Bitcoin (BTC) pulled back slightly on Tuesday after notching fresh all-time highs above $123,000 over the weekend, as investors weighed ongoing regulatory developments, profit-taking pressure, and major institutional activity.
Bitcoin Peaks Near $124K, Faces Technical Resistance
Bitcoin rallied to a historic high of $123,872 before retreating to the $117,000–$118,000 range as of early Wednesday. Analysts cited profit-taking and short-term liquidation as the main triggers for the correction. Despite the dip, many remain bullish.
“Bitcoin is displaying a classic inverted head-and-shoulders pattern on the weekly chart,” said crypto analyst Markus Thiele. “If this holds, the next major resistance sits near $140,000–$160,000.”
On-chain activity remains strong, with long-term holders continuing to accumulate while exchange reserves dwindle, suggesting a bullish supply setup.
Standard Chartered Enters Bitcoin Trading Arena
In a major development for institutional crypto adoption, Standard Chartered announced on Monday that it has officially launched spot Bitcoin and Ethereum trading services for its institutional clients.
The offering, rolled out via the bank’s foreign exchange (FX) trading platform, marks one of the first such moves by a Tier-1 global bank. The bank plans to expand into non-deliverable forwards and structured crypto derivatives in the coming months.
“This is a huge milestone for Bitcoin’s integration into traditional finance,” said Jason Lee, an analyst at Arkstone Capital. “StanChart’s entry signals growing demand for crypto assets among institutional portfolios.”
U.S. Lawmakers Weigh Crypto Bills During ‘Crypto Week’
This week also marks a pivotal moment on the regulatory front, with the U.S. House of Representatives entering what’s been dubbed “Crypto Week.” Lawmakers are set to vote on several digital asset-related bills aimed at clarifying regulatory jurisdiction, stablecoin issuance, and investor protections.
While the House Freedom Caucus temporarily delayed a key procedural vote on the stablecoin bill on Monday, the broader push for crypto clarity remains on track.
“The market is pricing in optimism that the U.S. is finally moving toward a coherent crypto framework,” noted legislative analyst Sheila Park.
Cantor SPAC Nears $3.5B Bitcoin Treasury Deal
In one of the largest Bitcoin deals to date, a SPAC backed by Cantor Fitzgerald is reportedly nearing a $3.5 billion transaction to acquire over 30,000 BTC from Adam Back’s Blockstream.
If completed, this would represent one of the most significant institutional Bitcoin acquisitions since MicroStrategy’s 2021–2024 spree.
The deal, still under final negotiation, could be announced later this week and would further cement Bitcoin’s place on corporate balance sheets.
Market Outlook: Volatility with Bullish Bias
Despite near-term selling, sentiment remains bullish amid positive macro and on-chain indicators, institutional growth, and regulatory optimism. A short-term correction toward $114K–$115K is possible, but analysts say the broader trend remains upward.
“Bitcoin's consolidation at elevated levels is a sign of strength,” said digital asset strategist Priya Chandran. “Assuming no major macro shock, the path toward $140K looks intact.”
Quick Recap
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Bitcoin ATH: Briefly surpassed $123K; now consolidating around $117K.
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Institutional adoption: Standard Chartered launches BTC/ETH trading for clients.
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Regulatory shift: U.S. Congress enters ‘Crypto Week’ with key bills on deck.
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Major deal: Cantor SPAC set to acquire $3.5B in BTC from Blockstream.
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Technical outlook: Bullish reversal pattern in play, with possible continuation to $140K–$160K.