Bitcoin (BTC) is headed for a new all-time high after breaking out from $120,000 to $123,000 within hours. BTC got a boost from a short squeeze, as well as hints at bringing back legalized crypto trading to Russia. Bitcoin (BTC) was unstoppable ahead of the weekend, breaking out from $120,000 to over $123,900 within hours. BTC is now seen as capable of reaching a new all-time high, probably targeting $126,000. BTC gained positions rapidly, causing up to $100M in short liquidations within hours | Source: Coingecko The rally followed the weekly futures expiration event, which may have caused some downward pressure on the price. Without the expiration looming, BTC was free to chart a new rally, with trading volumes at a one-month peak of $78B. The high-volume rally indicated a strong overall sentiment for BTC, as the asset expanded by more than 12% over the past week. BTC set up a local bottom for September at $107,000, based on both derivative liquidity and spot accumulation. BTC then quickly returned to the $122,000 range, with expectations for additional attempts to break new price records. The current rally happened during a time of neutral sentiment based on the fear and greed index, showing BTC was ready to rally even without excessive greed. The main driver was the accumulation of short liquidity that could be attacked and liquidated. BTC futures trade at a premium During the recent rapid rally, price reports showed disparities between exchanges. Binance’s USDT pair had a premium, reaching over $123,990. Futures markets are showing even larger premiums to the spot price, with Binance futures at $124,616. However, on Aster, the BTC futures traded at $120,242. The most liquid Binance trading pair was also trading at a premium, reaching $127,579. The climb to $123,000 tracked the liquidations of short positions. The other option for BTC was a dip to $118,000 to liquidate long positions. Most of the short liquidity has been taken, and BTC is still threatening a dip as low as $110,000. The recent BTC price move liquidated almost all short positions above $123,000 | Source: Coinglass The rapid price expansion caused $72.97M in liquidations for the past hour. BTC rallied ahead of other altcoins, as ETH and other assets remained near their usual range. The BTC rally, however, helped BNB break to a new all-time peak above $1,167. Is retail BTC trading coming back to Russia? BTC had multiple triggers for the current rally, but the news about Russia allowing retail trading has added to the hype. Reports have surfaced of the Moscow stock exchange, the country’s largest market operator, calling on regulators to bring back retail crypto trading. Russia has been one of the regions with broad crypto adoption, though it has been excluded from international trading due to sanctions. It remains uncertain how much BTC would be mopped up by potential Russian buyers. BTC has once again shown its appeal as an asset during times of economic turbulence. Join a premium crypto trading community free for 30 days - normally $100/mo.
