Bitcoin Hits a New All-Time High, Surpassing $79,000

Bitcoin (BTC) crossed the $79,000 mark for the first time during this weekend’s rally, leading to $386 million in liquidated trades.

Although the cryptocurrency reached as high as $79,600 early in the morning, it was hovering around $78,900 at the time of writing.

This 4% increase extended Bitcoin’s 7-day growth to over 15%, driven by two major events: Donald Trump’s victory in the U.S. presidential election and a 25 basis point interest rate cut by the Federal Reserve—both seen as favorable for the crypto market.

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Weekend rallies typically signal bullish sentiment, as lower institutional trading activity can increase volatility and make price movements more sensitive to smaller trades. This rally suggests that retail investors are taking the lead, indicating widespread interest beyond institutional participation.

Data shows relatively low profit-taking levels among BTC traders, suggesting the potential for continued upward movement, according to CoinDesk’s analysis. Over the weekend, crypto shorts faced a rare wave of liquidations, with losses totaling $386 million in the past 24 hours.

Such large-scale liquidations reflect high volatility and can sometimes indicate a market turning point, where overreactions may lead to price reversals. Major liquidations are often triggered when exchanges close leveraged positions that no longer meet margin requirements, highlighting market risks in volatile trading conditions.

Kosta Gushterov