- Bitcoin tests new record levels as volatility increases with Wall Street trading.
- Cryptocurrency liquidations surpass $500 million in a single day.
- Ether approaches its all-time high, boosted by strong institutional demand.
- Analysts identify $120,000 as new Bitcoin support, with $126,000 as a crucial level to watch.
- Large trades from institutional investors drive most of Coinbase’s volume.
Bitcoin attempted to reach new all-time highs during Wednesday’s U.S. market opening as institutional traders drove market volatility and forced out short sellers.
Trading data showed Bitcoin (BTC) rising above $122,000 before losing momentum. Daily performance saw Bitcoin climb by 1%, meeting resistance near previous all-time highs as short positions were rapidly liquidated.
According to CoinGlass, total liquidations in the cryptocurrency market exceeded $500 million within 24 hours. Traders noted this volatility, with Daan Crypto Trades stating on X that “BTC is still range-bound currently and will need to either break out into price discovery or continue to go sideways to build up more positions on both sides.” He added that market participants are closely watching alternative coins (alts) for opportunities.
The price of Ether (ETH) also surged, reaching less than $150 from its record high and marking its strongest point since December 2021. This rise came as institutional activity grew, including blockchain firm BitMine announcing a $20 billion fundraising effort to purchase ETH. Coinbase reported institutional investors accounted for 75% of its recent trading volume.
Market analyst Rekt Capital highlighted new developments for Bitcoin, saying “Bitcoin has fully confirmed its breakout from the Bull Flag and turned the $120,000 level into new support. Bitcoin has entered trend continuation, with a chance at challenging new all-time highs soon.” Rekt Capital also identified $126,000 as a pivotal price level for future movements.
For Ether, Rekt Capital pointed to $4,631 as a key price support needed to push into uncharted price territory.
The article advised caution, reminding readers that investing and trading involve risks and that independent research is essential before making any financial decisions.
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