Key Points
- Bitcoin reached a new record of $126,000 on Binance, while Ethereum touched $4,718.60.
- Coinglass reported about $305M in liquidations over 24 hours, with shorts constituting around $185M.
Bitcoin has achieved a new record on Binance, peaking at $126,000 and recently trading just below this high.
The cryptocurrency has seen a rise of approximately 1.70% in the last 24 hours.
Ethereum’s Performance
In the same period, Ethereum reached $4,718.60 and is currently trading close to $4,709.55, marking a 0.78% increase on the day.
According to Coinglass, there have been about $305M in liquidations over the past 24 hours, with shorts accounting for roughly $185M.
Factors Influencing the Market
The recent surge in Bitcoin’s price is largely attributed to spot bitcoin ETFs, which brought in $3.24B last week.
This was the second most robust week on record, following $3.38B in the week ending Nov 22, 2024, as reported by SoSoValue.
These inflows significantly contributed to Sunday’s breakout and supported bids on Monday.
Several prominent altcoins attempted to clear overhead levels as Bitcoin remained near its highs.
Year-end targets moved higher, with Citigroup suggesting a potential rise to about $133,000.
Standard Chartered predicts a path to $200,000, citing steady ETF flows and the correlation with gold.
Market Predictions
The breakout area around $124,474 was defended by bulls after the initial push.
If the price cools from here, the first support is anticipated to be the 20-day EMA near $117,291.
A strong rebound from this zone would maintain the uptrend and pave the way towards $141,948.
However, if the price falls below the 20-day EMA, a range between $107,000 and $126,000 could return.
A clear break under $107,000 could potentially result in a bearish double top and a deeper pullback.
