 24 hours.
Signals of overbuying are emerging, but the momentum remains.
Despite the short-term momentum remaining firmly bullish, technical indicators are starting to issue warnings of overbought conditions. Bitcoin is currently trading well above its 7-day moving average, and several traders are expecting a brief consolidation phase unless ETF demand continues at the current pace.
Bitcoin's dominance is approaching key resistance – is the next alt season coming?
Next development in altcoins?
The recent 33% monthly increase in the altcoin season index suggests that altcoins may soon start to perform better if Bitcoin stabilizes above $120,000. Historically, major breakthroughs in BTC are often followed by a rotation of capital into top altcoins like Ethereum, Solana, and XRP.
As the macro environment improves with clearer regulatory signals in the US and Asia, traders are watching to see if this rally can extend beyond Bitcoin – or whether the leading digital asset will continue to dominate market flows until the end of July.