Bitcoin (BTC) crossed the $120,000 mark on Thursday despite a government shutdown as investors pivoted to safe assets. The flagship cryptocurrency briefly crossed the $121,000 mark before settling at $120,621. However, price action is bearish during the ongoing session, down 0.22%. Traders and analysts believe it's only a matter of time before BTC returns to price discovery, with many convinced a new all-time high is likely. Bitcoin ETF Inflows Total $2.25 Billion In Four Days Spot Bitcoin ETFs registered their fourth consecutive day of heavy inflows, as incoming capital reached $2.25 billion. BlackRock, Fidelity, and ARK 21Shares have emerged as top performers. The latest trading session has recorded over $600 million in inflows so far as institutional capital pours in after BTC crossed the $120,000 mark. As expected, BlackRock’s IBIT led the inflow chart with $466 million, pushing its cumulative total to $61.8 billion. Fidelity’s FBTC registered $89 million in inflows, while ARK and 21Shares’ ARKB saw $45.18 million in net inflows. The jump in inflows is because of renewed institutional confidence, helping spot Bitcoin ETFs regain momentum after a difficult September. The inflows coincide with a strong rally that pushed BTC past $120,000 on Thursday. Bitcoin’s technical indicators remain bullish, with the Relative Strength Index (RSI) around 70. The MACD is also displaying a bullish bias, indicating that prices could push higher. ETF data reveals that BlackRock’s IBIT manages $93.95 billion in assets, with over 62 million shares traded daily. Fidelity’s FBTC, which trades on Cboe, manages around $25 billion in assets, while ARKB also manages $5.43 billion. According to data from HODL15Capital, Bitcoin ETPs manage over 1.47 million BTC , a staggering 7% of the total supply. Strategy’s Bitcoin Holdings Soar To $77 Billion Strategy’s Bitcoin (BTC) treasury has surged to $77.4 billion, crossing the market capitalization of several major banks and equaling the GDP of some countries. Strategy executive chairman Michael Saylor noted that the company’s Bitcoin holdings are now valued at $77.4 billion, stating, “Our journey began with $0.25 billion in Bitcoin — and an immediate $0.04 billion unrealized loss. Today, we closed at a new all-time high: $77.4 billion in BTC NAV.” Strategy’s staggering valuation comes as Bitcoin returned to $120,000 for the first time since August. While the flagship cryptocurrency is still 3% lower than its all-time high, Strategy’s record valuation comes because the company purchased 11,085 BTC over the past few weeks. Strategy’s Bitcoin stash is worth more than the market capitalization of banks like BNY Mellon, Sberbank, US Bancorp, CIBC, ING, Barclays, Deutsche Bank, ANZ Bank, and Lloyds. El Salvador’s Bitcoin holdings are also hovering around record levels. The country reportedly holds 6,338 BTC , worth approximately $762.5 million. The latest valuation is slightly lower than its all-time high of $770 million in mid-August. Bitcoin (BTC) Price Analysis Bitcoin (BTC) has traded in positive territory this week, crossing $114,000 on Monday and surging past $118,000 on Wednesday after rising over 4%. The flagship cryptocurrency crossed $120,000 on Thursday, settling at $120,621, but is marginally down during the ongoing session, trading around $120,473. BTC traders are already preparing for another round of price discovery, provided there are no major pullbacks. The confidence among traders can be gauged by Rekt Capital’s assessment of prevailing market conditions. The analyst believes even a consolidation will see only the $117,000 levels retested. “Bitcoin has Daily Closed above $117.3k. Any dips into blue, if at all necessary, would constitute a post-breakout retest to fully confirm re-entry into the blue-black range of $117.3k-$120k.” Another analyst stated that BTC is moving exactly as planned in Uptober. “So far, Bitcoin is moving exactly as planned. Hold $118k from here, and new all-time highs are next. Uptober is here.” The biggest endorsement of BTC’s bullish phase came from Standard Chartered. The bank’s global head of digital assets research stated in a research note that BTC could soon reach a new all-time high, and keep going until it reaches $135,000. While the flagship cryptocurrency has stuck to the “Uptober” narrative, Standard Chartered’s Geoff Kendrick believes it has ditched the pattern of prices dropping eighteen months after the halving. Kendrick argued that had that been the case, markets would have seen substantial price weakness. Kendrick stated, “The shutdown matters this time around. During the previous Trump shutdown (22 December 2018 to 25 January 2019), Bitcoin was in a different place than it is now, so it did little. However, this year Bitcoin has traded with ‘U.S. government risks’ as best shown by its relationship to U.S. treasury term premium.” He also added that he expects institutional demand to increase until the end of the year. “Net Bitcoin ETF inflows are now at $58 billion, of which $23 billion has been in 2025. I would expect at least another $20 billion by year-end, a number which would make my $200,000 [BTC] year-end forecast possible.” BTC ended the previous weekend in the red, dropping 0.41% to $115,282 on Sunday. Selling pressure intensified on Monday as the price fell by over 2% to $112,736. Sellers retained control on Tuesday with BTC falling 0.64% to a low of $111,502 before settling at $112,017. Despite the overwhelming selling pressure, BTC recovered on Wednesday, rising over 1% to reclaim $113,000 and settling at $113,348. Bearish sentiment returned on Thursday as BTC plunged nearly 4%, slipping below $110,000 and settling at $109,035. BTC recovered on Friday, rising 0.61% but was back in the red on Saturday, registering a marginal decline and settling at $109,681. Source: TradingView Bullish sentiment intensified on Sunday as BTC rallied, rising over 2% to cross $112,000 and settle at $112,197. Buyers retained control on Monday as the price rose almost 2% to cross $114,000 and settle at $114,365. Despite the positive sentiment, BTC fell to a low of $112,695 on Tuesday. However, it recovered from this level to settle at $114,067, ultimately registering a marginal decline. Bullish sentiment returned on Wednesday as BTC rallied, rising over 4% to cross $118,000 and settle at $118,659. Buyers retained control on Thursday as the price rose 1.65% to reclaim $120,000 and settle at $120,621. The flagship cryptocurrency is marginally down during the ongoing session, trading around $120,410 after dropping to a low of $119,327. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
