Bitcoin eyes $126K pivotal level; Ether nears all-time highs
Bitcoin reclaimed $120,000 support and surged past $122,000 as Wall Street traders returned to the market. Short positions were liquidated amid renewed volatility, pushing 24-hour crypto liquidations above $500 million. Institutional demand strengthened both Bitcoin and Ether. On Coinbase, institutions accounted for 75% of trading volume, while BitMine raised $20 billion to buy more ETH. Ether hit its highest level since December 2021, trading within $150 of its all-time high. Analysts forecast a breakout. Rekt Capital confirmed Bitcoin’s breakout from a bull flag and identified $126,000 as a pivotal resistance-turned-support level. For Ether, $4,631 is the key level to sustain a move into price discovery. Traders now watch for continued range extension or a fresh push into uncharted territory for major cryptocurrencies. This momentum highlights steadily increasing institutional backing and the potential for new record highs in the coming weeks.
Bullish
Reaching fresh all-time high levels alongside significant institutional inflows and over $500 million in liquidations signals strong upward momentum for major cryptocurrencies. Past episodes of similar liquidation-driven breakouts, such as in early 2021, led to sustained bull runs as buyer demand outpaced sell pressure. In the short term, traders are likely to chase breakouts above pivot points ($126K for BTC, $4,631 for ETH), fueling further volatility and potential quick gains. Over the long term, growing institutional participation and the establishment of new support levels reinforce market confidence, underpinning continued price appreciation and a prolonged bull market.