Bitcoin Hits Record Highs, Surges Past $121,000 Again

Trading Between $120,000 and $121,000
Trump's Pledge to Make the U.S. the "Capital of Cryptocurrency"
Anticipation Builds for Stablecoin Legislation and Regulatory Frameworks This Week

On July 14, Bitcoin continued its record-breaking rally, surpassing the much-anticipated $120,000 mark during intraday trading. At one point, the price climbed above $121,000 before partially retracing due to profit-taking, only to rise above $121,000 again, setting new highs.

According to U.S. cryptocurrency exchange Coinbase, as of 1:19 p.m. on July 14 (Korea Standard Time), Bitcoin was trading at $121,027. This represents an increase of 2.81% compared to 24 hours ago, a 10.60% rise from a week ago, and a 14.90% gain from a month ago. Compared to a year ago, the price has surged by 86.75%.

Bitcoin first surpassed the $120,000 threshold at around 12:35 p.m. on July 14. After briefly climbing above $121,000 at approximately 12:40 p.m., the price pulled back due to a wave of profit-taking, but soon recovered to exceed $121,000 again.

According to Forbes, it took about 53 days for Bitcoin to move from $110,000 to $120,000. This is less than a third of the 167 days it took to go from $100,000 to $110,000 after first breaking through $100,000 in December of last year.

Recently, the rally in technology stocks, led by Nvidia and other big tech companies, has been observed to improve investor sentiment toward cryptocurrencies. U.S. financial media outlet CNBC analyzed, "When the market is in risk-on mode and investors pour money into growth-oriented assets like tech stocks, cryptocurrencies also tend to rally alongside."

In addition, optimism in the cryptocurrency market has grown ahead of the so-called "Crypto Week" in the U.S. House of Representatives, during which lawmakers are set to discuss three major cryptocurrency-related bills. The House is expected to debate three bills, including the "GENIUS" bill regulating stablecoins. President Donald Trump pledged during last year's election campaign to make the United States the "capital of global cryptocurrency."

As technical breakouts continue, market participants are raising their price targets. According to U.S. investment media outlet MarketWatch, Katie Stockton, founder of Fairlead Strategies, predicted that Bitcoin could climb as high as $134,500, noting that it recently broke through a key resistance level.