Bitcoin hit another all-time high above $122,000, continuing its winning streak. Ethereum has also strengthened and is trading above $3,000, but has not yet reached the all-time high.

Bitcoin's rally is not only generating profits for institutional players but also causing heavy losses for those shorting it with leverage. Over the last 4 hours, short positions worth $300 million have been liquidated. The largest liquidation occurred on the HTX exchange, where one trader lost $92.5 million in a single BTC/USDT order.

This sudden and large-scale wave of short liquidations underscores the volatility of the crypto market and the risks associated with leveraged trading. A liquidation of such magnitude—$92.5 million—is a rare event and indicates a trader's strong confidence in a BTC/USDT price drop, which didn't materialize.

Short liquidations often trigger a cascade effect, where automatic margin-call closures push the price even higher, which is precisely what we're seeing now. This forces other short sellers to close their positions as well, accelerating the upward move.

Meanwhile, as some traders are being margin-called for millions, Bitcoin has overtaken Amazon by market capitalization.

For the crypto market, I will continue trading based on major pullbacks in Bitcoin and Ethereum, aiming to capitalize on what remains a medium-term bullish market.

The short-term trading strategy and conditions are detailed below.

Bitcoin

Buy Scenario

Scenario #1: Buy Bitcoin today upon reaching the entry point around $122,800, targeting a rise to $124,200. Around $124,200, I plan to exit long positions and open short positions on the pullback.

Before buying on a breakout, ensure that the 50-day moving average is below the current price and that the Awesome Oscillator is in positive territory.

Scenario #2: Buy Bitcoin from the lower boundary at $121,700 if there is no market reaction to a breakout downward. Target levels: $122,800 and $124,200.

Sell Scenario

Scenario #1: Sell Bitcoin today at the entry point near $121,700, targeting a drop to $120,000. Around $120,000, I plan to exit short positions and immediately buy on the rebound.

Before selling on a breakout, ensure that the 50-day moving average is above the current price and that the Awesome Oscillator is in negative territory.

Scenario #2: Sell Bitcoin from the upper boundary at $122,700 if there is no market reaction to a breakout upward—target levels: $121,700 and $120,000.

Ethereum

Buy Scenario

Scenario #1: Buy Ethereum today upon reaching the entry point around $3,047, targeting a rise to $3,100. Around $3,100, I plan to exit long positions and open short positions on the pullback.

Before buying on a breakout, ensure that the 50-day moving average is below the current price and that the Awesome Oscillator is in positive territory.

Scenario #2: Buy Ethereum from the lower boundary at $3,011 if there is no market reaction to a breakout downward. Target levels: $3,047 and $3,100.

Sell Scenario

Scenario #1: Sell Ethereum today at the entry point near $3,011, targeting a drop to $2,959. Around $2,959, I plan to exit short positions and immediately buy on the rebound.

Before selling on a breakout, ensure that the 50-day moving average is above the current price and that the Awesome Oscillator is in negative territory.

Scenario #2: Sell Ethereum from the upper boundary at $3,047 if there is no market reaction to a breakout upward—target levels: $3,011 and $2,959.