Bitcoin bulls charge at all-time highs as trader says $126K ‘pivotal’

Key points:

• Bitcoin takes another shot at price discovery as volatility returns with Wall Street traders.

• Crypto liquidations pass $500 million in 24 hours.

• Ether comes within $150 of new all-time highs as institutional interest surges.

Bitcoin () sought new all-time highs at the Wednesday Wall Street open as institutional demand punished late shorts.

Bitcoin, altcoin volatility liquidates $500 million

Data from and showed BTC/USD piercing the $122,000 mark before cooling.

Up 1% on the day, the pair faced resistance around current all-time highs as short positions were liquidated across crypto markets.

Data from monitoring resource put total 24-hour liquidations at over half a billion dollars at the time of writing.

“$BTC went right through,” trading commentator TheKingfisher in part of a reaction on X.

Popular trader Daan Crypto Trades concluded that Bitcoin would either continue to range or break out into price discovery next.

“BTC is still range-bound currently and will need to either break out into price discovery or continue to go sideways to build up more positions on both sides,” he X followers about the CoinGlass data. 

“No major liquidity cluster anywhere in close proximity right now to go off. Focus lies on alts for many market participants.”

Anticipation of new all-time highs for the top altcoin, Ether (), continued to build on the day, with ETH/USD reaching its highest levels since December 2021 — .

Both Ether and Bitcoin fielded increased institutional interest. As Cointelegraph reported, blockchain technology firm BitMine to purchase ETH, while institutional entities made up on Tuesday.

$126,000 “pivotal” for Bitcoin going forward

In further good news for the bulls, popular trader and analyst Rekt Capital said that $120,000 was now BTC price support.

Related:

“Bitcoin has fully confirmed its breakout from the Bull Flag and turned the $120k level into new support. Bitcoin has entered trend continuation, with a chance at challenging new All Time Highs soon,” he on the day.

Rekt Capital added that $126,000 would be the “pivotal” price point to watch.

The ~$126,000 level will be the pivotal price point going forward

— Rekt Capital (@rektcapital)

For Ether, he said, $4,631 would be the support level required to fuel an excursion into price discovery.

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.