Bitcoin has experienced a dramatic surge and for the first time in history surpassed the $120,000 mark, according to data from TradingView. This is a market reaction to several key events, including legislative changes and public statements from prominent figures such as Donald Trump.

Bitcoin reached $122,000

Bitcoin has just technically completed a falling flag pattern, which is considered a bullish signal in technical analysis. It represents a corrective move within a larger uptrend that often ends in another sharp rise.

The theory suggests that the flag should break out in the same direction and with similar intensity as the previous move. In this case, it would imply a rise toward the $135,000 level. While no pattern guarantees the outcome, the same scenario unfolded with a similar flag in 2024, increasing traders’ confidence.

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U.S. politics fuels the crypto market

President Trump, who has returned to the White House, publicly supported cryptocurrencies, triggering a new wave of capital. According to Forbes, his administration is pushing for legislation that would bring clear rules for the stablecoin market, the structure of the crypto market, and would also ban the issuance of a central bank digital dollar.

The U.S. Congress is also preparing to decide on three key legislative proposals that could shape the future of crypto for years to come:

• The first is the so-called Genius Act, a law on stablecoins that could take effect immediately upon the president’s signature. Among other things, it introduces a new requirement for stablecoins to be approved by public non-financial entities, significantly tightening their issuance.
• The second proposal is the crypto market structure bill, which would finally determine when a cryptocurrency is considered a commodity and when it is classified as a security.
• The third is a proposal to ban the issuance of a central bank digital dollar (CBDC).

While Congress prepares to vote, the crypto market is already responding. Bitcoin is rising, confidence is returning, and investors are beginning to anticipate a new era for cryptocurrencies — one that has the support of the government, billionaires, and the public.

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