FameEX Hot Topics | Bitcoin Soars to New All-Time High Above $119K

Bitcoin surged to new all-time highs on Sunday, with BTC/USD reaching $119,444 according to TradingView. This move marked the first time the cryptocurrency crossed the $119,000 threshold, surpassing its previous record set just two days earlier. The price rally brought renewed volatility into the weekly close and triggered widespread liquidations, particularly among short positions that were caught off guard by the rapid price rise.

Data from CoinGlass showed that over $20 million worth of Bitcoin shorts were liquidated within just one hour as the price surged. The strong upward momentum cleared significant resistance, leaving traders to anticipate the next major move. Crypto analyst Daan Crypto Trades commented on X, noting that the $119K+ region had been a key liquidity cluster and that next week could bring further volatility. He identified critical price zones at $115,500–$116,500 below and just above $120,000 to watch for potential liquidations.

Niels, cofounder of Web3 accelerator Ted Labs, echoed the sentiment, pointing out that Bitcoin is currently facing a major resistance zone between $119K and $120K. He emphasized that breaking through this level could open the door to further gains, potentially reaching the $135K–$140K range. However, if BTC fails to break above, a short-term correction to $114K–$115K may occur before resuming its upward trajectory.

Zooming out, trader BitBull maintained a bullish outlook on Bitcoin’s price action. He referred to the breakout as the strongest since November 2024, which previously resulted in a 50% surge. BitBull highlighted several bullish drivers including record institutional inflows, anticipation surrounding the upcoming U.S. “Crypto Week,” and speculation about a possible resignation of Federal Reserve Chair Jerome Powell, all of which are contributing to bullish market sentiment.

Rekt Capital, a popular crypto analyst, added further perspective by stating that this marks “Week 1” of Bitcoin’s second Price Discovery Uptrend. He reminded followers that the first uptrend lasted seven weeks, suggesting the potential for sustained gains. As Bitcoin begins the second week of this new uptrend, traders remain focused on whether the $120K resistance will break.

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