Bitcoin touches retakes $120K for first time in seven weeks

Bitcoin (BTC-USD) climbed to $120.9K at 3:43PM ET on Thursday, the first time it has breached $120K since hitting a record level of  -$124K on Aug.13, 2025. The momentum appeared to be driven by investors considering the token to be a safe haven during the U.S. government shutdown.

Advocates have touted bitcoin (BTC-USD) as "digital gold," serving the same role as the metal during market volatility. Gold (XAUUSD:CUR) hit its most recent record high of $3,874.71 on Tuesday ahead of the U.S. government shutdown.

“For the first time in a while, the macro theme seems to have taken hold of bitcoin, which has seen $1.5B of ETF inflows week to date, and appears to be attempting to catch up to gold’s eye-watering move of the last few weeks,” Karim Dandashy, an over-the-counter trader at Flowdesk told Bloomberg.

Bitcoin-related stocks advanced in Thursday trading. Bakkt Holdings (BKKT) surged 29% in regular-hour trading, Strategy (MSTR) rose 4.1%, Coinbase Global (COIN) climbed 7.5%, Hive Digital (HIVE) rose 4.8%, Hut 8 (HUT) grew 6.9%, CleanSpark (CLSK) rose 3.8%, and Bullish (BLSH) jumped 12%.

Some crypto-related exchange-traded funds of interest: (IBIT), (ARKB), (GBTC), (BRRR), (BTCO), (HODL), (BTCW), (FBTC), (NYSEARCA:BITB), (EZBC), (BITQ), (DAPP), (BKCH), (BLOK), (CRPT), and (IBLC).