Bitcoin surged past $119,000 to set a new all-time high, with traders eyeing a potential 7-week rally. Short positions were liquidated, and analysts say a breakout above $120K could open the path to $135K–$140K.
Bitcoin Surges Past $119K, Setting New All-Time High as Traders Eye Extended Rally
Bitcoin (BTC) broke above $119,000 over the weekend, setting a new all-time high of $119,444 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView. The move came with heightened volatility and a wave of short liquidations, signaling renewed bullish momentum heading into the week.
Shorts Wiped as BTC Climbs Into Price Discovery
The breakout past $119,000 led to over $20 million in short liquidations within a single hour, per CoinGlass data. BTC last touched record highs just two days earlier and continues to climb amid strengthening market sentiment.
“Going to get interesting next week. We've got a lot of big liquidity clusters above and below the current price,” wrote trader Daan Crypto Trades. He pointed to two key zones to watch: the $115,500–$116,500 support area and the $120,000+ resistance zone.
$120K Is Critical — Will It Break?
“The $119K–$120K range is a major resistance zone,” noted Niels, co-founder of Web3 accelerator Ted Labs. “If BTC breaks above $120K, the path towards $135K–$140K opens. But in case of rejection, BTC could retest $114K–$115K before a rebound.”
Uptrend Could Last 7 Weeks, Say Analysts
Trader BitBull remains firmly bullish, drawing comparisons to Bitcoin’s November 2024 rally, which produced a 50% price gain. He cited institutional inflows, bullish macro sentiment, and upcoming catalysts like U.S. “Crypto Week” and rumors of a possible Fed Chair Powell resignation as key drivers.
“This is the strongest weekly breakout since late 2024,” he wrote.
Popular analyst Rekt Capital echoed the optimism: “Week 1 in Bitcoin's Price Discovery Uptrend 2 is ending. Week 2 begins tomorrow. The first Price Discovery Uptrend lasted 7 weeks.”
While Bitcoin faces near-term resistance just under $120K, the broader sentiment remains bullish. Traders now await confirmation of a breakout or short-term pullback as the next leg of the price discovery uptrend unfolds.
