Bitcoin (BTC) is on the move again towards $120,000, aided by a steady influx of institutional investment, positive macroeconomic trends, and robust technicals. At present, BTC holds a 63.38% market dominance, highlighting its continued stronghold over the cryptocurrency industry.

Standard Chartered has recently begun spot BTC and ETH trading for its institutional clients, marking a significant step in the mainstream adoption of cryptocurrencies. This move makes it easier for many institutional investors to gain access, increasing demand for BTC even more.

Function, an innovative new DeFi platform, just raised $10 million— ▷ Their lofty aim though: to catalyze more than $1.5 billion in BTC yield strategies through decentralized finance mechanisms. sBTC will be released in Q3. This powerful new development is sure to unlock currently dormant BTC, bringing it into dynamic DeFi ecosystems and dramatically increasing its utility.

Combined, MicroStrategy and Metaplanet own more than 597,000 BTC. This remarkable holding further demonstrates their long-term confidence in Bitcoin’s future purpose as a non-dilutive store of value. This massive accumulation by institutional players adds to BTC’s reputation and likelihood for continued long-term appreciation.

BTC topped out at over $123,000 just recently and will have strong short-term resistance at this level. Important support levels were found just below at $106,000, the 50% Fibonacci level. Furthermore, the $99K level coincides with the 200-day EMA (Exponential Moving Average).

From the technical analysis perspective, Bitcoin’s RSI is currently 76.08, demonstrating an overbought situation. Even so, the Moving Average Convergence Divergence (MACD) is still bullish, indicating ongoing positive momentum. Current BTC funding rates have returned to 0.01%, a sign of a healthy, balanced market.

We note that significant leadership changes coming to the Federal Reserve could add some volatility and liquidity concerns for all risk assets, including BTC. This emerging trend means the space should be closely attuned to macroeconomic tides that impact the broader crypto market.

If the SEC steps up its regulatory scrutiny over stablecoins, this could spell trouble for BTC-denominated DeFi protocols. Such regulatory pressure could have serious implications for the growth and stability of decentralized applications using Bitcoin.

Despite these possible headwinds, BTC might continue up as further decentralized integrations such as smart contracts reveal new use cases. Institutional demand and high technical support levels are likely to have its back.