August 11, Bitcoin (BTC) briefly pushed above $120,000, printing an intraday high around $122,242—just shy of the mid-July record near $123,000. The rally is widely attributed to firmer U.S. policy expectations and a revival of spot ETF inflows, which together lifted risk appetite.

Extending weekend gains, BTC advanced further during Asia hours, marking a one-month high and approaching the July 14 record range (mainstream tallies put the peak at roughly $122,873–$123,153). Price action has returned to the “new-high zone,” where overlapping technical and psychological levels have intensified short-term swings. The Economic Times, Reuters and others reported on Aug. 11 that BTC reclaimed $120,000 and neared its all-time high.

Drivers: Policy Hopes and ETF Inflows as Dual Engines

On fundamentals, recent U.S. policy signals are seen as a direct catalyst. Reuters’ Aug. 11 market preview noted that an administrative push to allow pensions to allocate to crypto lifted institutional demand expectations, nudging prices back toward record levels. Markets also await this week’s U.S. CPI; a reading consistent with rate-cut hopes later this year would further amplify beta in risk assets.

On flows, the restart of net inflows into spot bitcoin ETFs has been just as important. Third-party data show multiple days of positive net creations in early August; on Aug. 8, net inflows totaled about $404 million (per Farside), providing hard-cash support for stabilization and the rebound. A longer-term structural signal: BlackRock’s IBIT AUM surpassed $80 billion in July—reportedly the fastest on record—underscoring growing acceptance of bitcoin in traditional portfolios.

Market Linkages and Trading Rhythm

Beyond bitcoin, ether has also remained firm, with several outlets noting it has entered a multi-year high zone. When bellwethers warm up in tandem, satellite tokens and related equities—miners, exchanges, custodians and market-makers—often see sentiment improve. That said, near record territory, turnover tends to concentrate in large-cap coins; the long tail may not keep pace, and dispersion can widen.

Technically, it will still take time to confirm $120,000 shifting from “strong resistance” to “first support.” Overhead, the $123,000 all-time high is the key near-term pivot. If price holds above $120,000 on rising volume alongside continued ETF net creations and supportive macro data, the upper band could extend toward the $130,000–$134,000 technical zone. If policy or data disappoint, a pullback toward $115,000–$118,000 would not surprise. Barron’s notes that should policy and flows keep aligning, some technicians see $130,000+ as the next target area.