Bitcoin price continues its upward trajectory, reaching a new all-time high of over $118,000 amid rising institutional interest and strong market momentum. With this, investors are raising multiple questions within the crypto-space. Will BTC price smash $120,000 or is a correction imminent?
As per the latest reports, the Bitcoin treasury companies BTC holdings has recorded a rise for 9 consecutive months, hinting at aggressive adoption of it in the real-world asset.
Following the current trends, a total of $963 million in shorts were liquidated over the past 24 hours as the price of Bitcoin surged beyond $118,000 to a new all-time high (ATH). This was one of the biggest short squeezes of the BTC crypto in recent times.
On the other hand, “IBIT,” the largest Bitcoin ETF that belongs to BlackRock which is the world’s largest portfolio management company, became the fastest growing ETF to reach the $80 billion mark. Notably, it took just 384 days for it to achieve this milestone.
The BTC price recorded a multi-level breakout over the past 24 hours, resulting in it achieving a new high. At the time of writing, Bitcoin was trading at $117,890.7 with a 24-hour trading volume of $127.42 billion. With this, the dominance of it is now at 63.4401%.
The Bear Bull Power (BBP) shows a significant spike over the past 3 trading sessions. This type of trend indicates rising buying power within the crypto community.
The Bitcoin price could hit $120,000 within a short period of time if the bullish sentiment sustains. Conversely, increased sell orders may result in it plunging toward its lower support levels of $115,000 or $110,000 respectively.
Also Read: Bitcoin ETFs Hit $1.18B in Inflow as Bitcoin Price Hits All-Time High
