Bitcoin Attains New All-Time High Amid Heavily Outlined Support Breakout
BTC Spikes Over $119,400 Capping Weekly Session Amid Record Short Liquidations
Bitcoin (BTC) surged to unprecedented price territory over $119,444 during European trading, eclipsing its previous record set just two days prior. The escalation in volatility was closely correlated with significant losses incurred by leveraged traders forced to cover short positions as prices surged past crucial resistance zones.
BTC Suprises Analysts
CoinGlass data indicated BTC liquidations reached an unprecedented rate, exceeding $20 million in a single hour during the critical price breakout. This marks one of the most substantial concentrated short squeeze events observed recently in the notoriously directional cryptocurrency market.
Trading platform Bitstamp confirmed BTC/USD pierced the $119,000 mark for the first time, clearing a significant psychological barrier.
Strategic Lookouts Emerge
Analysts monitor significant capital concentration near two critical technical zones: $115,500-116,500 (as designated by Daan Crypto Trades) representing a major support pocket, and the freshly breached $120,000 gateway.
“We’ve effectively targeted substantial liquidity embedded above $119K,” noted Daan Crypto Trades. “Attention next shifts to the support concentration nearby and the next cluster substantially above.”
Bullish Momentum Builds
Despite challenging market conditions, prominent voices maintain robust bullishness, drawing parallels to previous strong “Price Discovery” uptrends.
BitBull strategists highlighted foundational catalysts including record-breaking institutional funding inflows and macro-economic uncertainties (“Crypto Week” anticipation, Fed Chair movement speculation) as contributing factors to the current trajectory.
“There’s no rational basis for immediate bearishness post the strongest weekly breakout since November 2024,” a BitBull analyst observed, referencing precedents associated with nearly 50% upward momentum phases.
Rekt Capital characterized the ongoing movement as the commencement of “Week 2” within a potential seven-week discovery trend.
Room for Continued Pounding
If BTC sustains the $120K benchmark, analysts project pathways extending toward $135K-$140K territory. Conversely, failure to hold this newly attained threshold could see a corrective test targeting the $114K-$115K mandated by substantial short liquidation baggage.
*Disclaimer: This article contains general market commentary and does not constitute investment advice. The analysis presented reflects external market observation and does not purport to forecast future price movements. Cryptocurrency markets carry substantial risk. Readers are strongly encouraged to conduct their own independent research before making any investment decisions.
