Bitcoin Reaches New Market Value Record
In the early hours of Sunday morning, the Bitcoin price reached $125,700, surpassing its previous peak of $124,500 recorded on August 14. This progress also translated into a record market capitalization of over $2.5 trillion, making Bitcoin one of the most valuable assets in the world.
However, this euphoria didn’t last long. After peaking at over $125,000, the Bitcoin price quickly dropped, stabilizing around $122,300, a decrease of about 2.5% from its new record. This fall corresponds notably to the CME gap created at this level during the weekend.
This fluctuation also impacted other cryptocurrencies such as Ethereum (ETH), Ripple (XRP), Solana (SOL), and Dogecoin (DOGE), which underwent price adjustments, albeit to a lesser extent.
A Pivotal Level to Watch
Currently, Bitcoin is trading around $123,700, a crucial level to monitor in order to anticipate the market’s next movements. Indeed, a drop below the $122,300 threshold could trigger a new fall toward $120,000.
Bitcoin’s short-term difficulty is mainly due to selling pressure from whales on Binance. The orderbook heatmap shows that Bitcoin had to absorb a sale of 1600 BTC last night at $123,450. Bitcoin maintaining above this level is a good sign, indicating that a new ATH is possible within the next 24 hours.
Moreover, the Volume Profile Order Blocks confirm this liquidity zone is difficult for BTC to break through. An ATH is probable, but a consolidation between $120,000 and $130,000 during the next two weeks is also a scenario to consider.
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