Bitcoin smashes new all-time high: is US$120K next?

Bitcoin has pushed through to yet another all-time high of US$116,868, up 4% over the past 24 hours and 6% for the week. The latest leg of the rally appears to be driven by a combination of continued ETF inflows, strong on-chain activity, and renewed institutional interest, particularly in the lead-up to expected Fed rate cuts in Q3.

Global BTC spot trading volumes surged 23.6% overnight, topping US$51.7 billion in 24-hour turnover. On BTC Markets, we’ve seen an 18.4% lift in AUD-denominated BTC volume day-on-day, with BTC/AUD now accounting for the majority share of local crypto trading activity.

BTC Markets traders were well positioned for this move, we saw a significant increase in AUD deposits onto the platform over the past week, reflecting early positioning and strong directional conviction. This continued strength in our order books captures both retail and wholesale demand as investors rotate into the next phase of the cycle.

From a technical perspective, the immediate support is now at the previous breakout level of US$113,000, with resistance sitting at US$120,000, followed by US$128,500, a key Fibonacci extension level based on the last macro swing.

While Bitcoin leads from the front, attention is beginning to shift towards the broader market. Ethereum is up 7.23% on the day, testing key resistance at US$3,000, and Solana has reclaimed US$164, suggesting risk appetite is broadening. Historically, this kind of rotation has preceded the start of an alt season, where capital flows from Bitcoin into higher-beta assets. We’renot quite there yet, but the foundations are forming, particularly as Ethereum outperforms in short bursts and Layer 1 network activity increases.

BTC Markets is well positioned in this environment. We continue to see deep liquidity in BTC/AUD and ETH/AUD pairs, and the increase in new user activity and average portfolio sizes suggests growing retail engagement. Our clients are active, informed, and positioning for what’s next.

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