Ammon News - Bitcoin crossed the $120,000 level for the first time on Monday, marking a milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week.

Bitcoin scaled a record high of $122,571.19, before pulling back slightly to last trade 2.4% higher at $121,952.61.

"It's riding a number of tailwinds at the moment," said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of further gains and support from Trump as reasons for the bullishness.

"It's been a very, very, strong move over the past six or seven days and it's hard to see where it stops now. It looks like it can easily have a look at the $125,000 level," he said.

The surge in bitcoin, which is up 29% for the year so far, has sparked a broader rally across other cryptocurrencies over the past few sessions even in the face of Trump's chaotic tariffs. Reuters