The Bitcoin market has once again stirred up a storm, with prices breaking through the $120,000 barrier, attracting the attention of global investors. Data shows that large holders (commonly known as "whales") purchased approximately 60,000 Bitcoins in a single day, setting a record high since the 2021 bull run. This move may indicate a significant increase in market confidence.

At the same time, institutional investors have also shown a strong willingness to enter the market. Several well-known institutions have transferred large amounts of Bit into cold wallets for storage, including Galaxy Digital. The CEO of the Japanese listed company Metaplanet even purchased 2,205 Bits at a high price of $108,000 each, and the current paper return has reached an astonishing 416.6%.

From a technical perspective, multiple indicators are showing positive signals. The RSI is in the aggressive zone at 69.44, the MACD red bar continues to expand, and the long-term holder's NUPL indicator is at 0.69, indicating that the market is not yet overheated. The Bitcoin network processes up to 162 million transactions daily, with median fees dropping below $0.01. Combined with the scaling of the Lightning Network, the practical value of Bit is experiencing explosive growth.

The improvement of the regulatory environment has injected new momentum into the Bitcoin market. After the U.S. SEC approved the Bitcoin spot ETF, products from BlackRock, Fidelity, and others have attracted over $25 billion in inflows. The implementation of the EU's MiCA regulation has promoted the development of compliant trading platforms, with some platforms' trading slippage reduced to 0.3%. In addition, a new bill in Texas is expected to promote Bitcoin as "digital gold," and global sovereign funds have also begun to quietly increase their holdings.

However, there are still some uncertainties in the market. The current most concerning question is: Is 120,000 USD merely the starting point of this bull run? From a technical analysis perspective, if Bit can solidly hold above 120,000 USD, it may attract more follow-up funds, pushing the price towards the historical second-highest level of 150,000 USD. However, if it falls below 118,000 USD, it may replay the corrective trend seen in June.

It is worth noting that the 1.19 million Bitcoins held by MicroStrategy account for 6% of the circulating supply, and its potential selling pressure has been hedged by institutional funds. Standard Chartered has even called for a target price of $170,000 by the end of 2025, indicating institutional optimism about the long-term trend of Bitcoin.

In this market filled with opportunities and challenges, investors need to stay vigilant and closely monitor market trends to seize potential new entry opportunities. As the Bitcoin ecosystem continues to develop and improve, we may be witnessing the dawn of a new cryptocurrency era.