Bitcoin Hits New Record Near $120,000 Amid High Volatility and Liquidations

Bitcoin surged to a new all-time high of $119,444 on Sunday, according to market data, as price volatility intensified ahead of the weekly close. The cryptocurrency surpassed its previous record set just two days earlier, briefly pushing above the $119,000 mark and resulting in substantial liquidations of short positions.

Data from CoinGlass indicated that over $20 million in short Bitcoin positions were liquidated within a single hour. In total, 24-hour liquidations reached $208 million, affecting approximately 95,000 traders, with the largest single loss reported as a $1.49 million BTCUSDT position on Bybit.

Market participants are closely monitoring key price levels, with trader Daan Crypto Trades noting on social media that significant liquidity clusters exist both above and below the current price. He identified the $115,500–$116,500 range and the area above $120,000 as important zones to watch for potential liquidation activity.

Niels, cofounder of Ted Labs, commented that Bitcoin faces major resistance between $119,000 and $120,000, but suggested that a break above this range could open the way toward $135,000–$140,000. Conversely, a rejection at these levels might prompt a retest of support near $114,000–$115,000.

Other traders, such as BitBull, expressed optimism about Bitcoin's outlook, citing strong weekly momentum and factors like increased institutional inflows and upcoming industry events. Analyst Rekt Capital observed that Bitcoin may be entering the second week of a new price discovery uptrend, following a previous seven-week rally.