Key takeaways:
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Bitcoin achieved new record highs as the week concluded, fueled by substantial liquidations affecting short positions.
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Critical BTC price levels to monitor include a potential support test around $115,000.
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Optimism grows surrounding whether BTCUSD can emulate its prior seven-week period of “price exploration.”
The price of Bitcoin 
BTCUSD experienced a surge, establishing new all-time highs as the week drew to a close. This surge reintroduced heightened volatility to the BTC market.
Bitcoin price soars to a new peak near $119,500
According to data sourced from Cointelegraph Markets Pro and TradingView, BTCUSD attained a price of $119,444 on the Bitstamp exchange.
The cryptocurrency surpassed its previous record set just two days prior, exceeding the $119,000 threshold for the first time and triggering liquidations of short positions.
Recent figures from CoinGlass, a resource that monitors cryptocurrency data, indicated that over $20 million in short BTC positions were liquidated within a single hour.
“The coming week promises to be interesting. We’re seeing significant liquidity concentrations both above and below the current price level. We’ve just cleared a substantial amount around the $119K+ mark,” commented Daan Crypto Trades, a well-known trader, in a post on X.
Daan Crypto Trades highlighted two key areas related to liquidations to watch closely: the $115,500-$116,500 range and the area above $120,000.
🚨 ALERT: Liquidations over the last 24 hours reached $208M, impacting 95K traders.
The largest single loss was a $1.49M BTCUSDT position on Bybit. pic.twitter.com/0Rg6PXKHtP
“Bitcoin’s price is facing significant resistance in the $119K-$120K range. However, beyond that, there is substantial upside potential,” added Niels, a trader and investor and co-founder of Web3 accelerator and incubator, Ted Labs.
“Should Bitcoin successfully break through the $120K barrier, it could pave the way towards $135K-$140K. Conversely, a rejection at this level could lead to a retest of the $114K-$115K range before a potential reversal.”
Potential for a 50% Price Increase?
Other analysts are taking a broader view, with BitBull remaining decidedly optimistic about Bitcoin’s immediate price trajectory.
“There is no valid reason to be pessimistic about Bitcoin at this time. We are observing the strongest weekly breakout since November 2024, which previously resulted in a 50% increase,” he shared with his followers on X.
BitBull pointed to several positive factors influencing Bitcoin, including record-breaking institutional investment, the upcoming “Crypto Week” in the United States, and speculation surrounding the potential resignation of Federal Reserve Chair Jerome Powell.
“The initial week of Bitcoin’s Price Discovery Uptrend 2 is nearing its conclusion. Week 2 begins tomorrow,” added Rekt Capital, a prominent trader and analyst.
“The initial phase of Price Discovery extended for seven weeks.”
This article is intended for informational purposes only and should not be interpreted as financial advice. Investing and trading involve inherent risks, and readers are advised to conduct thorough research before making any decisions.