Bitcoin has already reached new key price levels exceeding current all-time highs as traders wait for the price of Ether to reach its target.
Key moments:
$BTC is making another pricing attempt amid a return of volatility to Wall Street traders.
Cryptocurrency liquidations exceeded $500 million in 24 hours.
$ETH approached new all-time highs by just $150 amid growing interest from institutional investors.
Bitcoin hit a new all-time high in Wednesday's Wall Street open as institutional demand punished late shorts.
Bitcoin and altcoin volatility led to $500 million in liquidations.
TradingView data showed BTC/USD briefly surpassed $122,000 before cooling off.
Up 1% on the day, the pair faced resistance near current all-time highs as short positions in cryptocurrency markets were liquidated.
According to the CoinGlass monitoring resource, at the time of writing, the total amount of liquidations in 24 hours was more than half a billion dollars.
"Currently, is still in a limited range and must either reach a pricing level or continue moving sideways to build positions on both sides."
There are no major liquidity clusters nearby capable of exploding right now. Many market participants are primarily focusing on altcoins
Expectations of new all-time highs for the largest altcoin, Ethereum continued to grow throughout the day, with the ETH/USD pair reaching its highest levels since December 2021 - less than $150 from uncharted territory.
Institutional interest in Ethereum and Bitcoin has increased. Blockchain company BitMine announced that it has raised $20 billion in funding to purchase ETH, while 75% of Coinbase's trading volume on Tuesday came from institutional organizations.
$126,000 is a 'key point' for Bitcoin in the future
$120,000 is now the support level for the price of $BTC . Bitcoin has fully confirmed its breakout from the bullish flag and turned the $120,000 level into new support. Bitcoin has entered a trend continuation phase and has a chance to break new all-time highs soon. $126,000 will be a 'key' price point to watch.