Bitcoin (BTC-USD) blazes past $123,000 as U.S. debt concerns ignite safe-haven demand.
The world’s leading cryptocurrency shattered its prior all-time high this week, surging from about $107,000 at the end of last week to a fresh peak above $123,000.
That $10,000 leap in days helped drive July’s gain to 14%, in line with historical first-half momentum noted by Carson Group strategist Ryan Detrick.
Trading expert Keith Alan pointed to a textbook Cup and Handle pattern and mounting U.S. deficit fears after May’s $316 billion shortfall as key drivers behind the rally.
Investor angst over swelling Treasury issuance and mounting calls for Fed Chair Jerome Powell’s resignation has compounded pressure on the U.S. dollar.
With inflation data due later this week and political tension heating up, Bitcoin’s one trillion-dollar market and gold are both catching bids.
At the same time, altcoins are stirring: Ethereum jumped nearly 20% last week to reclaim a price above $3,000 as Bitcoin’s dominance slipped below 65%, hinting at the start of an altseason.
Why it matters: As traditional yields rise and the dollar weakens, digital assets are translating systemic risk into price momentum, making Bitcoin a barometer for broader market angst.
Investors will eye June’s Consumer Price Index release later this week for clues on whether the crypto rally can sustain its crisis mode momentum.
This article first appeared on GuruFocus.
