Bitcoin surged sharply in the last 24 hours, climbing 3.35% to briefly break above the $122,000 mark before easing slightly.
The move outpaced the broader crypto market’s 2.34% gain and was fueled by a combination of policy-driven optimism, a massive short squeeze, and strong technical momentum.
The rally began after a quiet start to the week, with BTC consolidating around the $118K level. Early Asian trading hours saw prices push higher, breaking through $119K and accelerating into a steep climb past $120K.
Momentum carried the price above $122K – just little below its July 2025 record – before a wave of profit-taking pulled it fractionally below the threshold. At last check, Bitcoin was trading just under $122,000, holding most of its gains.
One of the key drivers came from Washington, where President Trump instructed the U.S. Labor Department to explore adding cryptocurrency options to 401(k) retirement plans. This policy shift sparked speculation about significant future institutional inflows, echoing the impact of spot Bitcoin ETFs in 2024, which drew $253 million in net inflows last week.
The rally was amplified by over $50 million in short positions being liquidated within two hours, forcing traders to buy back BTC and accelerating the upward move. Technically, Bitcoin has maintained a bullish setup, with a positive MACD crossover, RSI comfortably below overbought levels, and key support intact at $117K. Analysts note that if momentum holds, a retest of the all-time high could come sooner rather than later.
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Source: https://coindoo.com/bitcoin-briefly-tops-122000-amid-bullish-catalysts/