🚀 Bitcoin Inches from Record — $123K Breakout in Sight

Bitcoin is once again in the spotlight, climbing above $122,000 and coming within 1% of its all-time high set in mid-July. The world’s largest cryptocurrency has been riding a wave of bullish momentum, fueled by favorable macroeconomic conditions and renewed investor optimism.

Fed Rate Cut Expectations Fuel Rally

The latest U.S. inflation data has strengthened expectations that the Federal Reserve could cut interest rates at its upcoming September 17 meeting. Lower borrowing costs tend to encourage risk-taking across global markets, with Bitcoin often benefiting as an alternative store of value. This macro tailwind has helped push BTC closer to its record peak.

Bitcoin’s surge is part of a wider crypto rally. Ethereum rose 6.6% to around $4,690, while Solana and Dogecoin posted double-digit and high-single-digit gains, respectively. The total cryptocurrency market capitalization has now surpassed $4 trillion, underscoring the sector’s broad-based strength.

Investor Behavior Suggests More Upside

On-chain data indicates that long-term Bitcoin holders are showing restraint in profit-taking, despite the price nearing record territory. This holding pattern suggests confidence in the potential for higher prices, with some analysts projecting targets above $135,000 in the near term if momentum continues.

With institutional inflows increasing, macroeconomic conditions aligning, and market sentiment strongly bullish, Bitcoin appears well-positioned to test—and potentially break—its all-time high. Whether it can sustain these gains will depend on Fed policy decisions, market liquidity, and global economic trends in the coming weeks.