Bitcoin breaks through the $123,000 mark, and the market continues to heat up

According to OKX market data, Bitcoin (BTC) rose strongly during the day, breaking through $123,000, setting a new record high, with a 24-hour increase of 3.71%. This milestone breakthrough marks that Bitcoin continues to continue its strong upward trend this year under the joint promotion of a new round of institutions and retail investors.

Behind this round of rise, the market generally attributes it to the following major factors:

Institutions continue to buy: MicroStrategy, Metaplanet and other companies have continued to increase their Bitcoin holdings recently, boosting market confidence;

ETF funds continue to flow in: The inflow of multiple Bitcoin spot ETFs has hit a multi-week high, driving the market to further break through;

Risk aversion is heating up: With the increase in global geopolitical and financial policy uncertainties, BTC is once again regarded as "digital gold";

Optimistic macroeconomic policy expectations: The Fed's expectations of rate cuts are rising, and the weakening of the US dollar has also provided support for the rise in Bitcoin prices.

Analysts pointed out that the current Bitcoin market presents the structural characteristics of "institutional dominance + retail investors chasing up", and both technical and emotional aspects remain strong, and may continue to challenge higher resistance levels in the short term. However, there are also views reminding investors that the risk of a pullback accumulates as prices rise, and they need to remain rational.