Bitcoin is up more than 20% since late June, pushing to a new all-time high of $123,000 before entering a consolidation phase. Price action is currently locked in a tight range, with bulls holding strong above the $117K level as the market digests recent gains. While momentum has cooled, institutional interest continues to expand, and key on-chain fundamentals suggest more upside could be ahead in the coming months.
Adding to the intrigue, blockchain analytics platform Arkham reported that SpaceX moved Bitcoin for the first time in three years. While the reason behind the move remains unclear, it has sparked speculation about a potential change in custody structure or a signal of broader institutional activity.
Bitcoin is consolidating just below its recent all-time high of $123,000, holding firm above the $117,000 mark. The transaction by SpaceX adds to a growing list of institutional activity that reflects increasing confidence and involvement from major players. Whether the transfer was custodial or strategic, it underscores Bitcoin’s evolving role in corporate treasuries and institutional portfolios.
At the same time, the broader market environment supports a bullish narrative. Legal clarity in the United States continues to improve, laying the groundwork for larger waves of capital to enter the crypto space. With institutional engagement growing and fundamentals strengthening, many believe Bitcoin is entering an expansive phase.
The daily chart shows Bitcoin consolidating between the $115,724 and $122,077 levels after reaching a new all-time high of $123,000 earlier this month. Price remains above all major moving averages, with the 50-day SMA currently near $109,457 and rising steadily—an indicator of continued bullish momentum. Despite the recent pause in upside action, BTC has not broken down from its range, suggesting strong support from buyers.
Volume has slightly declined during this consolidation phase, which is typical after an aggressive rally. However, buyers are still defending the $116K level each time price tests the lower boundary of the range. This signals that bulls remain in control and are unwilling to give up ground.
A breakout above $122,077 could spark a fresh leg higher, potentially targeting the $130K–$135K zone in the short term. On the downside, a clean break below $115,724 might trigger short-term selling, but deeper support lies near the 50-day SMA and psychological levels like $110K.
Featured image from Dall-E, chart from TradingView
