Bitcoin Surges Past $120K Ahead Of 'Crypto Week' In Washington

Bitcoin surged past $120,000 for the first time Monday as investor confidence rose ahead of U.S. congressional debates on key crypto bills, according to Bloomberg. The House of Representatives is set to consider several pro-crypto measures during "Crypto Week," aligning with Trump’s administration agenda. U.S. Bitcoin ETFs saw over $2.7 billion in net inflows last week, the fifth-largest weekly total since their launch in January 2024. The 12 ETFs now manage about $151 billion, while open interest in Bitcoin futures hit a record $86.3 billion on Monday. Institutional investors are viewing Bitcoin as a hedge and store of value, despite ongoing concerns over Trump’s broader economic policies. Short-sellers were hit hard, with over $1 billion in liquidated bearish positions. Analysts say Bitcoin’s next test is $125,000, with support seen at $112,000.