BTC price in 'crisis mode' at $123K: 5 things to know in Bitcoin this week

Key Points

1. Bitcoin (BTC/USD) surged past $120,000, setting a new all-time high of $122,600, with a weekly gain of $10,000.

2. Analysts like Keith Alan and BitQuant predict further price increases, with targets of $135,000 and $145,000, respectively.

3. July historically shows strong performance for Bitcoin, with past gains exceeding 20%, while August tends to be weaker.

4. US inflation data and Federal Reserve policies are under scrutiny, with political pressure on Fed Chair Jerome Powell to resign.

5. The US debt crisis is influencing Bitcoin's 'crisis mode,' with the national deficit hitting $316 billion in May and the USD weakening.

6. Bitcoin's dominance in the crypto market dipped slightly but remains strong, with altcoins like Ether showing significant gains.