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 robust week.
Bitcoin merchants brace for large quick squeeze
Data from Cointelegraph Markets Pro 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 information 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 help,” well-liked dealer and analyst Rekt Capital wrote in his newest X publish in regards to the weekly chart.
“Bitcoin is hours away from a decisive Weekly Close.”
Popular dealer BitBull stated that whereas weekend worth strikes can sometimes reverse as TradFi markets reopen, there was hope for brand spanking new all-time highs subsequent.
“Just a ten% upward transfer will trigger $18B+ briefly liquidations and large cash might be watching it,” he recommended about liquidity circumstances.
“My guess is that Monday might 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 help 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 largest liquidity pool in weeks is sitting proper above us.
If you’re quick right here… God provide help to.
SHORT SQUEEZE LOADING. pic.twitter.com/VXmExKH3jj
— Merlijn The Trader (@MerlijnTrader) August 10, 2025
BTC worth CME hole at $116,500 on the radar
Considering the place the following BTC worth dip may 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.
Related: Bitcoin Energy Value metric says ‘honest’ BTC worth is as a lot as $167K
“There’s a CME hole round $116.5K, which can almost definitely be crammed,” he summarized in a part of an X publish.
“This week, BTC dropped $2K to fill final week’s CME Gap. After that, Bitcoin might rally in direction of a brand new ATH.”
Trader Daan Crypto Trades nonetheless described the weekend’s strikes as “uneven” slightly than trending.
“Most focus is on $ETH breaking its cycle highs and alts making all sort of strikes,” he argued, referring to the biggest 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 article doesn’t comprise funding recommendation or suggestions. Every funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a choice.
