Historic Milestone as BTC Breaks $119K

Digital gold achieved unprecedented valuation this Sunday as Bitcoin's price surged past $119,444 on Bitstamp, marking a new record in its seventeen-year history. This rally comes exactly 48 hours after its previous peak, demonstrating accelerating momentum in the cryptocurrency markets.

Short Sellers Face $20M Liquidation

The abrupt price movement triggered significant liquidations, with CoinGlass data revealing over $20 million in short positions erased within sixty minutes. Market analysts observed concentrated liquidation zones between $115,500-$116,500, with another critical threshold emerging above $120,000.

——"The $119K-$120K range represents a major resistance wall," noted Niels of Ted Labs. "Breaking through could open path to $135K-$140K territory, while rejection might trigger temporary pullback to $114K support."——

Technical Patterns Mirror Late 2024 Rally

Chart analysts identified striking similarities between current price action and Bitcoin's late 2024 performance. During that period, the cryptocurrency delivered 50% gains following breakout confirmation. BitBull highlighted this parallel, suggesting history might repeat itself.

【Key Technical Factors】
• Seven-week upward channel intact since May 2025
• Weekly Relative Strength Index (RSI) at 68, avoiding overbought territory
• Trading volume 37% above 30-day average

Institutional Catalysts Fuel Optimism

Multiple macroeconomic factors appear to be driving the rally:
• BlackRock's spot BTC ETF recording $1.2B weekly inflows
• Pending U.S. crypto legislation votes this month
• Speculation regarding Federal Reserve leadership changes

TradingView charts show the cryptocurrency has gained 28% since June, with the most recent 7-day period accounting for nearly half that appreciation. Rekt Capital observed the asset is currently in Week 2 of what could become a prolonged discovery phase, mirroring a seven-week pattern from previous cycles.

Market Psychology at Turning Point

The psychological $120,000 barrier now represents the next critical test for BTC. Derivatives data reveals growing open interest at this level, suggesting either explosive breakout or temporary consolidation. Interestingly, retail trading volume remains 15% below January 2025 levels despite the price surge.

——Industry observers caution that while technical indicators appear bullish, regulatory developments in coming weeks could introduce volatility. The SEC's pending decision on Ethereum ETF applications and G20 crypto policy coordination talks remain wild cards.——

As of publication time, Bitcoin maintains position at $118,900 with 24-hour trading volume reaching $42 billion across major exchanges. The cryptocurrency's market capitalization now exceeds $2.3 trillion, surpassing the combined value of several major tech giants.