by Bitcoin (BTC) has made headlines once again as it broke out of its recent trading range on Wednesday afternoon in the U.S., now challenging its all-time high of $112,000 set in May. The leading cryptocurrency briefly reached record prices on major exchanges, including Binance, Coinbase, and Bitstamp, before retracting slightly to around $111,000.
Broader Crypto Market Rally
This surge in Bitcoin’s price happened concurrently with a broader rally in the cryptocurrency market, where Ethereum’s native token, Ether (ETH), jumped 6% to reach $2,760, marking its highest price in a month. At the time of writing, Bitcoin was trading at $111,400, reflecting an increase of 2.4%.
Liquidation of Leveraged Positions
During this rapid upward movement, approximately $440 million in leveraged trading positions were liquidated across various crypto derivatives, mainly affecting short positions that anticipated a price drop. This liquidation is indicative of the bullish sentiment circulating within the market.
Resistance Levels and Market Sentiment
The $110,000 mark has proven to be a significant resistance level in recent weeks, with many investors taking profits and short positions accumulating whenever the price approached this barrier. Despite this, some market analysts believe that the quiet buildup in prices could be signaling more bullish moves to come.
Expert Insights: The Bulls Are Quiet
Charlie Morris, chief investment officer at ByteTree, remarked in a recent report that “crypto feels so quiet, [while
