Crypto traders and investors entered the weekend on a happy note after seeing the popular cryptocurrency, Bitcoin (BTC), reach a new all-time high of $118K. Little did they know about the markets when it was dormant during the weekend. Come Monday morning, the bulls crashed above the $120K, psychological level and hit another new all-time high of $122K.
At the time of publication, BTC is trading at $122.12K after gaining more than 12% during the past week. After reaching its previous all-time high –$ of $118K, BTC was moving sideways for a couple of days.
Record short liquidations hit in 2025
However, on Monday, the prices took off above $120K, liquidating millions of dollars. A crypto market insight tool, Watcher Guru, stated that in the last 5 hours only, $500,000,000 worth of short positions were liquidated.
According to Bitcoin’s liquidation data from Coinglass, the aggregate value of short positions wiped out during BTC’s move to $122K is the highest since January.
With Bitcoin prices reaching higher altitudes, the BTC balance on exchanges has been reducing drastically. When the balance on the exchanges reduces, the liquidity dries out, but more importantly, it shows that the market is accumulating bitcoin, awaiting probably another rise.
The long-term Bitcoin holder supply is at its highest of 16 million. Within just the last 6-7 months, the BTC holder supply rose from 14 million to 16 million, showing that many are holding the coin, hoping for more gains.
BlackRock feasts on BTC’s surge
When it comes to gains, many institutions are garnering the rewards of Bitcoin’s surge past $120 psychological level. Senior ETF Analyst for Bloomberg, Eric Balchunas, stated that BlackRock’s ETF–$IBIT whizzed past the $80b mark last night as the fastest ETF to get there in 374 days. He mentioned it was “ about 5x faster than the previous record, held by $VOO, which did it in 1,814 days. Also, at $83b it’s now 21st biggest ETF overall”
An industry commentator stated that the crypto market was making history as the total assets have TRIPLED over the last ~200 trading days, according to a prominent media outlet. To add more context to what they were saying, they compared it with the largest gold ETF, $GLD, which took over 15 years to reach the same milestone. Interestingly, as $IBIT’s also exceed 700,000 for the first time in history, it now holds ~100,000 more than the total holdings of MicroStrategy, $MSTR.
$122K, has BTC run out of gas, or is there more in the tank?
Well, as the traders and investors are wondering whether Bitcoin has reached its highest, Binance Cofounder Changpeng Zhao (CZ ) has the answer. Watch guru quoted CZ’s words, and it goes “you might be excited by the current [Bitcoin] ATH. In a few years, this will be just a fraction.”
Crypto analyst Joao Wedson stated that the market euphoria has not kicked in yet, as the spot prices are still above the perpetuals market. When the spot market price is higher than the perpetuals, it means that the market has a cautious sentiment. However, according to Wedson, the price gap is narrowing, and the market is going from cautious to optimistic. When market sentiment turns optimistic, prices often surge rapidly due to leverage in the futures market.”
It’s not if BTC will hit $150K but when it will
On the daily chart, BTC has been fluctuating inside a symmetrical triangle pattern– bullish. As the trendlines started to narrow, BTC broke above the upper trendline, reaching its new all-time high of $122K. Although the market is overbought, the Long/Short ratio is increasing, showing that there are still more buyers in the market.
With buyers heaping up the pressure on the market, there is a high chance that the next resistance level that Bitcoin would be targeting is $150K according to the Fibonacci levels. At this stage, it’s a question of when BTC would hit $150K than if it would.
