Bitcoin Nears $124K as BNB Hits Record $1,200

Bitcoin and BNB Light Up the Market

The crypto market kicked off the week with fresh energy. Bitcoin hovered close to $124,600 on Tuesday morning, holding on to most of its recent gains. But the bigger headline came from BNB, which broke through the $1,200 mark for the first time ever.

Ethereum also moved back above $4,700, and other popular tokens, including XRP, Solana, Dogecoin, Cardano, and Tron, saw gains of more than 5%. According to CoinMarketCap, the total market value of all cryptocurrencies in circulation ticked up nearly 1% to $4.27 trillion.

Why the Rally Has Legs

Analysts believe the latest surge isn’t just about hype. Institutional investors continue to pour in, and a softer U.S. dollar is making Bitcoin look more attractive.

Edul Patel, CEO and Co-founder of Mudrex, said Bitcoin briefly set a new peak at $126,198.

“Institutional inflows remain strong. If the Federal Reserve maintains a dovish tone and U.S. jobless claims soften, Bitcoin could have room to push toward $129,000,” Patel said.

He added that the U.S. dollar index has slipped 10% this year, making Bitcoin appealing as a hedge and drawing in retail investors.

In the last week alone, Ethereum has risen 12.35%, while Bitcoin is up nearly 9%.

Profit-Taking and the Debasement Trade

The team at CoinSwitch Markets Desk noted that Bitcoin climbed past $126,000 before easing back to about $124,500, as some traders locked in profits.

They added that the ongoing U.S. government shutdown has given the “debasement trade”, the move toward assets like Bitcoin and gold, another push.

“On-chain data shows coins steadily moving away from exchanges, which signals accumulation,” CoinSwitch analysts said. “We see resistance around $127,000, with support between $120,000 and $122,000. Momentum indicators remain positive, and a breakout above resistance could open the door to $130,000.”

Takeaways for Investors

• Bitcoin remains in an uptrend, backed by steady institutional inflows.
• BNB’s climb past $1,200 shows that altcoins are seeing renewed interest.
• Technical charts highlight resistance near $127,000 and support around $120,000.
• A weaker U.S. dollar keeps the hedge trade alive.
• Profit-taking may trigger short dips, but the longer-term outlook stays positive.

The Road Ahead

The latest moves by Bitcoin and BNB underscore how resilient the crypto market has become, even amid economic uncertainty. Investors are keeping an eye on resistance around $127,000, but if that barrier breaks, the next stop could be $130,000.

The rally shows no sign of being just a one-off spike, at least not yet.