Bitcoin Surges to $122,000 as Ethereum, XRP, and Dogecoin Rise Ahead of the Weekend

Bitcoin is making headlines again, as it surges past $122,000, inching closer to breaking its all-time high for the first time since August. This renewed interest highlights the volatile yet captivating journey of cryptocurrencies in the financial landscape.

Notable Statistics:

• Coinglass data indicates that 145,004 traders were liquidated within the last 24 hours, totaling about $556.48 million.
• SoSoValue reported impressive net inflows, with $627.2 million pouring into spot Bitcoin ETFs on Thursday, while spot Ethereum ETFs attracted $307.05 million. Notably, IBIT has emerged as the leading venue for Bitcoin options, surpassing Coinbase’s Deribit platform with an extraordinary $38 billion in open interest, according to Eric Balchunas.
• Recently, top gainers in the cryptocurrency market included PancakeSwap (CRYPTO: CAKE), Immutable (CRYPTO: IMX), and Story (CRYPTO: IP).
• In mining news, CleanSpark has proudly announced that its Bitcoin treasury has grown to over 13,000 BTC, marking a 27% increase in monthly production.

Notable Developments:

Trader Notes: Renowned crypto chart analyst Ali Martinez has pointed out that Bitcoin has reclaimed the $122,000 price point for the third time. The pressing question now is whether it can maintain this level.

Further analysis from Ted Pillows emphasized the significant resistance at $125,000, where large sell orders are positioned. In contrast, critical support levels are found at $119,500 and $117,500. The market is currently assessing whether Bitcoin will first test the $125,000 resistance or retrace towards the $118,000 support.

Another trader, Dom, provided insights into the Bitcoin order book, revealing that the $123,000–$125,000 range is densely packed with sell walls—approximately 600 BTC on Binance and an additional 300 BTC on Coinbase. This area is regarded as the final hurdle before a potential breakout, while $117,000 remains a crucial support level for sustaining a bullish trend. The market now faces a pivotal moment: overcome the sell walls or revisit the support.

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