Bitcoin Surges 13.2% to New All-Time High of $119,126

Bitcoin (BTC) reached a new all-time high on Sunday, surpassing $119,000. This milestone was achieved as the weekly close approached, marking a significant increase from the previous record high set just two days prior. The surge in price led to the liquidation of short positions, with data from monitoring resource CoinGlass indicating that over $20 million in short BTC liquidations occurred within a single hour.

Popular trader Daan Crypto Trades highlighted the importance of the $119,000 mark, noting that it represented a significant liquidity cluster. He identified two key zones to watch next: $115,500-116,500 and the area above $120,000. The trader and investor Niels, cofounder of Web3 accelerator and incubator Ted Labs, also commented on the resistance level between $119,000 and $120,000, suggesting that a break above $120,000 could open the path towards $135,000-$140,000. However, he cautioned that a rejection at this level could lead to a retest of $114,000-$115,000 before a potential reversal.

Trader BitBull expressed optimism about the immediate outlook for BTC price action, citing the strongest weekly breakout since November 2024, which led to a 50% pump. He flagged multiple bullish catalysts impacting Bitcoin, including record institutional inflows, the upcoming US “Crypto Week” and rumors over the resignation of Federal Reserve Chair Jerome Powell. Popular trader and analyst Rekt Capital noted that the first week of Bitcoin's Price Discovery Uptrend 2 was coming to an end, with the second week beginning the following day. He also highlighted that the first Price Discovery Uptrend lasted 7 weeks, suggesting a potential continuation of the uptrend.

The current price of Bitcoin stands at approximately $118,704, which is a 0.1% decline from an hour ago. Despite this minor fluctuation, the overall trend remains bullish. The market capitalization of Bitcoin has reached an impressive $2,361,002,616,617, indicating a strong market presence and investor confidence. The fully diluted valuation, which considers the total supply of Bitcoin, is estimated to be $2,361,005,583,925. This valuation reflects the potential market capitalization if all Bitcoins were in circulation.

The circulating supply of Bitcoin is currently at 19,891,790, with a total supply of 19,891,815. The maximum supply is capped at 21,000,000, ensuring scarcity and maintaining its value. The price trend of Bitcoin over the past month has been particularly impressive, with a 13.2% increase against the US Dollar. This performance has outperformed the broader crypto market, which has seen a decline of 10.7%. The all-time high price of Bitcoin, at $119,126, remains a significant milestone, and many traders are optimistic about the potential for further gains.

In summary, Bitcoin's recent surge to a new all-time high above $119,000 reflects its strong performance and growing acceptance in the financial markets. The cryptocurrency's market capitalization and fully diluted valuation indicate a robust market presence and investor confidence. Traders and analysts are optimistic about the continued uptrend, driven by various factors including institutional interest and favorable regulatory developments. The price trend of Bitcoin over the past month has been particularly impressive, outperforming the broader crypto market and reaching new heights.