Bitcoin & Ether Eye New Record Highs Amid Volatility
Bitcoin and Ether Target New Peaks as Volatility Surges
Bitcoin (BTC) and Ether (ETH) are both making significant moves, eyeing potential new all-time highs as market volatility escalates. Increased institutional interest appears to be a key driver behind this upward momentum.
Key Takeaways:
- Bitcoin is attempting to break into price discovery as volatility returns with Wall Street trading.
- Over $500 million in crypto positions were liquidated in a 24-hour period.
- Ether is approaching its all-time high, driven by growing institutional demand.
Bitcoin's Price Discovery Attempt
Bitcoin briefly pierced the $122,000 mark during Wednesday's Wall Street open, signaling a renewed attempt at price discovery. This surge coincided with significant short position liquidations across the crypto market.
Data indicates that over $500 million in liquidations occurred in a single day, highlighting the intense volatility. Bitcoin's price faced resistance around its existing all-time highs, but analysts remain optimistic about its potential to break out.
Ether's Institutional Boost
Ether is also gaining momentum, reaching levels not seen since December 2021 and coming within $150 of its all-time high. This surge is supported by growing institutional interest.
Notably, BitMine recently announced a $20 billion fundraising round specifically for purchasing ETH. Furthermore, institutional entities accounted for 75% of Coinbase's trading volume on Tuesday, showcasing their increased involvement in the market.
Critical Price Levels to Watch
According to analyst Rekt Capital, Bitcoin has established $120,000 as a new support level, paving the way for a potential challenge of all-time highs. The $126,000 mark is considered a pivotal price point for Bitcoin's future trajectory.
For Ether, Rekt Capital identifies $4,631 as the crucial support level needed to fuel further price discovery.
As the market heats up, Codeum remains committed to providing secure blockchain solutions. Our suite of services, including smart contract audits and KYC, helps ensure the safety and reliability of projects in this dynamic environment.