Bitcoin Nears $120,000 With New All-Time High

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 $19,500

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.

The biggest single loss was a $1.49M BTCUSDT position on Bybit. pic.twitter.com/0Rg6PXKHtP

— Cointelegraph (@Cointelegraph) July 13, 2025

“$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.