FameEX Hot Topics | Bitcoin Breaks Record, Surpasses $119K

Bitcoin reached a new all-time high on Sunday, with BTC/USD touching $119,444, according to data from TradingView. This milestone marked the first time Bitcoin surpassed the $119,000 threshold, coming just two days after its previous record. The sharp rally brought significant volatility as the weekly close approached, triggering a wave of short liquidations. Many bearish traders were caught off guard by the sudden surge, which quickly reshaped market dynamics.

Monitoring platform CoinGlass reported that over $20 million in Bitcoin short positions were liquidated in just one hour. This intense upward momentum cleared major resistance levels, fueling speculation about the cryptocurrency’s next move. Popular trader Daan Crypto Trades noted that the $119K+ zone had been a significant liquidity cluster. In a post on X, he suggested that upcoming price action could remain highly volatile, pointing to key zones of interest: $115,500–$116,500 on the downside and above $120,000 on the upside, where more liquidations could be triggered.

Niels, cofounder of the Web3 accelerator Ted Labs, weighed in by identifying the $119K–$120K range as a critical resistance level. He stated that if Bitcoin can break through this zone, the path to $135K–$140K would likely open up. However, if rejected at this level, Bitcoin may temporarily fall back to the $114K–$115K range before attempting another rally. This scenario reflects a typical technical pullback that often precedes further upward movement.

Broader sentiment among traders remains positive. Crypto analyst BitBull described the breakout as the strongest since November 2024, when Bitcoin experienced a 50% price increase. He cited record-breaking institutional inflows, excitement around the upcoming U.S. “Crypto Week,” and speculation about Federal Reserve Chair Jerome Powell’s possible resignation as key bullish drivers supporting Bitcoin’s momentum.

Rekt Capital added that this marks the beginning of “Week 2” in Bitcoin’s second Price Discovery Uptrend. The previous such phase lasted seven weeks, suggesting more potential upside. With strong fundamentals and technical indicators aligned, all eyes are on whether BTC can break and sustain levels above $120,000.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.