Bitcoin is currently consolidating just below the psychological $120,000 level, cooling off after last week’s surge to a new all-time high. While bulls maintain control, price action has slowed, giving room for Ethereum to take the spotlight with a sharp breakout above $3,600.
Amid this evolving environment, fresh on-chain data from CryptoQuant highlights a historic moment for Bitcoin. The network’s Realised Cap — a metric that values each coin at the price it last moved — hit a new all-time high.
This milestone underscores the growing strength and maturity of Bitcoin’s capital base, especially as institutional interest and long-term holding trends continue to rise. To add a bullish note, this period of consolidation follows a major regulatory development: the US House of Representatives has officially passed three key crypto bills, including the GENIUS and Clarity Acts, ushering in long-awaited legal clarity for digital assets.
A Signal of Bitcoin’s Growing Maturity
Top analyst Axel Adler has highlighted a significant milestone for Bitcoin: the network’s Realised Cap has officially surpassed $1 trillion for the first time in its history, marking a new all-time high. Unlike traditional market capitalization — which multiplies the current price by total supply — Realised Cap calculates the value of each coin based on the price at which it was last moved. This methodology offers a clearer and more grounded view of the capital that is actually invested and held within the Bitcoin network.
Adler explains that this metric filters out speculative extremes and emphasizes coins that are truly being held by market participants, making it a more reliable indicator of Bitcoin’s underlying strength. To illustrate the significance of this milestone, he notes: “If a company earned $1 every second, it would take 31,710 years to accumulate one trillion dollars.” This comparison puts into perspective the immense scale of value now stored within the Bitcoin ecosystem.
As Bitcoin consolidates below $120,000 following its recent all-time high, the rise in Realised Cap reinforces the idea that this cycle is built on a stronger foundation than in previous rallies. With increasing institutional adoption, regulatory clarity emerging in the US, and growing long-term holder conviction, many analysts believe that Bitcoin is on the verge of another expansive growth phase in the coming months.
BTC Price Consolidates After Breakout
Bitcoin (BTC) is currently consolidating below the psychological $120,000 level after a strong multi-week rally. The 12-hour chart shows BTC trading between a clear range, with resistance at $123,230 and support at $115,730. This horizontal structure signals a healthy pause after a significant move, allowing the market to digest gains and potentially prepare for the next leg higher.
Despite minor pullbacks within the range, price action remains above all key moving averages: the 50 SMA ($111,306), the 100 SMA ($108,314), and the 200 SMA ($102,603), all trending upward. This alignment suggests bullish momentum remains intact, with the 50 SMA acting as dynamic support during shallow corrections.
Volume remains elevated compared to earlier in July, indicating continued participation and strong interest from buyers. As long as BTC maintains its structure above the $115K–$116K region, bulls are likely to remain in control. A confirmed breakout above $123,230 could open the door to new all-time highs, while a breakdown below $115,730 might trigger short-term downside toward $111K.
Featured image from Dall-E, chart from TradingView
