Bitcoin sees $23 billion buying spree as price rebounds to near $120,000

Bitcoin experienced a significant buying surge of approximately $23 billion after a recent price dip. Investors purchased around 196,600 Bitcoins in the $116,000 to $118,000 range. This accumulation followed a drop from an all-time high of $123,000 on July 14th, which was triggered by long-term holders selling off over $3.5 billion in profits. The price has since recovered to around $118,000, driven by increasing institutional interest and hopes for favorable US legislation.