Bitcoin $BTC overcame resistance at $123,164 and reached a new all-time high of $124,128, confirming the upward trend on the 4-hour chart. What it means: The MACD histogram (530.44) indicates an acceleration of the upward momentum, while the RSI (78.41 over 7 days) shows overbought conditions, but with no immediate reversal signs. Short-term liquidations around $124,000–$126,000 intensified the upward movement. Key levels: The nearest support is at $120,500; holding above this level could lead to a rise to $127,000. 3. Institutional investments (mixed effect)
Overview: Spot Bitcoin ETFs attracted over $1 billion in net investments over five days, however, Ethereum ETFs outpaced Bitcoin with $729 million compared to $86.7 million as of August 13. What it means: Despite Bitcoin remaining the primary instrument for institutional investors, the capital reallocation into Ethereum ETFs (driven by the supply shortage of ETH) limits Bitcoin's growth potential. Conclusion The Bitcoin rally is driven by a combination of macroeconomic optimism, technical momentum, and steady institutional demand. However, the rapid growth of Ethereum, supported by ETFs, creates competition. What to watch: Can Bitcoin maintain its upward trend if Ethereum surpasses its all-time high of $4,900, or will capital flow back to Bitcoin? Keep a close eye on the support at $120,500 and statements from the Fed.
