Bitcoin Breaks $124K as Ethereum Nears 2021 High Amid Market Rally

• Bitcoin surpassed $124K, then retraced to $121.5K with 5.6% weekly gains.
• Ethereum reached $4,786, close to its 2021 all-time high of $4,868.
• Market liquidations remain low at $450M; Fear and Greed Index rises 8 points.

On the night of August 14, 2025, Bitcoin surged past the $124,000 level, reaching a new all-time high as favorable macroeconomic conditions boosted high-risk assets.

At the time of writing, Bitcoin’s price slightly pulled back below $118,500, maintaining a weekly increase of 3.6%.

Earlier attempts to test all-time highs on August 13 sparked sell-offs, pushing prices down to near $120,000.

Ethereum similarly approached its all-time high from late 2021, reaching $4,786 before retracting slightly. The official Ethereum peak remains at $4,868. Across the market, most major cryptocurrencies recorded gains, contributing to a broad-based rally.

Market Sentiment and Liquidations

Despite strong price advances, daily liquidation volumes were modest, totaling around $450 million, mostly from short positions on Bitcoin, Ethereum, and other altcoins.

The Fear and Greed Index rose by eight points in 24 hours, suggesting traders are more inclined to accumulate positions rather than sell.

A report shared with CoinDesk by 10x Research attributed the rally to positive macroeconomic factors, including speculation about Federal Reserve easing, evolving U.S. regulatory developments, and capital inflows into Bitcoin and Ethereum derivatives via ETFs and treasury holdings.