Bitcoin briefly topped $120,000 — a level not seen in years — before pulling back by over 2% mid-week cointelegraph.com. The dip to around $117,500 at Wednesday’s Wall Street open triggered more than $500 million in liquidations across crypto derivatives, as over 176,000 traders saw positions wiped out cointelegraph.com. Analysts viewed the move as a healthy breather: “Not an actual breakout upwards... likely that we’re going to retest the lows of the range again,” commented veteran trader Michaël van de Poppe after the liquidity sweep cointelegraph.com. Some are eyeing support around $113K as a potential local bottom, noting that a 6–7% pullback to that Fibonacci level could set the stage for the next leg up cointelegraph.com. Despite this week’s volatility, Bitcoin’s market structure remains bullish, and optimistic traders still target fresh highs toward $130K+ after a short-term correction cointelegraph.com.
