Bitcoin reached a new record high on Sunday as price volatility returned over the weekend.
BTC surged to a record high of nearly $195,000.
According to data from TradingView, BTC reached $119,444. It surpassed the previous record high just two days ago, crossing the $119,000 threshold for the first time, leading to mass liquidations of short positions during the price surge.
The latest data from monitoring source CoinGlass shows that the total value of BTC short positions liquidated has exceeded $20 million in just one hour.
"Next week promises to be very interesting. We have many large liquidity clusters on both sides above and below the current price level. We just liquidated a large amount in the area above $119K," noted famous trader Daan Crypto Trades in a post on X.
Daan Crypto Trades has pointed out two important liquidation areas to watch in the near future: $115,500-$116,500 and the area above $120,000.
"$BTC is facing significant resistance around $119K-$120K. However, after this threshold, the growth potential is very large," said Niels, a trader and investor, co-founder of the Web3 accelerator and incubator Ted Labs.
"If $BTC can break above $120K, the path towards $135K-$140K will be opened. Conversely, if rejected, BTC may retest the $114K-$115K level before potentially reversing."
Is it possible to achieve a 50% increase?
Many analysts have viewed the situation optimistically, with trader BitBull maintaining a positive outlook on BTC's price prospects in the near future.
"There is no reason to be pessimistic about $BTC at this time. This is the strongest weekly breakout since November 2024, leading to a previous 50% increase," he shared with his followers on X.
BitBull has pointed out several positive factors impacting Bitcoin, including record capital inflows from institutions, the upcoming "Crypto Week" event in the U.S., and rumors that Federal Reserve Chair Jerome Powell may resign.
"The first week of the Bitcoin Price Exploration Trend 2 is gradually coming to an end. The second week will begin tomorrow," trader and renowned analyst Rekt Capital added.
"The first Price Exploration Trend has lasted for 7 weeks."
