Bitcoin closed its highest weekly candle at $119,310, then surged to $123,100. Short-term holder NAV premium at 16% indicates moderate interest. Spot Bitcoin ETFs in strong buy regime after $1.18 billion inflow. Price gained 8.74%, reaching all-time high of $123,100. Market data suggests rally could continue with growing participation and US demand support.

Coinbase Premium Index shows prolonged buying pressure from US investors. Weekly trend forecasts another 10-15% rise after breaking previous all-time high of $111,800. Historical patterns suggest short-term target between $132,000 and $138,000 before momentum slows. Each breakout has shown diminishing returns, aligning with weakening upside as BTC enters uncharted territory.

Read more at Cointelegraph: Bitcoin Prepares For A Strong Rally To $138K