Bitcoin nears $120,00 with a new high

Important points

• Bitcoin reaches new record levels as the week closes, and liquidations penalize shorts.

• BTC’s price zones of interest includes a $115,000 support test.

• BTC/USD may copy the seven-week trend “discovery uptrend.”

BitcoinBTCBTC volatility returned to the weekly closing on Sunday, causing new highs.

BTC Price spikes near new Record of $19,500

The Data of Cointelegraph Markets Pro You can also find out more about the following: TradingView Bitstamp showed BTC/USD hitting $119.444 at the time.

As it liquidated shorts, the pair surpassed its record high from just two days earlier.

Recent data collected from Monitoring Resource CoinGlass BTC’s liquidations in one hour amounted to over $20,000,000.

“Going to get interesting next week. We’ve got a lot of big liquidity clusters above and below the current price. We just took out a good bunch at the $119K+ region,” Popular trader Daan Crypto Trades has reacted to the news. post on X.

Daan Crypto Trades is watching two areas for liquidation: the $115,500-116,500 range and above $120,000.

🚨 ALERT: 48-hour liquidations totaling $208M, as 95K traders are wrecked.

Bybit suffered the biggest loss of $1,49M USDT on a BTCUSDT trade. pic.twitter.com/0Rg6PXKHtP

— Cointelegraph (@Cointelegraph) July 13, 2025

“$BTC has a major resistance level between $119K-$120K. But after that, there’s a lot of upside,” Niels, a trader and an investor who cofounded Web3 accelerator Ted Labs. continued.

“If $BTC manages to break above $120K, the path towards $135K-$140K will open. In case of a rejection, BTC could retest $114K-$115K before reversal.”

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Some traders zoomed in, while BitBull remained firmly positive about the outlook of BTC’s price.

Related: Bitcoin $120K expectations add fuel to ETH, HYPE, UNI and SEI

“There’s no reason to be bearish on $BTC here. The strongest weekly breakout since November 2024, which led to a 50% pump last time,” He told X Followers

BitBull identified several bullish catalysts that impact Bitcoin, including record institutional inflows. The coming US “Crypto Week” There are rumors about the resignation or Federal Reserve chair Jerome Powell.

“Week 1 in Bitcoin’s Price Discovery Uptrend 2 is slowly coming to an end. Week 2 begins tomorrow,” Rekt capital is a popular analyst and trader. added.

“The first Price Discovery Uptrend lasted 7 weeks.”

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making any kind of decision.