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 price spikes to new record near $119,500
Data 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.
“Going 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.
🚨 ALERT: 24h liquidations hit $208M as 95K traders wrecked.
— Cointelegraph (@Cointelegraph) July 13, 2025
The biggest single loss was a $1.49M BTCUSDT position on Bybit. pic.twitter.com/0Rg6PXKHtP
“$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 SEI
“There'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.
“Week 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.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
