Key factors:
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Bitcoin tags new August highs as merchants see BTC shorts getting punished.
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An early retracement might effectively flip into a visit to $120,000, predictions say.
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A CME hole at $116,500 is of curiosity as a attainable subsequent native low.
Bitcoin (BTC) neared $119,000 into Sunday’s “decisive” weekly shut as merchants anticipated a powerful week.
Bitcoin merchants brace for large quick squeeze
Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD reaching $118,760 on Bitstamp, marking new August highs.
“Out-of-hours” weekend buying and selling noticed heightened liquidations, with the 24-hour crypto complete at $350 million, per knowledge from monitoring useful resource CoinGlass.
Commenting on market construction, crypto forecasts favored additional progress into the brand new week.
“BTC is on the cusp of a reclaiming ~$117200 again into assist,” well-liked dealer and analyst Rekt Capital wrote in his newest X submit in regards to the weekly chart.
“Bitcoin is hours away from a decisive Weekly Shut.”
Common dealer BitBull mentioned that whereas weekend worth strikes can usually reverse as TradFi markets reopen, there was hope for brand spanking new all-time highs subsequent.
“Only a 10% upward transfer will trigger $18B+ briefly liquidations and large cash might be watching it,” he recommended about liquidity situations.
“My guess is that Monday may very well be a bit bearish with BTC retracing its weekend pump. After that, we might see a transfer above $120,000.”
An accompanying chart in contrast BTC/USD now to earlier bull markets to assist the breakout thesis.
Fellow dealer Merlijn agreed on the $120,000 goal primarily based on a possible quick squeeze.
$BTC‘s subsequent transfer: $120,000
The biggest liquidity pool in weeks is sitting proper above us.
In case you’re quick right here… God aid you.
SHORT SQUEEZE LOADING. pic.twitter.com/VXmExKH3jj
— Merlijn The Dealer (@MerlijnTrader) August 10, 2025
BTC worth CME hole at $116,500 on the radar
Contemplating the place the following BTC worth dip would possibly reverse, in the meantime, crypto investor and entrepreneur Ted Pillows recommended that worth motion would proceed to coincide with “gaps” in CME Group’s Bitcoin futures market.
Associated: Bitcoin Power Worth metric says ‘honest’ BTC worth is as a lot as $167K
“There is a CME hole round $116.5K, which can most certainly be stuffed,” he summarized in a part of an X submit.
“This week, BTC dropped $2K to fill final week’s CME Hole. After that, Bitcoin might rally in direction of a brand new ATH.”
Dealer Daan Crypto Trades nonetheless described the weekend’s strikes as “uneven” quite than trending.
“Most focus is on $ETH breaking its cycle highs and alts making all sort of strikes,” he argued, referring to the most important altcoin Ether (ETH), which hit multiyear highs.
“Would assume BTC takes the highlight once more for a bit the second it breaks $120K+ and will get near its personal all time excessive once more.”
This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a choice.
