Bitcoin Surges 50% to New All-Time High of $119,444

Bitcoin (BTC) reached a new all-time high on Sunday, surpassing $119,000 as the weekly close approached. This surge in price volatility led to significant liquidations, particularly affecting short positions. Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD hit $119,444 on Bitstamp, eclipsing its previous record peak from two days prior. The price crossed the $119,000 mark for the first time, resulting in over $20 million in short BTC liquidations within a single hour, as reported by monitoring resource CoinGlass.

Popular trader Daan Crypto Trades commented on the price movement, noting the presence of significant liquidity clusters above and below the current price. He highlighted two key liquidation-related zones to watch: $115,500-116,500 and the area above $120,000. Daan Crypto Trades also mentioned that the price had just taken out a good bunch at the $119K+ region, indicating potential for further movement.

Trader and investor Niels, cofounder of Web3 accelerator and incubator Ted Labs, provided a more detailed analysis. He identified a major resistance level between $119,000 and $120,000. Niels suggested that if BTC manages to break above $120,000, the path towards $135,000-$140,000 could open. Conversely, in case of a rejection, BTC could retest $114,000-$115,000 before a potential reversal.

Other traders remained optimistic about the immediate outlook for BTC price action. BitBull, for instance, noted that there was no reason to be bearish on BTC given the strongest weekly breakout since November 2024, which led to a 50% pump last time. BitBull highlighted 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 added to the optimism, noting that the first week in Bitcoin's Price Discovery Uptrend 2 was slowly coming to an end, with the second week beginning the next day. Rekt Capital also pointed out that the first Price Discovery Uptrend lasted 7 weeks, suggesting a potential continuation of the uptrend.