The price of Bitcoin soared above $122,000 on Monday, continuing the momentum from Washington's bullish executive order and the inflow of spot Bitcoin exchange-traded funds over the weekend.
Apollo Crypto's Chief Investment Officer Henrik Andersson stated that this rise was long overdue after a month of consolidation.
TradingView data shows that in the early hours of Monday, Bitcoin (BTC) surged over 3.3% to $122,150, nearing its historical high of $123,000.
"Despite all the good news, Bitcoin has been stuck in a low volatility range between $115,000 and $120,000," Andersson told Cointelegraph.
While there was no obvious catalyst for Bitcoin's sudden rise within two hours, U.S. President Donald Trump's executive order allowing the use of cryptocurrencies in 401(k) retirement plans is seen as a boost for the industry.
The order is significant as it could open up an additional $9 trillion in funding inflow for Bitcoin and the broader crypto industry.
Purchases of Bitcoin are also continuing. Michael Saylor hinted on X on Sunday that Strategy would increase its Bitcoin holdings in its $76.8 billion reserves, stating, "If you keep buying Bitcoin, you won't stop making money."
Data from Farside Investors shows that Bitcoin ETF issuers purchased a total of $773 million worth of Bitcoin over the three days of the weekend.
Despite the market surge, the Crypto Fear and Greed Index score remains in the "Greed" zone, reaching 70 out of 100, indicating that the current social market sentiment is not overheated.
When the score was updated on Monday, Bitcoin was still trading below $120,000, having increased by just one point from Sunday.
Over the past week, Google searches for Bitcoin saw only a slight increase, scoring 48 points (out of 100), well below the peak of the past 12 months. This peak occurred from November 10 to 16, one week after Trump won the U.S. election.
Bitcoin's breakthrough above $122,000 also helped it close the gap with Ethereum (ETH), which rose 1.8% in the past 24 hours, while BTC increased by 3.3%.
TradingView data shows that ETH has nearly tripled from $1,435 on April 9 to $4,315 at the time of writing.
According to CoinGecko, the price increases of BTC and ETH pushed the total cryptocurrency market capitalization to $4.14 trillion on Monday, setting a new historical high.
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Original article: “Analysts say Bitcoin (BTC) soaring to $122,000 is just a matter of time”
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