Bitcoin Holds $122K Amid Pullback, Bulls Still Eye $140K by Month-End
8/10/2025
Bitcoin traded near $122,000 in Wednesday’s Asian session after earlier hitting a record high of $126,200, as market participants weigh whether the cryptocurrency can continue its upward trajectory toward $140,000 by the end of October.
Economist Timothy Peterson highlighted on X that decade-long simulations suggest a 50% probability Bitcoin closes the month above $140K, while there’s a 43% chance it finishes below $136K.
BTC’s roughly 10% gain since the start of October has been fueled by strong inflows into U.S.-listed ETFs and ongoing withdrawals from centralized exchanges. Total BTC holdings on exchanges fell to a six-year low of 2.83 million, with 170,000 coins removed over the past month. Year-to-date, U.S. spot ETFs have accumulated over $60 billion in Bitcoin, including $3.2 billion last week alone—the second-largest weekly inflow on record.
Market optimism remains tempered by macroeconomic uncertainty. The ongoing U.S. government shutdown has delayed critical economic data, leaving the Federal Reserve’s next moves unclear. Analysts note that upcoming FOMC meetings and corporate earnings could either reinforce the rally or trigger a corrective pullback.
Short-term profit-taking has pressured prices, pushing BTC down more than 2% over the past 24 hours. This decline also affected altcoins: XRP, Solana (SOL), Ether (ETH), and Cardano (ADA) all fell between 5% and 7%, while BNB Chain’s BNB bucked the trend with a 1.5% gain, supported by heightened network activity.
Key support at $125,000 will be closely monitored, as strong ETF demand and whale withdrawals provide some cushion. Still, the market awaits clearer macro signals to determine whether Bitcoin can resume its rally toward $140K or faces further consolidation.
