Key factors:
Bitcoin tags new August highs as merchants see BTC shorts getting punished.
An early retracement may nicely flip into a visit to $120,000, predictions say.
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
Knowledge 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 assist,” well-liked dealer and analyst Rekt Capital wrote in his latest X post in regards to the weekly chart.
“Bitcoin is hours away from a decisive Weekly Shut.”
In style dealer BitBull stated that whereas weekend worth 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+ briefly liquidations and massive cash might be watching it,” he suggested about liquidity circumstances.
“My guess is that Monday might be a bit bearish with BTC retracing its weekend pump. After that, we may 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 based mostly on a possible quick squeeze.
$BTC‘s subsequent transfer: $120,000
The most important liquidity pool in weeks is sitting proper above us.
Should you’re quick right here… God allow you to.
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 subsequent BTC worth dip may reverse, in the meantime, crypto investor and entrepreneur Ted Pillows urged that worth motion would continue to coincide with “gaps” in CME Group’s Bitcoin futures market.
Associated: Bitcoin Energy Value metric says ‘fair’ BTC price is as much as $167K
“There is a CME hole round $116.5K, which is able to most certainly be crammed,” he summarized in a part of an X publish.
“This week, BTC dropped $2K to fill final week’s CME Hole. After that, Bitcoin may rally in 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 type 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 call.
