Bitcoin briefly touched a new record high above $126,000, before retracing to around $123,200 on Tuesday, sparking debate among traders about the next big move. Analysts now call $124,000 a “pivotal” price level a key battleground for bulls hoping to turn it into firm support.
Market analysts noted rising open interest (OI) in Bitcoin derivatives up 19% in a week suggesting aggressive long positions may need a short-term correction before the next leg up. According to traders like Skew and BitBull, a few weekly closes above $123K could set the stage for a 20–30% rally in the coming weeks.
Institutional demand continues to drive sentiment. US Bitcoin ETFs saw $1.2 billion in net inflows on Monday, the second-highest daily figure ever, signaling strong investor interest despite volatility. QCP Capital highlighted that Bitcoin’s next trajectory depends largely on these institutional flows and broader macroeconomic conditions.
Below is the latest market snapshot of the top five cryptocurrencies by market value:
| Rank | Cryptocurrency | Price (USD) | Market Cap (Approx.) | 24h Change |
| 1 | Bitcoin[1] (BTC) | $121,363 | $2.4 Trillion | -2.1% |
| 2 | Ethereum[2] (ETH) | $3,150 | $378 Billion | -1.4% |
| 3 | Tether (USDT) | $1.00 | $118 Billion | 0.0% |
| 4 | BNB (BNB) | $610 | $88 Billion | -0.8% |
| 5 | Solana (SOL) | $190 | $87 Billion | +1.2% |
Bitcoin remains in price discovery mode but faces short-term resistance at $124K a decisive level that could determine whether the market continues toward $140K and beyond, or enters a consolidation phase.