Bitcoin News Today: Bitcoin Surges 6.39 Weekly Gains Hit $124,457 All-Time High

Bitcoin surged past $124,457 in the past 24 hours, marking a new all-time high and pushing its market capitalization toward $3 trillion [1]. The digital asset climbed more than 2.21% intraday and gained 6.39% in a week, with a 100.37% increase over the past 52 weeks [1]. Its rising value enabled Bitcoin to surpass Google in market value, a significant milestone in its trajectory [1]. However, with increased liquidation activity, the price slightly corrected to $2.42 trillion, reflecting market volatility [1].

Over the past day, Bitcoin traded above $120,000, initially hitting higher levels before experiencing a pullback to $121,000 [2]. Short liquidations totaled $116.38 million in the last 24 hours, compared to only $26.02 million in long liquidations, suggesting that traders are hedging against potential price declines [1]. However, the broader bullish sentiment appears to be driving the market. In the 4-hour frame, long liquidations amounted to $14.62 million, with minimal short liquidations of $751.73k, indicating a lack of strong volume and pointing to possible price corrections [1]. The largest liquidation occurred on Bybit, where $10 million worth of BTC/USD positions were closed [1].

Bitcoin continues to outperform other cryptocurrencies, assets, and ETFs, leading in adoption, regulatory clarity, and dominance [1]. Institutional interest has surged, with publicly listed and privately held firms, as well as governments, showing growing acceptance of the asset. Analysts such as Michael Saylor and Cathie Wood have expressed optimism, with Saylor suggesting Bitcoin could eventually reach $1 million [1]. The asset's market size is now larger than the GDP of Canada, further emphasizing its growing influence [1].

A key factor in Bitcoin’s recent surge appears to be the anticipation of Federal Reserve rate cuts. Over the coming sessions, the Fed is expected to reduce interest rates by 3 to 4.5 percentage points, potentially pushing rates near 1% [1]. This monetary shift is seen as favorable for Bitcoin and the broader cryptocurrency market, with many observers eyeing a potential market cap of $5 trillion [1].

The ongoing rally demonstrates Bitcoin's resilience and appeal in a shifting economic landscape, with both retail and institutional investors showing increased confidence. While short-term corrections and liquidations are evident, the long-term bullish narrative remains strong, supported by macroeconomic expectations and growing institutional adoption [1].

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Source: [1] CompaniesMarketCap Bitcoin not in resting mood, eye to break $125,000 (https://coinmarketcap.com/community/articles/689da5623131056a8b9beb54/)