According to CryptoSlate data, the milestone occurred in the early hours of July 14, marking the first time the flagship crypto has surpassed the $120,000 threshold.
Meanwhile, technical analysts also view this Bitcoin breakout as significant momentum for the industry.
Lawmakers are expected to hold key hearings and votes on several digital asset-related bills, including the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act.
Market observers view this wave of legislative activity as a possible turning point for regulatory clarity, which could unlock greater institutional participation.
While bulls celebrate the breakout, short traders are feeling the heat.
Of that, nearly $444 million came from Bitcoin positions, with short trades accounting for $435 million of the losses. One trader lost close to $100 million on a single short bet.
Interestingly, when priced in euros, Bitcoin has still not surpassed its high posted in January.
