Bitcoin Reaches Unprecedented Heights: New Record Above $119K Amidst Surging Upward Trend

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Gate's cryptocurrency data reveals Bitcoin (BTC) has ascended beyond $119,000, establishing a fresh all-time peak. This surge occurs as traders anticipate a potential seven-week upward trajectory. The market witnessed substantial liquidations of short positions, while analysts suggest that surpassing the $120K threshold could pave the way for further gains towards the $135K-$140K range.

Bitcoin Ascends Past $119K, Setting New Benchmark as Market Participants Eye Prolonged Upswing

Over the weekend, Bitcoin (BTC) breached the $119,000 mark, reaching a new zenith of $119,444 on Gate's platform, as indicated by Gate's market analytics tools. This movement was accompanied by increased market volatility and a series of short position liquidations, indicating a resurgence of bullish sentiment as the week commences.

Short Positions Eliminated as BTC Enters Uncharted Territory

The breakthrough beyond $119,000 resulted in over $20 million worth of short position liquidations within a 60-minute span, according to market data. BTC had previously touched record levels just 48 hours prior and continues its ascent amid strengthening market confidence.

A prominent trader commented, "The coming week promises to be intriguing. Significant liquidity clusters are present both above and below the current price point." The trader highlighted two crucial areas to monitor: the $115,500-$116,500 support zone and the resistance level beyond $120,000.

$120K: A Critical Juncture - Will It Be Overcome?

An industry expert noted, "The $119K-$120K range represents a significant resistance area. Should BTC surpass $120K, it could potentially climb towards $135K-$140K. However, if rejected, BTC might retest the $114K-$115K level before rebounding."

Analysts Project Potential 7-Week Uptrend

One market analyst maintains a decidedly bullish outlook, drawing parallels to Bitcoin's November 2024 rally, which yielded a 50% price appreciation. The analyst cited institutional capital inflows, positive macroeconomic sentiment, and upcoming catalysts such as U.S. "Crypto Week" and speculation regarding a possible Fed Chair Powell resignation as key driving factors.

"This represents the most robust weekly breakout since late 2024," the analyst stated.

Another respected market observer shared this optimistic view: "The first week of Bitcoin's Price Discovery Uptrend 2 is concluding. Week 2 commences tomorrow. The initial Price Discovery Uptrend persisted for 7 weeks."

While Bitcoin faces immediate resistance just below the $120K mark, the overall market sentiment remains optimistic. Traders now await confirmation of either a breakthrough or a short-term retracement as the next phase of the price discovery uptrend unfolds.

BTC0.33%
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