Bitcoin (BTC) set a fresh record on Friday, surging to $118,856 as the flagship cryptocurrency’s record-breaking rally continues. BTC bulls have set their eyes on the $120,000 mark as the flagship cryptocurrency heads into a crucial week with the price at record levels.
Price action has slowed down over the past 24 hours, with the price marginally down, trading around $118,139.
Bitcoin (BTC) Rally Triggers $1.2 billion in Liquidations
Bitcoin’s (BTC) record-breaking rally has led to over $1 billion in bearish positions liquidated over the past 24 hours. Over 279,000 traders were liquidated as the flagship cryptocurrency raced to its latest all-time high. According to data from Coinglass, the largest liquidation, valued at around $88 million, occurred on HTX. Augustine Fan, partner at crypto trading platform SignalPlus, stated,
“The conditions for a slow grind higher have been in place for some time. Today’s move appears to be a product of that setup.”
Bitcoin was trading in a tight range since May but broke out of it on Thursday after President Trump unleashed his latest trade salvo, sending stocks into a tizzy. BTC crossed $115,000 by Thursday and surged past $118,000 on Friday as bullish sentiment returned to crypto. Several factors are fueling the latest rally, including record ETF inflows and a Congressional committee declaring next week as “Crypto Week.” There are also indications that China is rethinking its stance on digital assets.
A Crucial Week For Bitcoin (BTC) And Crypto
Bitcoin (BTC) heads into a landmark week for the crypto industry, with the US House of Representatives set to discuss three crucial crypto bills, which could provide much-needed regulatory clarity. Lawmakers will discuss the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act, with signs that recently strained ties between Washington and the crypto industry are beginning to thaw. A regulatory framework could encourage companies to adopt Bitcoin into their treasury strategy, following the lead set by firms like Michael Saylor’s Strategy (MSTR).
The GENIUS Act will allow private companies to issue stablecoins. President Trump has already announced his support for the bill on social media. Meanwhile, the Digital Asset Market Clarity Act will establish a framework for crypto regulation. The third bill, the CBDC Anti-Surveillance State Act, aims to prevent the Federal Reserve from issuing a central bank digital currency.
Investors are lining up to take positions ahead of next week. Analysts expect that capital previously sidelined due to regulatory uncertainty will re-enter the market. Jag Kooner, head of derivatives at Bitfinex, believes even if the final passage of the bills stalls, the optics of legislative engagement could push the market higher.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) reached new highs on three consecutive days, with the flagship cryptocurrency’s market dominance sitting around 64%, down 1.53% over the past week. However, altcoins also registered significant price jumps as BTC reached record levels, with Ethereum (ETH) reclaiming $3,000 and Ripple (XRP) and Solana (SOL) breaking past key levels. With Bitcoin dominance remaining steady, analysts believe fresh capital is flowing into the wider market, helping prominent altcoins gain market share.
BTC started the previous week in the red, dropping 1.09% on Monday and 1.33% on Tuesday to settle at $105,740. The price recovered on Wednesday, rising nearly 3% to reclaim $108,000 and settle at $108,845. Buyers retained control on Thursday as BTC reached an intraday high of $110,583 before settling at $109,637, ultimately registering an increase of 0.73%. It lost momentum on Friday, dropping 1.41% and settling at $108,097. The price recovered over the weekend, registering a marginal increase on Saturday and rising almost 1% on Sunday to cross $109,000 and settle at $109,231.
Source: TradingView
BTC started the current week in the red, dropping almost 1% to $108,273. The price recovered on Tuesday, rising 0.62% to $108,942. Buyers retained control on Wednesday as BTC rose over 2% to cross $111,000 and settle at $111,255. Bullish sentiment intensified as the price rallied 3.51% to $115,159 on Thursday, setting a new all-time high. BTC raced past $118,000 on Friday, setting another all-time high before settling at $116,885. The current session sees BTC marginally up, with buyers eying the $120,000 level as markets head into a crucial week.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
