Bitcoin Hits New High Near $120,000
Bitcoin (BTC) reached a new all-time high on Sunday, briefly touching $119,444 on Bitstamp. This surge followed days of intense volatility and resulted in substantial liquidations of short positions.
Key Price Movements and Market Analysis
Data from Cointelegraph Markets Pro and TradingView confirmed the record high, surpassing the previous peak by several thousand dollars. Over $20 million in short BTC liquidations occurred within a single hour, according to CoinGlass.
Traders are closely watching key support levels around $115,000 and resistance above $120,000. Some analysts anticipate further upside potential towards $135,000–$140,000, while others caution about a potential retest of the $114,000–$115,000 range if resistance holds.
- Support: $115,000
- Resistance: $120,000, $135,000-$140,000
Factors Influencing Bitcoin's Price
Several factors are contributing to the bullish sentiment, including record institutional inflows, the upcoming "Crypto Week" in the US, and speculation surrounding Federal Reserve Chair Jerome Powell's potential resignation. Some analysts see this as the start of a seven-week "discovery uptrend," mirroring a similar pattern observed in late 2024.
Expert Opinions and Predictions
While some traders remain bullish, others are emphasizing the importance of risk management and the potential for price corrections. The market's overall direction will depend on how Bitcoin handles key resistance and support levels in the coming days and weeks. Remember, all investment decisions carry risk, and thorough research is crucial.
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Disclaimer: This article does not provide financial advice. All investment and trading decisions involve risk. Conduct thorough research before making any investment.