Bitcoin Hits New All-Time High as Bullish Streak Enters Seventh Consecutive Week

Bitcoin has officially set a new all-time high, surging past the $119,000 mark on Sunday, marking the seventh consecutive week in a powerful uptrend for the world’s largest cryptocurrency. On the Bitstamp exchange, the BTC/USD pair reached $119,444, breaking its previous peak from just two days prior and triggering a wave of short liquidations.

According to data from analytics platform CoinGlass, over $20 million in short positions were wiped out within just one hour due to Bitcoin’s sudden price spike.

Market analyst Daan Crypto Trades commented on X (formerly Twitter): “Next week is shaping up to be very interesting. There’s significant liquidity built up on both sides of the current price range. A large group of traders just took profits around the $119,000 zone.”

Daan highlighted two critical zones to watch: support between $115,500 and $116,500, and the psychologically significant resistance at $120,000.

Echoing the sentiment, investor Niels – co-founder of Web3 incubator Ted Labs – noted: “Bitcoin is facing strong resistance in the $119,000–$120,000 range. If it breaks above $120,000, the path toward $135,000–$140,000 could open up. Otherwise, a rejection might send the price back to retest the $114,000–$115,000 region before resuming its upward trend.”

Could Bitcoin Climb Another 50%?

Several market experts remain optimistic about Bitcoin’s potential for further gains. Trader BitBull remarked: “There’s no reason to be bearish on BTC right now. This is the strongest weekly breakout since November 2024 — and that rally reached 50%.”

BitBull also pointed to several bullish catalysts supporting Bitcoin’s current rally, including record-breaking institutional inflows, the upcoming “Crypto Week” event in the U.S., and speculation surrounding Federal Reserve Chair Jerome Powell possibly stepping down.

Technical analyst Rekt Capital added: “The first week of Bitcoin’s second bullish phase is wrapping up. The second week begins tomorrow. The last uptrend lasted for seven straight weeks.”