Key points:Bitcoin tags fresh record highs into the weekly close as liquidations punish shorts.BTC price areas of interest include a support test of $115,000.Hopes build that BTC/USD will copy its seven-week discovery uptrend.Bitcoin (BTC) hit new all-time highs on Sunday as BTC price volatility returned into the weekly close.BTC/USD 1-hour chart.
Source: Cointelegraph/TradingViewBTC price spikes to new record near $19,500Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $119,444 on Bitstamp.The pair eclipsed its previous record peak from two days prior as it crossed the $119,000 mark for the first time, liquidating shorts as it went.The latest data from monitoring resource CoinGlass put short BTC liquidations at over $20 million in a single hour.Binance BTC/USD liquidation heatmap.
Source: CoinGlassGoing to get interesting next week.
We've got a lot of big liquidity clusters above and below the current price.
We just took out a good bunch at the $119K+ region, popular trader Daan Crypto Trades reacted in a post on X.Daan Crypto Trades eyed two key liquidation-related zones to watch next: $115,500-116,500 and the area above $120,000.$BTC has a major resistance level between $119K-$120K.
But after that, there's a lot of upside, trader and investor Niels, cofounder of Web3 accelerator and incubator Ted Labs, continued.If $BTC manages to break above $120K, the path towards $135K-$140K will open.
In case of a rejection, BTC could retest $114K-$115K before reversal.Room for 50% gains?Others zoomed out, with trader BitBull staying firmly optimistic on the immediate outlook for BTC price action.Related: Bitcoin $120K expectations add fuel to ETH, HYPE, UNI and SEIThere's no reason to be bearish on $BTC here.
The strongest weekly breakout since November 2024, which led to a 50% pump last time, he told X followers.BitBull flagged multiple bullish catalysts impacting Bitcoin, including record institutional inflows, the upcoming US Crypto Week and rumors over the resignation of Federal Reserve Chair Jerome Powell.BTC/USDT 1-week chart.
Source: BitBull/XWeek 1 in Bitcoin's Price Discovery Uptrend 2 is slowly coming to an end.
Week 2 begins tomorrow, popular trader and analyst Rekt Capital added.The first Price Discovery Uptrend lasted 7 weeks.BTC/USD 1-week chart.
Source: Rekt Capital/XThis article does not contain investment advice or recommendations.
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