Crypto Traders Eye $130K Bitcoin as Majors Price-Action Shows Market Structure Shift

Bitcoin's surge to $120,000 this week has triggered a widespread upswing across major crypto assets. Ether (ETH), Solana's SOL, XRP, and dogecoin (DOGE) have all experienced notable gains, posting high single-digit percentage increases.

However, this rally appears to be more than just momentum-driven. Market observers suggest that the underlying market structure is evolving, influenced by increasing institutional involvement.

"This isn't a frenzied boom without a solid foundation," stated Seamus Rocca, CEO of Xapo Bank. "It's a calculated ascent, supported by significant institutional players with a long-term perspective."

Rocca highlighted tight monetary policy and geopolitical uncertainties as factors reinforcing Bitcoin's growing role as a macro hedge. He added, "The momentum we've witnessed over the past 48 hours is undeniable. Bitcoin is not only increasing in value but also maturing as a legitimate asset class, rivaling traditional finance."

Ethereum, having risen over 17% this week and briefly surpassing $3,000, continues to be a major beneficiary. "In Q2, corporate treasury purchases of BTC exceeded inflows into spot ETFs," noted the analytics team at Bitcoin yield protocol TeraHash in a communication to CoinDesk. ""

"This indicates strategic positioning. Simultaneously, custodians like Anchorage and Fidelity are expanding their institutional pipelines, while OTC desks are narrowing their spreads."

Solana, currently trading around $163, has gained over 11% this week, fueled by renewed demand across both retail and memecoin ecosystems. The chain continues to serve as a high-beta proxy for risk-on sentiment. XRP, meanwhile, has jumped 25%, benefiting from both a technical breakout and increasing speculation surrounding regulatory clarity.

"Price action may capture attention," TeraHash added, "but the true breakthrough this summer lies in structural advancements."

The altcoin movement is broad-based. Dogecoin has rallied 23% over the past week, driven by heightened retail participation through platforms like Robinhood and Binance. XRP volumes have surged on Korean exchanges, while Cardano, TRX, and AVAX are all trading positively.

Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad commented that "strong bitcoin rallies are often followed by significant movements in altcoins with a slight delay — and a potential comeback of meme coins can’t be ruled out either.”

However, not everyone anticipates a continuous upward trajectory.

"Despite briefly reaching this key milestone, BTC remains below a significant resistance zone," stated Ruslan Lienkha, Chief of Markets at YouHodler, in an email.

"A decisive breakout and sustained movement above this level could trigger a sharp upward rally, potentially targeting the $130,000 range," Lienkha added.