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 nicely flip into a visit to $120,000, predictions say.
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A CME hole at $116,500 is of curiosity as a potential subsequent native low.
Bitcoin (BTC) neared $119,000 into Sunday’s “decisive” weekly shut as merchants anticipated a robust week.
Bitcoin merchants brace for big brief 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 whole 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 submit concerning the weekly chart.
“Bitcoin is hours away from a decisive Weekly Shut.”
Common dealer BitBull mentioned that whereas weekend value strikes can usually reverse as TradFi markets reopen, there was hope for brand new all-time highs subsequent.
“Only a 10% upward transfer will trigger $18B+ in brief liquidations and massive cash might be watching it,” he instructed about liquidity circumstances.
“My guess is that Monday could possibly 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 based mostly on a possible brief squeeze.
$BTC‘s subsequent transfer: $120,000
The biggest liquidity pool in weeks is sitting proper above us.
For those who’re brief right here… God allow you to.
SHORT SQUEEZE LOADING. pic.twitter.com/VXmExKH3jj
— Merlijn The Dealer (@MerlijnTrader) August 10, 2025
BTC value CME hole at $116,500 on the radar
Contemplating the place the following BTC value dip may reverse, in the meantime, crypto investor and entrepreneur Ted Pillows instructed that value motion would proceed to coincide with “gaps” in CME Group’s Bitcoin futures market.
Associated: Bitcoin Power Worth metric says ‘honest’ BTC value is as a lot as $167K
“There is a CME hole round $116.5K, which is able to more than likely be crammed,” 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 the direction of a brand new ATH.”
Dealer Daan Crypto Trades nonetheless described the weekend’s strikes as “uneven” reasonably than trending.
“Most focus is on $ETH breaking its cycle highs and alts making all form 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 include funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a choice.
