Bitcoin Hits Record $119K Amid $120M Short Liquidations
Bitcoin hit an all-time high of $119,370 over the weekend, propelled by institutional inflows and signals of a US Bitcoin reserve plan and a crypto blue-chip ETF. The surge sparked a $123.19 million short squeeze, contributing to $205 million in total 24-hour crypto liquidations—led by $43 million on Binance and $37 million on Bybit. BTC shorts accounted for $34.1 million of losses, with ETH, XRP and SOL also heavily liquidated. At press time, BTC traded near $118,692, up 1.3% in 24 hours and 9% for the week, with the RSI at 72 indicating overbought conditions. Analyst Niels warns of strong resistance at $119,000–$120,000: a breakout could drive Bitcoin towards $135,000–$140,000, while a rejection may trigger a pullback to $114,000–$115,000. The record rally and short squeeze underscore bullish momentum but signal near-term consolidation risk.
Bullish
The record Bitcoin rally and $120 million short squeeze reflect strong institutional demand and positive regulatory signals, driving bullish sentiment. High leverage and an overbought RSI may prompt short-term consolidation, but key resistance clearance could fuel further upside toward $135K–$140K. Overall, the market impact is bullish as traders chase FOMO and position for continued gains.