Bitcoin (BTC) surpasses $120,000 per coin, hitting a historic high as July begins. The price surge continues, reaching $123,000 for the first time. Despite large gains in US dollars, the percentage increase is typical for July historically. Bitcoin traders are eyeing even higher price levels in the near future.

Inflation data, including the Consumer Price Index (CPI), is under scrutiny as the Federal Reserve prepares for its next interest rate meeting. Fed Chair Jerome Powell faces pressure to resign from US President Donald Trump. The US deficit is at record levels, driving Bitcoin’s outperformance compared to other assets.

Bitcoin’s dominance in the crypto market is shifting, creating opportunities for altcoins during a potential “altseason.” Alt traders are hopeful as BTC dominance falls below 65%, indicating a possible turnaround in the market. Major altcoins are outperforming Bitcoin, with Ether (ETH) seeing significant gains. Analysts predict further growth for altcoins in the coming months.

Read more at Cointelegraph: US Debt Fuels A “Crisis Mode” Bitcoin Price Surge tTo $123,000