Bitcoin Price Soars Above $122K as New Addresses Hit 1-Year High.

Bitcoin Price Jumps Above $122K as New Addresses Reach Yearly High

Bitcoin (BTC) price surged past $122,000 on Monday, signaling renewed strength in the cryptocurrency market. The BTC price traded near $121,625, up 3%, driven by strong institutional interest and supportive macroeconomic conditions. Analysts suggest this momentum could push BTC toward a fresh all-time high in the coming weeks.

Market data shows new Bitcoin addresses have reached a one-year peak, reflecting heightened retail and institutional participation. Large corporations are also increasing BTC allocations, following recent regulatory clarity that has eased compliance concerns. Meanwhile, expectations of a Federal Reserve interest rate cut in September are boosting risk-on assets, including cryptocurrencies.

Ethereum extended gains for a second day, climbing above $4,300 for the first time since late 2021. XRP jumped 11% to $3.25 after the dismissal of the Ripple-SEC case, with institutional trading volumes soaring 200% to $12.4 billion. Overall, the global crypto market value rose 2.43% to surpass $4.05 trillion, underscoring the sector’s bullish momentum.

Bitcoin Hits Yearly High in Addresses

Bitcoin price has passed a notable milestone and the total number of new addresses created within a day was 364,126. It is the highest number registered in a single day in the last twelve months.

According to Glassnode data, new address activity in the last few weeks has been on a consistent upswing. This is the most recent figure that is an all-time high in terms of daily and since mid-2024, it implies that more people are becoming interested in the cryptocurrency network.

The growth of the creations of addresses implies enhanced retail and institutional interest in Bitcoin. Increased participation is usually an indicator of optimism in the market and can be a pointer to activity in the price in the future.

Bitcoin Poised for Rapid Parabolic Price Surge

Bitcoin price is also speculated to have ended the accumulation stage, and manipulation of the market is no longer regarded as unfinished. Market analysts believe the cryptocurrency is in what has been termed as a parabolic phase that may witness a steep rise in the prices. According to traders, there is a possibility that Bitcoin is set to open to massive bullish momentum and more quickly than expected.

The chart patterns intervent in three different phases of the market, which is accumulation, manipulation and dealership. The existing break out of the manipulation period is laying the basis of a robust rally in the future. Investment analysts caution the investors against missing the possible upsurge by taking positions now or otherwise.

Market has just faced resistance at around the $121500 mark with buyers raising the price off a low in the low s118000s earlier this month.

Relative Strength Index (RSI) stands at 73.20, and Bitcoin is in an overbought territory. The MACD indicator indicates that the blue MACD line is above the signal line at a considerable distance, and it is possible to say that the bullish opportunity is still present. The histogram bars are always on the positive side, which augments the upward bias.

Source: Tradingview

The main resistance points to note are at the prices of $125,000, $128,000, and $130,000. A break above $125,000 decisively may pave way to $130,000 in near future. The negative side is that $120,000 currently acts as short-term assistance. Should this level fail, the Bitcoin price may take a retest to the upside and at $116,000, after which it will resume an upward momentum.