Bitcoin hits new all-time high above $119K as trader eyes 7-week uptrend

Key Points

1. Bitcoin hit a new all-time high of $119,000, causing significant short liquidations, including over $20 million in a single hour.

2. Key price levels to watch include support at $115,000-$116,500 and resistance at $119,000-$120,000, with potential for a breakout towards $135,000-$140,000.

3. Traders noted similarities to a late 2024 seven-week uptrend, suggesting the possibility of a 50% price increase if the trend continues.

4. Market optimism is fueled by institutional inflows, the upcoming US 'Crypto Week,' and rumors about the resignation of Federal Reserve Chair Jerome Powell.

5. Analysts highlight the importance of monitoring liquidity clusters and price discovery trends, with some comparing the current movement to past bullish cycles.