Key points:
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Bitcoin takes another shot at price discovery as volatility returns with Wall Street traders.
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Crypto liquidations pass $500 million in 24 hours.
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Ether comes within $150 of new all-time highs as institutional interest surges.
Bitcoin (BTC) sought new highs at the Wednesday Wall Street open as institutional demand punished late shorts.
Bitcoin, altcoin volatility liquidates $500 million
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD piercing the $122,000 mark before cooling.
Up 1% on the day, the pair faced resistance around its current all-time high as short positions were liquidated across crypto markets.
Data from monitoring resource CoinGlass put total 24-hour liquidations at over half a billion dollars at the time of writing.
“$BTC went right through,” trading commentator TheKingfisher summarized in part of a reaction on X.
Popular trader Daan Crypto Trades concluded that Bitcoin would either continue to range or break out into price discovery next.
“BTC is still range-bound currently and will need to either break out into price discovery or continue to go sideways to build up more positions on both sides,” he told X followers about the CoinGlass data.
“No major liquidity cluster anywhere in close proximity right now to go off. Focus lies on alts for many market participants.”
Anticipation of new all-time highs for the top altcoin, Ether (ETH), continued to build on the day, with ETH/USD reaching its highest levels since December 2021 — less than $150 away from uncharted territory.
Both Ether and Bitcoin fielded increased institutional interest. As Cointelegraph reported, blockchain technology company BitMine announced a $20 billion fundraising round to purchase ETH, while institutional entities made up 75% of Coinbase trading volume on Tuesday.
$126,000 “pivotal” for Bitcoin going forward
In further good news for the bulls, popular trader and analyst Rekt Capital said that $120,000 was now BTC price support.
Related: BTC price to fill $117K CME gap? 5 things to know in Bitcoin this week
“Bitcoin has fully confirmed its breakout from the Bull Flag and turned the $120k level into new support. Bitcoin has entered trend continuation, with a chance at challenging new All Time Highs soon,” he wrote on the day.
